Access Health Announces Second Quarter Results and Organizational Changes.RANCHO CORDOVA Rancho Cordova (răn`chō kôrdō`və), uninc. residential city (1990 pop. 48,731), Sacramento co., N Calif. A suburb of Sacramento, it experienced rapid growth in the late 20th cent. , Calif.--(BUSINESS WIRE)--July 17, 1997--Access Health, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACCS ACCS Air Command and Control System (NATO) ACCS Advanced Cisco Campus Switching ACCS Association of Copyright for Computer Software ACCS Air Command & Control System ACCS Airborne Command & Control Squadron ) reported revenue of $26.5 million for its third fiscal quarter ended June June: see month. 30, 1997, an increase of 33% compared to revenue of $20.0 million for the same period a year ago. Net income was $5.6 million or $0.29 per share. Operating results for the third quarter were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. affected by $0.06 per share due to the tax benefits of net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. (NOL NOL - Never Offline ) carry-forwards related to mergers in November November: see month. 1996. Net income for the same period a year ago was $443,000 or $0.02 per share. Membership enrolled in the Company's personal health and care management services increased by 2 million members during the quarter to 20 million at quarter end. This compared to 11.8 million members for the same period a year ago. During the third quarter, Access Health reached agreements for 1.7 million new members, including an expansion of membership from Humana Humana Inc. (NYSE: HUM), founded in 1961 in Louisville, Kentucky, is a Fortune 500 company that markets and administers health benefit consumer services. With a customer base of over 11. Inc. and enrollment from a new client, Blue Cross and Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. of Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . In addition, the Company contracted with Blue Cross and Blue Shield of Georgia to provide its new 9 Months & Beyond(SM) care management product. "We are pleased by our financial performance this quarter," said Joseph P. Tallman, president and chief executive officer of Access Health. "Our mission is to address our clients' evolving needs by providing medical management solutions that reduce overall costs and improve quality of care. Increasingly, these needs are extending beyond basic nurse advice services to include management of care for both acute and chronic conditions. Our strong financial results and continued success in growing the business indicate that we are being successful in delivering value to our clients." The Company also announced organizational changes which reflect final steps toward completing the integration of Access Health with Informed Access Systems, Inc. (IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. ). The merger of the two companies was completed in November 1996. The Company announced the board's appointment of Joseph P. Tallman, 45, to the position of chief executive officer, effective immediately. Tallman has served as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. since April of this year and was executive vice president and a director of Access Health, Inc. since its merger with IAS. Tallman founded IAS in 1992 and served as its president and chief executive officer until the merger. "Joe has been the architect of Access Health's strategy to deliver a broad range of care management services that help its clients measurably meas·ur·a·ble adj. 1. Possible to be measured: measurable depths. 2. Of distinguished importance; significant: a measurable figure in literature. improve the quality and cost of care they deliver to their members, patients and employees," said Access Health Board Chairman, Frank Washington Frank Washington was a black baseball player who, along with Carl Long, broke the color barrier in the Carolina League city of Kinston, North Carolina. Washington made his debut for the Kinston Eagles on April 17, 1956. During the year, he hit .254 with 9 home runs and 40 RBI. . "This appointment reflects the board's confidence in Joe's Joe's, known as G.I. Joe’s prior to April 1 2007, is a sporting goods and auto parts retailer dealer based in Oregon. The Wilsonville, Oregon based company has 26 stores in Oregon and Washington. The company is planning on opening two stores in Idaho in 2007. strategic vision and his ability to lead the senior management team in successfully executing the Company's strategies." The Company also announced the appointments of Timothy Timothy, epistles in the New Testament Timothy, two letters of the New Testament. With Titus they comprise the Pastoral Epistles, in which St. Paul addresses his coworkers as the guardians and transmitters of his teaching. H. Connor Connor (from Conchobar, a Gaelic name meaning “Wolf Lover/Wolf Kin”[1], or "Dog Lover" [2]) may refer to: In geography:
The process by which the corporation communicates with its investors. , which he has held since November of 1996. Prior to joining IAS in July July: see month. 1996, Connor was a managing director in investment banking with Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. . Crisan joined Access Health in 1994 and has been instrumental in developing the financial controls and infrastructure which have facilitated the Company's rapid growth. The Company also announced that its corporate headquarters will be moved to Broomfield Broomfield can be: In the United Kingdom:
The Company announced that it expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge in the range of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2 to 3 million in the fourth quarter of fiscal 1997 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc employee and facility relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. expenses and severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs associated with the organizational changes. Access Health is the leading provider of membership-based personal health and care management services designed to reduce costs, help improve quality of care and improve member satisfaction. The company has a total membership of 20 million people nationwide. Access Health's new headquarters is at 310 Interlocken Parkway, Broomfield, CO 80021. The phone number is 303/466-9500, the fax number is 303/466-5949. -0- Note to Editors: Certain statements contained in this release, including those relating to the Company's continued growth, ability to build shareholder value and success in meeting customer needs and its product acceptance including obtaining new contracts for additional members, retaining existing contracts and expanding membership and product use within the existing client base are forward looking statements and are therefore made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ and such differences may be material. These statements involve risks and uncertainties, including the ability of the company to continue its growth levels, the market's continued acceptance of its products, and its ability to develop successful new products and the actual costs that will be incurred related to the relocation of the Company's headquarters.. These risks are detailed in the Company's reports filed with the SEC, specifically Form 10K filed for the fiscal year 1996, and forms 10-Q filed for the quarters ended December December: see month. 31, 1996 and March 31, 1997. -0-
Access Health, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
--------------------------
1996 1997
------------ -----------
Revenues:
Personal health management
services $17,199 $23,909
Licensing & support services 2,776 2,576
------- -------
Total revenues 19,975 26,485
Costs and expenses:
Cost of revenues:
Personal health management services 9,486 12,795
Licensing & support services 1,484 591
Product and other development 1,858 1,932
Sales and marketing 2,391 2,270
General and administrative 2,247 2,080
Transaction costs -- --
Integration and restructuring -- --
------- -------
Total costs and expenses 17,466 19,668
Income from operations 2,509 6,817
Other income 385 520
------- -------
Income before income taxes 2,894 7,337
Provision for income taxes 2,451 1,761
------- -------
Net income $ 443 $ 5,576
======= =======
Net income per share $ 0.02 $ 0.29
======= =======
Shares used in per share calculations 18,949 19,018
======= =======
Access Health, Inc
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Nine Months Ended
June 30,
--------------------------
1996 1997
------------- -------------
Revenues:
Personal health management services $42,780 $68,326
Licensing & support services 8,252 7,901
------- -------
Total revenues 51,032 76,227
Costs and expenses:
Cost of revenues:
Personal health management services 24,786 35,377
Licensing & support services 4,089 2,620
Product and other development 4,205 6,329
Sales and marketing 6,625 6,516
General and administrative 5,864 6,638
Transaction costs -- 6,345
Integration and restructuring -- 6,961
------- -------
Total costs and expenses 45,569 70,786
Income from operations 5,463 5,441
Other income 1,111 1,235
------- -------
Income before income taxes 6,574 6,676
Provision for income taxes 5,567 1,629
------- -------
Net income $ 1,007 $ 5,047
======= =======
Net income per share $ 0.06 $ 0.27
======= =======
Shares used in per share
calculations 17,871 18,973
======= =======
Access Health, Inc.
Fact Sheet
Excluding
As Reported Non-Recurring Items
Nine Months Ended Nine Months Ended
June 30, June 30,
1996 1997 1996 1997
Personal health management
services revenues (PHMS) $42,780 $68,326
Licensing & support services
(L&SS) 8,252 7,901
------- ------
Total revenues 51,032 76,227
Cost of PHMS revenues 24,786 35,377
% of PHMS revenues 57.9% 51.8%
Cost of L&SS revenues 4,089 2,620
% of L&SS revenues 49.6% 33.2%
Product and other development 4,205 6,329
% of total revenues 8.2% 8.3%
Sales and marketing 6,625 6,516
% of total revenues 13.0% 8.5%
General and administrative 5,864 6,638
% of total revenues 11.5% 8.7%
Transaction costs -- 6,345 --
% of total revenues n/a 8.3% n/a
Integration and restructuring
costs -- 6,961 --
% of total revenues n/a 9.1% n/a
Total costs and expenses 45,569 70,786 57,480
% of total revenues 89.3% 92.9% 75.4%
Income from operations 5,463 5,441 18,747
% of total revenues 10.7% 7.1% 24.6%
Income before income taxes 6,574 6,676 19,982
% of total revenues 12.9% 8.8% 26.2%
Provision for income taxes 5,567 1,629 7,993
% of income before taxes 84.7% 24.4% 40.0%
Net income $ 1,007 $ 5,047 $ 11,989
% of total revenues 2.0% 6.6% 15.7%
Net income per share $ 0.06 $ 0.27 $ 0.63
Shares used in per share
calculations 17,871 18,973 18,973
Access Health Inc.
Fact Sheet
Excluding
As Reported Non-Recurring Items
Three Months Ended Three Months Ended
June 30, June 30,
1996 1997 1996 1997
Personal health management
services revenues (PHMS) $17,199 $23,909
Licensing & support services
(L&SS) 2,776 2,576
------- ----------
Total revenues 19,975 26,485
Cost of PHMS revenues 9,486 12,795
% of PHMS revenues 55.2% 53.5%
Cost of L&SS revenues 1,484 591
% of L&SS revenues 53.5% 22.9%
Product and other development 1,858 1,932
% of total revenues 9.3% 7.3%
Sales and marketing 2,391 2,270
% of total revenues 12.0% 8.6%
General and administrative 2,247 2,080
% of total revenues 11.2% 7.9%
Transaction costs -- --
% of total revenues n/a n/a
Integration and restructuring
costs -- --
% of total revenues n/a n/a
Total costs and expenses 17,466 19,668
% of total revenues 87.4% 74.3%
Income from operations 2,509 6,817
% of total revenues 12.6% 25.7%
Income before income taxes 2,894 7,337
% of total revenues 14.5% 27.7%
Provision for income taxes 2,451 1,761 2,935
% of income before taxes 84.7% 24.0% 40.0%
Net income $ 443 $ 5,576 $ 4,402
% of total revenues 2.2% 21.1% 16.6%
Net income per share $ 0.02 $ 0.29 $ 0.23
Shares used in per share
calculations 18,949 19,018 19,018
CONTACT: Access Health Inc. Matt Plavan, 916/851-4012 (Investor Relations) Maria Farrar Far·rar , Geraldine 1882-1967. American operatic soprano. A member of the Metropolitan Opera of New York (1906-1922), she was noted for her roles in Carmen and Madame Butterfly. , 916/576-4797 (Media Relations) |
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