CYBeR-CARE, Inc. Reports Significant Increases in Revenue and Profitability in the 1999 Third Quarter.BOYNTON BEACH Boynton Beach, city (1990 pop. 46,194), Palm Beach co., SE Fla., on the Atlantic coast; inc. 1920. A major suburban area, it is also a beach resort and vegetable-shipping point. , Fla.--(BW HealthWire)--Nov. 4, 1999-- CYBeR-CARE, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ), a provider of Internet-based disease management and health care services announced today that revenues for the third quarter ended September 30, 1999 totaled $10,849,000, a 189% increase over revenues of $3,757,000 in the third quarter of 1998. Income from operations for the latest three months was $235,000 ($.01 earnings per share - basic and diluted) compared to $101,000 in the previous year's quarter, an increase of 133%. The quarter ended September 30, 1999 contained a $758,000 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. ($0.03 per share) attributable to CyberCare Technologies, our new subsidiary currently responsible for the development of the Electronic House Call System "EHC EHC Environmental Health Criteria EHC Environmental Health Center (NSC) EHC Eishockeyclub (German) EHC Extended Health Care (Plan) EHC Emory and Henry College ". For the nine months ending September 30, 1999 revenues were $28,944,000, a 159% increase over the same period in the prior year. Earnings were $.03 per share versus $0.04 per share on a 42% increase in weighted average shares. "CYBeR-CARE's base business, air ambulance air ambulance Emergency medicine A helicopter or, less commonly, a fixed wing aircraft, used to evacuate a person who requires immediate medical attention that cannot be provided at his/her current location , rehabilitation rehabilitation: see physical therapy. centers and pharmaceutical services, continues to experience strong revenue and earnings growth. The company earned money even after allowing for the pre-launch expenses related to the company's new Internet See Web 2.0 and Internet2. home-based monitoring "EHC" System," said Michael Morrell, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . The Electronic House Call System is an Internet home-based monitoring system that will enable the patient to medically and visibly be in contact with a healthcare provider. This means a medical practitioner can obtain vital medical information from the patient, such as blood pressure, EKG EKG: see electrocardiography. , temperature, on a real-time basis. "We anticipate sufficient revenue from the sales of the EHC System and recurring network fees in the year 2000 to generate profitability in the CyberCare Technology subsidiary, " continued Michael Morrell. "We are on target for our base businesses to achieve $40 million in revenue in 1999." -0-
CYBeR-CARE, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands except earnings per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
1999 1998 1999 1998
---- ---- ---- ----
Total Revenue $ 10,849 $ 3,757 $ 28,944 $ 11,162
EBITDA 1,620 941 5,490 2,370
Income from continuing
operations 235 101 858 776
Discontinued operations
and other -- (2,273) -- (2,395)
Net income (loss) 235 (2,172) 858 (1,619)
Earning per share:
Basic and diluted -
continuing operations .01 .01 .03 .04
Discontinued operations -- (.12) -- (.13)
-------- -------- -------- --------
Net income (loss) .01 (.11) .03 (.09)
======== ======== ======== ========
Weighted average shares
outstanding:
Basic 30,753 19,473 26,058 18,399
Diluted 35,794 19,473 30,150 18,399
Based in Boynton Beach, Fla., CYBeR-CARE is a technology assisted disease management company which operates physical, occupational and speech therapy centers, a pharmaceutical services company and is one of, if not the world's largest, providers of international air ambulance transport services The collective functions of layers 1 through 4 of the OSI model. . 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. Statement under 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 which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. FOR MORE INFORMATION, THE COMPANY HAS SCHEDULED A DIAL-IN CONFERENCE CALL TODAY AT 4:15 P.M. EST. THE NUMBER FOR THE U.S. IS 800-388-0805 AND OUTSIDE OF THE U.S. CALL 610-312-0130. |
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