Birman Managed Care, Inc. Announces First Quarter Results.COOKEVILLE, Tenn.--(BUSINESS WIRE)--Nov. 15, 1999-- Birman Managed Care, 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 : BMAN BMAN - Broadband Metropolitan Area Network ), a physician-driven health care consulting and management company, has released its first-quarter financial statements for the fiscal year ending June 30, 2000. For fiscal 2000 the Company reported a net loss of $515,847, as compared to a net loss of $449,433 in the prior fiscal year. The net loss per share of stock was $.19 for this quarter compared to a net loss of $.17 per share in the same period last year. The net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for fiscal 2000 was primarily from a decrease in revenue and gross margin from the Quality Management Program (QMP QMP Quality Medical Publishing QMP Quality Management Plan (USACE) QMP Quality Management Program (Canada) QmP Qualitätswein Mit Prädikat (German wine certification) ). The Company anticipates lower net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. in the second quarter of fiscal 2000 as (i) revenue is realized from the additional contracts from the investment made in retaining and refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus marketing personnel for QMP and (ii) selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. decrease due to steps taken by the Company in the first and third quarters of fiscal year 1999 to reduce overhead. Concerning operating losses 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. , the Company's cost of revenue is down. Cost of revenue includes all costs directly associated with the operations of the QMP business, including compensation of physicians, nurses, and allied health specialists, consulting staff con·sult·ing staff n. The body of specialists affiliated with a hospital who serve in an advisory capacity to the attending staff. travel and lodging, and other direct costs. For the first quarter of fiscal year 2000, the cost of revenue decreased by 51% to approximately $496,000, from approximately $1,020,000 in fiscal year 1999. -0-
Birman Managed Care, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three months Ended September 30,
1999 1998
---- ----
Consulting Revenues $ 886,428 $ 1,977,467
Cost of revenues 495,688 1,020,179
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Gross profit 390,740 957,288
General and administrative expenses 943,995 1,425,160
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Loss from continued operations (553,255) (467,872)
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Other income (expenses):
Interest and other income 8,088 27,238
Interest expense (282) (4,407)
Other income 29,602 --
--------- ---------
37,408 22,831
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Loss from operations before
provision for income taxes (515,847) (445,041)
Provision for income taxes -- (4,392)
--------- ---------
Net loss $ (515,847) $ (449,433)
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Loss per common share - basic:
Net loss $ (0.18) $ (0.17)
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Loss per common share -
assuming dilution:
Net loss $ (0.18) $ (0.17)
========= =========
Basic weighted average common
stock shares outstanding, adjusted
for reverse stock split in 1998 2,846,401 2,696,529
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Weighted average diluted common
stock shares outstanding, adjusted
for reverse stock split in 1998 2,846,401 2,696,529
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BIRMAN MANAGED CARE, INC. is a health care consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a with a physician-focused core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
The information contained herein includes "forward-looking statements" as defined in 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. The statements about expected profit turnaround are to be considered "forward-looking" for purposes of the Act. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the performance of contracts, consumer and industry acceptance and regulatory risks. |
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