CYBeR-CARE Announces Third 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.--(BUSINESS WIRE)--Nov. 14, 2000 CYBeR-CARE, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ) today announced financial results for the third quarter and nine months ended September September: see month. 30, 2000. Net loss for the third quarter was $4,956,536 or $0.08 per share, compared to net income of $235,100 or $0.01 per share in the same period a year ago. The third quarter results primarily reflect the expansion of CYBeR-CARE's telehealth telehealth Health informatics The effects of telecommunication and information technology on the efficiency and quality of health care, services, education, public health surveillance, research, administration. See Telemedicine. network and the Company's 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) (EHC EHC Environmental Health Criteria EHC Environmental Health Center (NSC) EHC Eishockeyclub (German) EHC Extended Health Care (Plan) EHC Emory and Henry College ) family of products. Research, development and engineering costs increased substantially to $1,838,234 in this year's third quarter from insignificant amounts in the prior year's third quarter, primarily as a result of hiring qualified personnel, associated costs domestically and internationally and expenses related to expanding the EHC product line. The Company also increased the number of EHC models and accelerated its efforts to bring these products to market. Additionally, legal fees increased by approximately $600,000, of which approximately $425,000 was for the establishment of international entities and pending patent and 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. developments, over the same quarter last year. The Company recorded a $943,662 loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the quarter ended September 30, 2000 for the 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 segment. For the nine months ended September 30, 2000, the net loss was $15,045,950 or $0.25 per share, compared to net income of $858,429 or $0.03 per share in the first nine months of 1999. 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, Chairman and Chief Executive Officer, commented, "We remain focused on building the infrastructure that is necessary to support future EHC network revenue and product sales efforts. We recognize the need to make significant expenditures now to get our telehealth network and EHC family of products to market. We will continue to develop resources that help us get our products into our customers' hands and generate revenues. Our balance sheet remains very strong with approximately $26 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , no material long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , and approximately $65 million in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. ." As the Company continued to add sales and management personnel to fill roles in the expanding technology business and expand its domestic and international marketing resources, selling, general and administrative expenses increased 146.2% to $4,113,406 for the three months ended September 30, 2000, compared to $1,670,577 for the same period in 1999. For the third quarter ended September 30, 2000, the Company had total patient service revenues of $4,534,746, compared to $3,835,371 for the same period a year ago. Total revenue for the third quarter decreased overall from $5,035,371 to $4,534,746 reflecting the absence of management services revenue for the quarter ended September 30, 2000. Revenues for the nine months ended September 30, 2000 increased 20.4% to $14,129,990 from $11,738,998 in the same period last year, driven by increased revenues in the Physical, Occupational and Speech Therapy 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. Services segments. The Technology segment had minimal revenue during the quarter ended September 30, 2000. Based in Boynton Beach, FL, CYBeR-CARE is creating an Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the technology-based telehealth network worldwide. In addition, CYBeR-CARE operates physical, occupational and speech therapy centers and an institutional pharmacy. 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.
CYBER-CARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2000
(Unaudited)
Cash, cash equivalents and marketable securities $ 26,469,196
Other current assets 19,950,539
Other assets 24,411,967
----------
Total assets $ 70,831,702
==========
Current liabilities $ 5,344,654
Other liabilities 154,608
Total shareholders' equity 65,332,440
----------
Total liabilities and shareholders' equity $ 70,831,702
==========
CYBER-CARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenue from
operations $ 4,534,746 $ 5,035,371 $ 14,129,990 $ 11,738,998
Costs and expenses:
Costs of
services 2,777,610 1,851,668 8,989,724 4,479,206
Selling,
general and
administrative 4,113,406 1,670,577 9,972,930 5,502,583
Research,
development
and
engineering 1,838,234 -- 5,035,377 --
Depreciation
and
amortization 312,556 223,297 1,216,121 523,824
--------- --------- --------- ---------
Total
costs and
expenses 9,041,806 3,745,542 25,214,152 10,505,613
--------- --------- ---------- ----------
Operating (loss)
income (4,507,060) 1,289,829 (11,084,162) 1,233,385
Total
other
income
(expense) 494,186 (128,758) (2,335,285) (44,440)
--------- --------- ---------- ----------
(Loss) income
from continuing
operations (4,012,874) 1,161,071 (13,419,447) 1,188,945
Loss from
discontinued
operations (943,662) (925,971) (1,626,503) (330,516)
--------- --------- ---------- ----------
Net (loss)
income $ (4,956,536) $ 235,100 $(15,045,950) $ 858,429
========= ========= ========== ==========
Diluted (loss)
income per
share of
common stock:
(Loss) income
from
continuing
operations $ (0.06) $ 0.03 $ (0.22) $ 0.04
Discontinued
operations (0.02) (0.02) (0.03) (0.01)
--------- --------- ---------- ----------
Net (loss)
income $ (0.08) $ 0.01 $ (0.25) $ 0.03
========= ========= ========== ==========
Weighted
average
shares
outstanding
- diluted 64,706,447 35,793,678 59,924,005 30,149,801
========== ========== ========== ==========
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