CareGuide Announces Fourth Quarter Fiscal 2006 Financial Results: Reports Income of $742 Thousand from Continuing Operations and Positive EBITDA of $1.6 Million from Continuing Operations.CORAL SPRINGS Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Fla. -- Patient Infosystems, Inc, and subsidiaries, d/b/a CareGuide (the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : PATY PATY Please and Thank You ) a leading healthcare solutions company today announced its fourth quarter fiscal 2006 financial results. Revenues for the quarter ended March 31, 2006 decreased to $15.7 million from $19.2 million for the quarter ended March 31, 2005, primarily due to a customer relationship that changed to an administrative fee only basis, as more fully disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in the 2006 Annual Report on Form 10-KSB filed with the SEC on June June: see month. 29, 2006. The net income for the quarter ended March 31, 2006 was $742 thousand as compared to a loss of $4.4 million for the quarter year ended March 31, 2005. The income 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 the quarter ended March 31, 2006 was $742 thousand as compared to a loss of $3.3 million for the quarter ended March 31, 2005. The Company's earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
relating to relate prep → bezüglich +gen, mit Bezug auf +acc its results of operations, improved from a loss of $3.0 million for the quarter ended March 31, 2005 to a gain of $1.6 million for the quarter ended March 31, 2006. The revenues, net loss and EBITDA from continuing operations for the quarter ended March 31, 2006 are inclusive of inclusive of prep. Taking into consideration or account; including. a $1.2 million performance bonus, which is non-recurring. Chris Paterson Chris "Mossy" Paterson (born March 30 1978 in Edinburgh) is a Scottish rugby union footballer. He is a fullback, wing or fly-half who plays for Gloucester and Scotland. Chris recently earned his 64th cap for Scotland, and served as captain of the Scotland team in the 2007 Six , President and Chief Executive Officer of CareGuide, said: "We are excited about the results of the first quarter of operations following our January January: see month. 25, 2006 merger. Our improved working capital position and overall financial condition are evidence of a stronger company that has positioned itself for growth. The synergies that we are already achieving from the merger will be valuable to CareGuide as we move forward." Although this was the last quarter of the 2006 fiscal year, the Company expects to change its fiscal year to a calendar year in the coming months. Simultaneous with this release, the Company has announced its fiscal 2006 results in a separate release.
The following financial table presents data regarding the
Company's results of operations and financial position as of and for
the quarters ended March 31, 2006 and 2005. Such data were derived
from the Company's financial statements. This information should be
read in conjunction with the Company's consolidated financial
statements as of and for the years ended March 31, 2006 and 2005 and
the related notes thereto as filed in the Company's Annual Report on
Form 10-KSB for the fiscal year ended March 31, 2006, which was filed
with the SEC on June 29, 2006. The results of operations of the
Company for the quarter ended March 31, 2006 only include Patient
Infosystems, Inc. from the date of the completion of the merger on
January 25, 2006. All dollar amounts, except for per share amounts,
are stated in thousands of dollars:
For the Quarter
Ended
March 31, Favorable
---------------- (Unfavorable)
2006 2005 Variance
------- -------- --------------
Results of Operations Data
--------------------------------------
Capitated revenue $8,705 $17,690 $(8,985)
Administrative and fee revenue:
Performance guarantee revenue 1,200 - 1,200
CareGuide stand alone revenues 3,908 1,480 2,428
Patient Infosystems stand alone
revenues 1,848 - 1,848
------- -------- --------------
Total administrative and fee revenue 6,956 1,480 5,476
------- -------- --------------
Total revenues 15,661 19,170 (3,509)
------- -------- --------------
Cost of services - direct service
costs 11,724 19,871 8,147
------- -------- --------------
Gross profit (loss) 3,937 (701) 4,638
------- -------- --------------
Selling, general and administrative
expenses 2,311 2,281 (30)
Depreciation and amortization expense 466 417 (49)
Interest expense, net 308 33 (275)
Income tax expense (benefit) 110 (115) (225)
------- -------- --------------
Income (loss) from continuing
operations 742 (3,317) 4,059
Income (loss) from discontinued
operations - (1,035) 1,035
------- -------- --------------
Net income (loss) 742 (4,352) 5,094
Dividends and accretion of preferred
stock (11) (38) 27
------- -------- --------------
Net income (loss) attributable to
common stockholders $731 $(4,390) $5,121
======= ======== ==============
Net income (loss) per share
attributable to common stockholders,
basic and diluted $0.01 $(0.53) $0.54
======= ======== ==============
EBITDA from continuing operations (1) $1,626 $(2,982) $4,608
======= ======== ==============
EBITDA from continuing operations
reconciliation:
Income (loss) from continuing
operations, GAAP basis $742 $(3,317) $4,059
Income tax expense (benefit) 110 (115) 225
Interest expense, net 308 33 275
Depreciation and amortization 466 417 49
------- -------- --------------
EBITDA from continuing operations,
non-GAAP basis $1,626 $(2,982) $4,608
======= ======== ==============
As of
March 31, Favorable
----------------- (Unfavorable)
2006 2005 Variance
-------- -------- -------------
Balance Sheet Data
--------------------------------------
Cash and cash equivalents $8,399 $1,432 $6,967
Restricted cash 4,894 10,541 (5,647)
Other current assets 5,916 6,358 (442)
-------- -------- -------------
Total current assets 19,209 18,331 878
-------- -------- -------------
Goodwill 28,666 295 28,371
Long-term assets 6,348 5,309 1,039
-------- -------- -------------
Total assets $54,223 $23,935 $30,288
======== ======== =============
Claim reserves $8,260 $15,032 $(6,772)
Other current liabilities 8,928 6,504 2,424
-------- -------- -------------
Total current liabilities 17,188 21,536 (4,348)
-------- -------- -------------
Line of Credit 8,000 6,150 1,850
Other long-term liabilities 328 632 (304)
-------- -------- -------------
Total liabilities 25,516 28,318 (2,802)
-------- -------- -------------
Stockholders' equity (deficit) 28,707 (4,383) 33,090
-------- -------- -------------
Total liabilities and
stockholders' equity (deficit) $54,223 $23,935 $30,288
======== ======== =============
(1) Earnings from continuing operations before interest, taxes,
depreciation and amortization, or EBITDA from continuing operations,
is a non-GAAP financial measure. This measure is not calculated in
accordance with, or an alternative for, generally accepted accounting
principles and may be different from non-GAAP measures used by other
companies. We believe that the presentation of EBITDA from continuing
operations, when shown in conjunction with the corresponding GAAP
measure of earnings from continuing operations, provides useful
information to management and investors regarding the financial and
business trends relating to its results of operations. Additionally,
for its internal budgeting purposes and for evaluating the company's
performance, management uses financial statements that exclude income
tax expense, interest expense and depreciation and amortization
expense, as applicable, in addition to the corresponding GAAP
measures.
ABOUT CAREGUIDE CareGuide is a national health and care management company. CareGuide's technology platform translates population data into actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. information, leading to individualized in·di·vid·u·al·ize tr.v. in·di·vid·u·al·ized, in·di·vid·u·al·iz·ing, in·di·vid·u·al·iz·es 1. To give individuality to. 2. To consider or treat individually; particularize. 3. care plans. The company's multidisciplinary mul·ti·dis·ci·pli·nar·y adj. Of, relating to, or making use of several disciplines at once: a multidisciplinary approach to teaching. care management team is focused on consistent execution of physician-guided evidence-based care evidence-based care, n a philosophy of treatment that relies on up-to-date, germane research as its foundation. planning, producing optimal health outcomes by empowering individuals and connecting a fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. healthcare support system. Visit www.careguide.com for more information. This release contains information about management's view of the company's future expectations, plans and prospects, and our ability to add customers, expand service offerings to existing customers, and improve our operating results in future periods that constitute 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. for purposes of 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 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. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with the company's financial condition, its ability to sell its products, its ability to compete with competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. and the growth of the healthcare market as well as other factors that are discussed in the Company's filed Annual Report on Form 10-KSB for the fiscal year ended March 31, 2006 filed with the SEC on June 29, 2006, as well as other documents filed with the SEC. |
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