Cybear Reports First Quarter Results.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BW HealthWire)--April 25, 2000 Cybear, Inc. (Nasdaq:CYBA CYBA Charter Yacht Broker Association CYBA Conejo Youth Basketball Association (Conejo Valley, California) CYBA California Yacht Brokers Association CYBA Cybertron Army CYBA Columbia Yacht Brokers Association ), an e-Healthcare connectivity, applications and portal provider, announced today its results for the three months ended March 31, 2000. The Company reported a net loss of $6.6 million or $0.37 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the first quarter of 2000, compared to a net loss of $1.5 million or $0.11 per diluted share for the comparable 1999 quarter. The increase in net losses primarily relates to the continuing development of 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 applications and the establishment and expansion of the operational and administrative infrastructure, but also includes merger costs associated with the proposed tracking stock transaction between Cybear and Andrx Corporation (a 72% shareholder) and other non-recurring charges. The Company recorded revenues of $231,000 for the three months ended March 31, 2000. The 2000 first quarter revenues include 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. revenues of $215,000 from the Company's distribution venture with Andrx. There were no revenues recorded for the comparable 1999 period as the Company emerged from the development stage in the second quarter of 1999. The Company incurred operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of $7.4 million for the three months ended March 31, 2000, as compared to $2.8 million for the comparable period in 1999. The 2000 first quarter operating expenses include $832,000 in merger costs associated with the proposed tracking stock transaction between Cybear and Andrx and $1.2 million in other non-recurring charges consisting of severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs, impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges to certain assets and costs incurred to terminate an agreement. Excluding the merger costs and the other non-recurring charges, operating expenses for the three months ended March 31, 2000, were $5.4 million. The Company's loss from operations was $7.2 million for the three months ended March 31, 2000 (or $5.2 million excluding merger costs and other non-recurring charges), as compared to $2.8 million for the same period in 1999. The Company earned interest income of $559,000 for the three months ended March 31, 2000, primarily from the investment of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). raised in its June 1999 public offering. As of March 31, 2000, the Company had approximately $26.7 million in cash and cash equivalents and investments available-for-sale and $31.6 million of working capital. Timothy E. Nolan, Cybear's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , commented, "We are continuing to focus our efforts on developing additional functionality for our dr.cybear physician practice Internet product, such as the ability to communicate laboratory results and provide medical messaging services. Our agreement to provide dr.cybear access to an initial group of 5,000 physicians selected by Novartis Pharmaceuticals Corporation for monthly subscription fees reflects the progress we have made in making our product a reality. Yet, our company remains in an early stage revenue model and I look forward to updating our progress with our quarterly reports." Cybear, Inc., headquartered in Boca Raton, Fla., is an information technology company using the Internet to improve the efficiency of administrative and communications tasks of managing patient care - while addressing the healthcare industry's critical need for secure and reliable transmission of information. An Internet Service Provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. (ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. ) and Application Services See ASP and Web services. Provider (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ) for the healthcare industry, Cybear uses its own secure private network to provide access to the Internet, email, and productivity applications available on a transaction or subscription basis to physicians, physician organizations, and hospitals. Some of its online applications include or will include business tools for hospital messaging, lab orders and results, streamlined purchasing, prescription writing, claims processing, eligibility verification, formulary formulary /for·mu·lary/ (for´mu-lar?e) a collection of recipes, formulas, and prescriptions. National Formulary see under N. for·mu·lar·y n. compliance, credentialing Credentialing is the administrative process for validating the qualifications of licensed professionals, organizational members or organizations, and assessing their background and legitimacy. , Web site creation, and physician-patient communications via the Internet. More information and subscriptions to dr.cybear, the company's Internet product designed for the physician practice, are available online at www.cybear.com or by calling 877.999.3001. 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. (statements which are not historical facts) in this release are made pursuant to 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 of 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. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality gen·er·al·i·ty n. pl. gen·er·al·i·ties 1. The state or quality of being general. 2. An observation or principle having general application; a generalization. 3. of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including those risks and uncertainties detailed in Cybear's filings with the Securities and Exchange Commission.
Cybear, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except for share and per share amounts)
Three Months Ended
March 31,
2000 1999(1)
----------- -----------
Revenues $ 231 $ --
----------- -----------
Operating expenses:
Cost of revenues 209 --
Network operations and
operations support 933 728
Product development 948 526
Sales and marketing 1,896 725
General and administrative 880 655
Merger costs 832 --
Other non-recurring charges 1,152 --
Depreciation and amortization 549 191
----------- -----------
Total operating expenses 7,399 2,825
----------- -----------
Loss from operations (7,168) (2,825)
Other income (expense):
Interest income 551
Interest expense on due to
Andrx Corporation -- (91)
----------- -----------
Loss before income taxes (6,609) (2,915)
Income tax benefit -- 1,400
----------- -----------
Net loss $ (6,609) $ (1,515)
=========== ===========
Basic and diluted net loss per share $ (0.37) $ (0.11)
=========== ===========
Basic and diluted weighted
average shares of common
stock outstanding 17,703,669 13,269,400
=========== ===========
(1) Certain amounts have been reclassified to conform with the current
period presentation.
Cybear, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
March 31, December 31,
2000 1999
------- -------
ASSETS
Cash, cash equivalents and $26,743 $37,994
investments available-for-sale
Convertible notes receivable and
other current assets 8,015 4,486
------- -------
Total current assets 34,758 42,480
Total long-term assets 12,040 10,588
------- -------
Total assets $46,798 $53,068
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities $ 3,127 $ 3,091
Total shareholders' equity 43,671 49,977
------- -------
Total liabilities and
shareholders' equity $46,798 $53,068
======= =======
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion