Access Health Reports First Quarter Earnings Following Acquisitions of IAS, CRS; Record Revenues and Earnings before Transaction-related Charges.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)--Jan. 23, 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 today record financial results for its fiscal first quarter ended December 31, 1996. First quarter revenues rose 78 percent to $24.6 million compared with $13.8 million in the same period one year ago. Net income was $3.5 million or 18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , excluding a one-time transaction and restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $13.3 million related to the November 1996 acquisitions of 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. ) and Clinical Reference Systems, Inc. (CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist ), which amounts to 52 cents per share net of tax benefit. Net income was $881,000 or 5 cents per share for the same period a year ago. Including the nonrecurring charge Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". , Access Health reported a net loss of $6.0 million or 34 cents per share. (Revenues, income, earnings and membership data have been restated to include IAS and CRS.) During the first fiscal quarter, Access Health member enrollment featuring the Personal Health Advisor(R) brand totaled 16.5 million, compared to total combined enrollment of 6.6 million members at the end of the same quarter one year ago. "We are pleased by our financial performance this quarter, which is the first quarter to include the results of IAS and CRS," said Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Gardner, Access Health chief executive officer. "We are encouraged also with the progress of our integration activities, which are producing anticipated cost savings, as well as the market's enthusiasm toward our combined product offerings. With our enhanced product line, we believe Access Health is well positioned to continue to grow by addressing the ongoing needs of our clients." During the first quarter, new awards from nine clients were announced, including the State of Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , the Federal Employees Program, 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 Minnesota, HealthPartners of Arizona, Inc., Humana Inc., Health Net, Inc. of Tennessee, Principal Health Care, Inc., Blue Cross Blue Shield of Maine and Anthem anthem [ultimately from antiphon], short nonliturgical choral composition used in Protestant services, usually accompanied and having an English text. The term is used in a broader sense for "national anthems" and for the Latin motets still used occasionally in Blue Cross and Blue Shield. These awards represent 2.7 million initial enrolled members out of the nearly 17 million total lives under management by these nine clients. In a separate announcement today, Access Health reported its agreement to provide care management services to 225,000 members of Community Blue and Health Now Flex A development system for Flash-based applications from Adobe. Introduced in 2004 as a J2EE application, Flex compiles ActionScript code and XML-based user interface descriptions (MXML) into binary Flash files (SWF files). , the HMOs of Blue Cross and Blue Shield of Western New York
Western New York refers to the westernmost region of New York State. , and Blue Shield of Northeastern New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Access Health is the leading provider of membership-based personal health and care management services designed to improve quality of care, reduce costs and improve member satisfaction. The company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , Personal Health Advisor(R), is a membership-based personal health management service that provides consumers with immediate access to a broad range of health information and counseling services. Members can receive information 24 hours a day, seven days a week via the telephone, the Internet, printed materials and cable TV through its partnership with America's Health Network. Access Health is headquartered at 11020 White Rock Road, Rancho Cordova, Calif., 95670. The phone number is 916/851-4000, the fax number is 916/852-3890 and the corporate World Wide Web address is http://www.access-health.com . Certain statements contained in this release, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's growth levels and its product acceptance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 without limitation the ability of the company to secure additional contracts and retain and expand existing contracts, the risk of nonrenewal of current contracts, increased competition, the market's continued acceptance of its products, and the Company's continued ability to successfully integrate operations of IAS and CRS. These risks are detailed in the Company's reports filed with the SEC, including Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed for fiscal year 1996, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. -0-
Access Health, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
December 31,
1995 1996
------- -------
Revenues:
Personal health management services $11,281 $21,872
Licensing & support services 2,538 2,769
Total revenues 13,819 24,641
Costs and expenses:
Cost of revenues:
Personal health management service 6,952 11,040
Licensing & support services 1,131 1,128
Product and other development 1,093 2,356
Sales and marketing 1,823 2,338
General and administrative 1,594 2,367
Transaction costs -- 6,345
Integration and restructuring costs -- 6,961
Total costs and expenses 12,593 32,535
Income (loss) from operations 1,226 (7,894)
Other income 242 379
Income (loss) before income taxes 1,468 (7,515)
Provision (credit) for income taxes 587 (1,503)
Net income (loss) $ 881 $(6,012)
Net income (loss) per share $ 0.05 $ (0.34)
Shares used in per share calculations 16,792 17,570
Access Health, Inc.
Fact Sheet
Three Months Ended
December 31,
Excluding Transaction,
Integration &
As Reported Restructuring Costs
1995 1996 1995 1996
Personal health management
services revenues (PHMS) $11,281 $21,872
Licensing & support services
(L&SS) 2,538 2,769
Total revenues 13,819 24,641
Cost of PHMS revenues 6,952 11,040
% of PHMS revenues 61.6% 50.5%
Cost of L&SS revenues 1,131 1,128
% of L&SS revenues 44.6% 40.7%
Product and other development 1,093 2,356
% of total revenues 7.9% 9.6%
Sales and marketing 1,823 2,338
% of total revenues 13.2% 9.5%
General and administrative 1,594 2,367
% of total revenues 11.5% 9.6%
Transaction costs -- 6,345 --
% of total revenues n/a 25.7% n/a
Integration and restructuring costs -- 6,961 --
% of total revenues n/a 28.2% n/a
Total costs and expenses 12,593 32,535 19,229
% of total revenues 91.1% 132.0% 78.0%
Income (loss) from operations 1,226 (7,894) 5,412
% of total revenues 8.9% (32.0%) 22.0%
Income (loss) before income
taxes 1,468 (7,515) 5,791
% of total revenues 10.6% (30.5%) 23.5%
Provision (credit) for income
taxes 587 (1,503) 2,316
% of income before taxes 40.0% 20.0% 40.0%
Net income (loss) $ 881 $(6,012) $ 3,475
% of total revenues 6.4% (24.4%) 14.1%
Net income (loss) per share $ 0.05 $(0.34) $ 0.18
Shares used in per share
calculations (a) 16,792 17,570 19,292
(a) For Three Months Ended December 31, 1996 "As Reported",
common stock equivalents are antidilutive and are not included in the
calculation of net loss per share
CONTACT: Access Health, Rancho Cordova Matt Plavan, 916/851-4102 (IR) Julie A. Brooks, 916/576-4797 (Media) |
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