CareInsite Announces Third 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)--May 2, 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 March 31, 2000. Revenues for the period were $1,651,000 as compared to $213,000 in the prior year. Excluding the effect of certain non-recurring items discussed below, net loss available to common shareholders for the quarter was $(24,360,000), or $(0.33) per share, as compared to $(4,174,000) or $(0.07) per share in the prior year. Non-recurring items include a charge relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc certain 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. with Merck Merck may refer to:
As previously announced on February February: see month. 14, 2000, CareInsite and its parent company, Medical Manager Corporation, have signed definitive agreements to be acquired by Healtheon/WebMD Corporation. Martin J. Wygod, Chairman of CareInsite, said, "In light of our pending transaction with Healtheon/WebMD, we made certain strategic decisions, including the delay of the rollout of certain of CareInsite's services, which impacted our quarterly results. In addition, certain acquisitions closed at the end of the quarter and therefore had limited impact on our financial results." Commenting on the quarterly 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, "Rather than aggressively roll out certain of our services, we have continued to focus on increasing our presence in certain key geographic areas. During the quarter, CareInsite completed its acquisition of Provider Technology Group, the 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. network of 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. of Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. . At the end of the quarter,
there were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30,000 physicians submitting transactions." On March 31, 2000, the Company had approximately $69,000,000 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. About CareInsite CareInsite, Inc. provides innovative healthcare network and e-commerce 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 68% 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 fea·si·ble adj. 1. Capable of being accomplished or brought about; possible: a feasible plan. See Synonyms at possible. 2. 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, risks associated with the Company's pending merger with Healtheon/WebMD Corporation 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 three and nine months ended March 31, 2000 is as follows:
CAREINSITE, INC.
SUMMARY FINANCIAL INFORMATION
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Nine Months Ended
March 31, March 31,
2000(a) 1999(b) 2000(c) 1999(d)
------- ------- ------- -------
Net revenues $ 1,651 $ 213 $ 4,809 $ 213
======= ======= ======= ======
Income (loss) before
interest, taxes, depreciation
and amortization (16,887) (6,418) (37,694) (14,429)
Depreciation and
amortization (8,924) (275) (11,609) (1,162)
Interest income, net 1,534 19 4,801 110
Gain on sale of
investment - - 25,511 -
--------- ------ ------ ------
Net loss $(24,277) $(6,674) $(18,991) $(15,481)
========= ======== ========= =========
Net loss available to common
shareholders $(24,710) $(6,674) $(19,857) $(15,481)
========= ======== ========= =========
Net loss per share -
basic and diluted $(0.34) $(0.11) $(0.28) $(0.29)
Weighted average shares outstanding -
basic and diluted 73,489 62,500 71,436 54,208
(a) The three months ended March 31, 2000 include charges related
to certain litigation with Merck & Co., Inc. of $350. Excluding
this item, net loss available to common shareholders would have
been $(24,360) or $(0.33) per share.
(b) The three months ended March 31, 1999 include charges related
to certain litigation with Merck & Co., Inc. of $2,500. Excluding
this item, net loss available to common shareholders would have
been $(4,174) or $(0.07) per share.
(c) The nine months ended March 31, 2000 include charges related
to certain litigation with Merck & Co., Inc. of $1,450 and a gain
on the sale of investments of $25,511. Excluding these items, net
loss available to common shareholders would have been $(43,918) or
$(0.61) per share.
(d) The nine months ended March 31, 1999 include charges of $2,381
related to the write-off of capitalized software and charges
related to certain litigation with Merck & Co., Inc. of $2,500.
Excluding these items, net loss available to common shareholders
would have been $(10,600) or $(0.20) per share.
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