CareInsite Announces Second Quarter Results.Business Editors ELMWOOD PARK Elmwood Park, village (1990 pop. 23,206), Cook co., NE Ill., a suburb of Chicago; inc. 1914. It is chiefly residential. , N.J.--(BUSINESS WIRE)--Jan. 31, 2000 CareInsite, 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 : CARI CARI Consejo Argentino para las Relaciones Internacionales (French) CARI Canadian Association of Recycling Industries CARI Central Agricultural Research Institute (Sri Lanka) ), a subsidiary of Medical Manager Corporation (NASDAQ: MMGR MMGR Medical Manager MMGR Metalliferous Mines General Regulations ) announced today financial results for the quarter ended December December: see month. 31, 1999. Revenues for the period were $1,501,000. There were no revenues in the prior year period. Net income (loss) available to common shareholders for the period was $12,120,000 or $0.15 per share compared with $(6,749,000) or $(0.13) in the prior year. Excluding the effect of certain non-recurring items discussed below, net loss available to common shareholders for the quarter was $(12,941,000), or $(0.18) per share, as compared to $(4,368,000) or $(0.09) per share in the prior year. Non-recurring items for the current period include a gain on the sale of investment of $25,511,000 and a charge of $450,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. expenses. Non-recurring items for the prior year period include a charge of $2,381,000 related to the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. software. Martin J. Wygod, Chairman of CareInsite, said, &uot;We continued to strengthen our presence in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. with the expansion of our existing relationships with the area's leading payers.&uot; Empire Blue Cross and Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. , Group Health Incorporated, HIP Health Plans and Greater New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Hospital Association, who together represent over 7 million covered lives, will be the initial participants in CareInsite's consumer health services health services Managed care The benefits covered under a health contract network. CareInsite also acquired the remaining 80% equity interest in The Health Information Network Connection that it did not already own. Mr. Wygod said, &uot;With exclusive access to more than 185,000 physicians via Medical Manager and, upon deployment, millions of consumers via AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. , CareInsite will be the first interactive healthcare services network which links physicians, patients, payers and suppliers throughout the healthcare delivery experience. CareInsite has demonstrated that it can provide not only the physician/health plan connectivity but also the health plan/plan participant connectivity that sophisticated payers require. I am pleased with the pipeline of transactions and the negotiations taking place at CareInsite. Numerous regional and national payers, as well as strategic partners, have endorsed our product and service offerings and we expect to announce the completion of definitive agreements related to these discussions in the near future.&uot; Commenting on the second quarter results, Marvin P. Rich, 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. of CareInsite, said, &uot;As of the end of December, CareInsite was processing transactions for more than 3,500 physicians in the New York/New Jersey area. In addition to our exclusive agreement with Medical Manager, we have contracted with other practice management system vendors bringing the physician base to which we will offer CareInsite's services to over 200,000. The integration of CareInsite's services with the practice management systems of Medical Manager and others is proceeding as planned and our physician portal will be launched shortly. As a result of these initiatives and our expanded relationships with the New York area's leading payers, we expect to continue to grow both the number of physicians and the breadth of services offered.&uot; During the quarter, CareInsite also added significant talent to its management team. Randolph Randolph, town (1990 pop. 30,093), Norfolk co., E Mass.; settled c.1710, set off from Braintree and inc. 1793. A suburb of Boston, it has diverse light manufacturing. Frankel Frankel is the surname of:
The Company currently has approximately $116,000,000 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 to be used for general corporate purposes, as well as acquisitions and other strategic transactions. CareInsite, Inc. provides innovative healthcare network and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. services that leverage 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 to enable the confidential exchange of clinical, administrative and financial information among physicians and their patients, and affiliated health plans, providers and suppliers. The Company's services are designed to improve the quality of patient care and reduce the administrative and clinical costs of healthcare. CareInsite is a 69% owned subsidiary of Medical Manager Corporation (NASDAQ: MMGR). This press release contains certain forward looking statements relating to the Company's future operations, dealings with customers and partners and potential customers and partners, development and deployment of its products and services, and external transactions. These statements are based on the Company's current plans and expectations and involve risks and uncertainties that could cause actual future activities and results of operations to be different from those described or implied by such forward looking statements. The risks and uncertainties of the Company's businesses include, but are not limited to, product demand and market acceptance risks, the feasibility of developing and deploying commercially profitable products and services, the effect of economic conditions, user acceptance, the impact of competitive products or services, and pricing, product development, commercialization and technological difficulties, risks associated with the integration and management of acquired businesses, and other risks detailed in the Company's Securities and Exchange Commission filings. Further information about these matters can be found in the Company's Securities and Exchange Commission filings. The Company expressly disclaims any intent or obligation to update these forward looking statements.
A report of CareInsite's financial results for the quarter and six
months ended December 31, 1999 is as follows:
CAREINSITE, INC.
SUMMARY FINANCIAL INFORMATION
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Six Months Ended
December 31, December 31,
1999(a) 1998(c) 1999(b) 1998(c)
------- ------ ------ ------
Net revenues $ 1,501 $ - $ 3,158 $ -
======= ======= ======== =======
Income (loss) before
interest, taxes,
depreciation and
amortization (13,092) (6,361) (20,807) (8,011)
Depreciation and
amortization (1,512) (435) (2,685) (887)
Interest income, net 1,588 47 3,267 91
Gain on sale of
investment 25,511 - 25,511 -
------ ----- ------ -----
-
Net income (loss) $12,495 $(6,749) $ 5,286 $(8,807)
======= ======= ======= =======
Net income (loss)
available to
common shareholders $12,120 $(6,749) $ 4,853 $(8,807)
======= ======= ======= =======
Net income (loss)
per share - basic $ 0.17 $(0.13) $ 0.07 $(0.18)
Net income (loss)
per share - diluted $ 0.15 $(0.13) $ 0.06 $(0.18)
Weighted average
shares outstanding
- basic 70,410 50,063 70,410 50,063
Weighted average
shares outstanding
- diluted 79,223 50,063 78,776 50,063
(a) The three months ended December 31, 1999 include charges related to certain litigation with Merck &Co., Inc. of $450 and a gain on the sale of investments of $25,511. Excluding these items, net loss available to common shareholders would have been $(12,941) or $(0.18) per share. (b) The six months ended December 31, 1999 include charges related to certain litigation with Merck &Co., Inc. of $1,100 and a gain on the sale of investments of $25,511. Excluding these items, net loss available to common shareholders would have been $(19,558) or $(0.28) per share. (c) The three and six months ended December 31, 1998 include charges of $2,381 related to the write-off of capitalized software. Excluding this item, net loss available to common shareholders would have been $(4,368) or $(0.09) per share and $(6,426) or $(0.13) per share, respectively. |
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