CYBeR-CARE Announces Second Quarter 2000 Financial Results.Business Editors/Health & Medical Writers 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)--Aug. 14, 2000 CYBeR-CARE, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ) today announced financial results for the second quarter and six months ended June June: see month. 30, 2000. For the second quarter ended June 30, 2000, the Company had total revenues from operations of $9,418,400, compared with $8,650,947 for the same period in 1999. Revenues for the six months ended June 30, 2000 increased 26.5% to $20,442,040 from $16,155,821 in the same period last year, driven by increased revenues in the physical and occupational rehabilitation rehabilitation: see physical therapy. , 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 , and pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. segments. The Company had an 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. of $4,772,871 for the second quarter of 2000 compared with operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $534,080 for the second quarter of 1999. For the six months ended June 30, 2000, the Company reported an operating loss of $6,443,373, compared with operating income of $1,206,691 in 1999 (including a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain of $1,255,959 on the sale of a business in May 1999). The operating loss for the six months ended June 30, 2000 was primarily due to expenses incurred by CyberCare Technologies as it continues to develop the Electronic HouseCall For the online virus scanner, see . Housecalls Housecalls, or house calls, are an act of customer service. In a house call, the supplier goes to the consumer's home, rather than the consumer visiting the supplier's place of business. (TM) system product and related markets. Additionally, our air ambulance division incurred a loss of $682,841 for the six months ended June 30, 2000 compared to income of $674,879 for the same period last year. This was due to the increases in fuel costs and repair costs of the aircraft. As previously announced, we are in the process of selling this division. General and administrative expenses increased 82.6% to $8,886,427 for the six months ended June 30, 2000 from $4,866,907 for the same period in 1999. The increase was due to costs associated with internal growth in the Technology segment, operating additional air ambulance locations, additional hiring of back office support and corporate, finance and accounting staff, and from acquisitions in the Air Ambulance and Physical and Occupational Rehabilitation segments. Breaking out the revenues by business segments, the Physical and Occupational Rehabilitation segment's revenue increased 43.9% to $6,064,405 from $4,214,960 in the same period last year, primarily as a result of internal growth and acquisitions made at the end of 1999. The International Air Ambulance Transport segment's revenue increased 14.8% to $10,846,796 for the six months ended June 30, 2000, from $9,452,194 for the six months ended June 30, 1999, driven by the acquisition of Air Response and increased rates, utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of aircraft and miles flown. The Pharmacy Services segment's revenue increased 38.3% to $3,064,322 for the six months ended June 30, 2000, compared with $2,215,287 for the same period a year earlier. This reflects a substantial increase in the number of adult living facility customers. The Technology Assisted Disease Management segment had minimal revenue and incurred development and start-up Start-up The earliest stage of a new business venture. costs of approximately $8,111,000 for the six months ended June 30, 2000. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Morrell Morrell is a surname, and may refer to:
EHC Environmental Health Center (NSC) EHC Eishockeyclub (German) EHC Extended Health Care (Plan) EHC Emory and Henry College products. As announced last week, the sale of our Air Response division represents another milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. in the transformation of CYBeR-CARE to a healthcare technology company. We are excited about CYBeR-CARE's future." During the second quarter, CYBeR-CARE received 510k market clearance (Regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. Class II) from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. to sell its Electronic HouseCall(TM) (EHC 400 & 600) systems in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company intends to market the EHC units mainly to health care organizations. During the three months ended June 30, 2000, the Company determined that its $2,423,629 Westmark Westmark may refer to:
Based in Boynton Beach, FL, CYBeR-CARE is a technology assisted health management company with four business lines. The Company's Electronic HouseCall(TM) system, a patented Internet-based technology Refers to the communications infrastructure of the Internet, which is based on the IP protocol. IP is part of the TCP/IP protocol suite. It may also refer to voice over IP (VoIP), which uses the Internet to make telephone calls. See VoIP, IP and TCP/IP. system provides for the remote monitoring (protocol) remote monitoring - (RMON) A network management protocol that allows network information to be gathered at a single computer. Whereas SNMP gathers network data from a single type of Management Information Base (MIB), RMON 1 defines nine additional MIBs that provide a of individuals for health care purposes. In addition, CYBeR-CARE operates physical, occupational and speech therapy centers, an institutional pharmacy and one of the largest 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 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. 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.
Tables to follow
CYBER-CARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2000
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 18,067,701
Marketable securities 12,641,170
Trade accounts receivable, net 7,221,439
Inventories 2,561,492
Current maturities of mortgages and notes receivable 155,326
Current portion of notes receivable - related parties 1,235,604
Prepaid expenses and other current assets 957,505
Total current assets 42,840,237
PROPERTY AND EQUIPMENT:
Aircraft and related equipment 24,428,749
Medical equipment 816,459
Property and improvements 424,467
Furniture and office equipment 1,929,144
27,598,819
Less accumulated depreciation and amortization 3,950,833
Net property and equipment 23,647,986
OTHER ASSETS:
Goodwill, net 7,409,016
Licenses, net 12,908,991
Mortgages and notes receivable,
less current maturities 2,660,575
Notes receivable - related parties,
less current maturities 500,000
Other assets 2,410,602
Total other assets 25,889,184
TOTAL ASSETS $ 92,377,407
CYBER-CARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2000
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 2,938,900
Accrued liabilities 2,296,473
Lines of credit 916,398
Current maturities of notes payable and long-term debt 873,113
Current maturities of capital lease obligations 34,741
Net liabilities of discontinued operations 148,678
Total current liabilities 7,208,303
LONG-TERM LIABILITIES:
Notes payable and long-term debt,
less current maturities 14,208,395
Capital lease obligations, less current maturities 28,093
Other long-term liabilities 139,838
Total liabilities 21,584,629
SHAREHOLDERS' EQUITY:
Preferred stock, authorized 20,000,000 shares;
19,800,000 shares available for issuance -
Common stock, .0025 par value, authorized 200,000,000;
issued and outstanding 64,341,163 shares 160,853
Capital in excess of par 123,129,119
Notes receivable from officers (3,943,543)
Accumulated other comprehensive loss (12,442)
Accumulated deficit (48,541,209)
Total shareholders' equity 70,792,778
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 92,377,407
CYBER-CARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND ACCUMULATED DEFICIT
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30
2000 1999 2000 1999
Revenue from
operations $ 9,418,400 $ 8,650,947 $20,442,040 $ 16,155,821
Cost and
expenses:
Cost of
services 7,053,318 5,399,307 14,800,309 8,868,003
General and
administrative
expenses 5,301,190 2,008,928 8,886,427 4,866,907
Research and
development
costs 862,992 - 1,282,390 -
Depreciation
and
amortization 973,771 708,632 1,916,287 1,214,220
Total cost
and
expenses 14,191,271 8,116,867 26,885,413 14,949,130
Operating
(loss)
income (4,772,871) 534,080 (6,443,373) 1,206,691
Other income
(expense):
Interest
income 690,166 210 931,490 28,478
Interest
expense,
net (644,991) (602,153) (1,509,105) (1,126,542)
Interest -
beneficial
conversion
feature (155,031) (515,665) (657,321) (752,133)
Gain on sale
of subsidiary - 1,255,959 - 1,255,959
Write-off of
investment in
equity
securities (2,423,629) - (2,423,629) -
Other income 5,223 29,562 12,524 90,300
Total other
(expense)
income (2,528,262) 167,913 (3,646,041) (503,938)
(Loss) income
from continuing
operations (7,301,133) 701,993 (10,089,414) 702,753
Loss from
discontinued
operations - 26,197 - 79,424
Net (loss)
income (7,301,133) 675,796 (10,089,414) 623,329
Accumulated
deficit-beginning
of period (41,240,076) (27,695,811) (38,451,795) (27,643,344)
Accumulated
deficit-end
of period $(48,541,209) $(27,020,015) $(48,541,209)$(27,020,015)
(Loss) income
per share of
common stock:
Basic (loss)
income per share:
(Loss) income
from continuing
operations $ (.12) $ .03 $ (.18) $ .03
Discontinued
operations - - - -
Net (loss)
income $ (.12) $ .03 $ (.18) $ .03
Diluted (loss)
income per
share:
(Loss) income
from
continuing
operations $ (.12) $ .02 $ (.18) $ .02
Discontinued
operations $ - $ - $ - $ -
Net (loss)
income $ (.12) $ .02 $ (.18) $ .02
Weighted average
shares outstanding:
Basic 61,861,894 24,000,501 57,492,735 22,611,968
Diluted 61,861,894 35,676,102 57,492,735 33,463,222
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