Cybear Reports Fourth Quarter and Year-End Financial Results.Business Editors/Health &Medical Writers 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)--Feb. 10, 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 ), a leading e-Healthcare connectivity, applications and portal provider, announced today its results for the three months and year ended December 31,1999. The Company reported a net loss of $4.3 million or $0.24 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 fourth quarter of 1999, compared to a net loss of $13,000 or $0.00 per diluted share for the comparable 1998 quarter. For the year ended December 31, 1999, the Company reported a net loss of $10.8 million or $0.70 per diluted share as compared to a net loss of $2.5 million or $0.19 per diluted share for the same period a year earlier. The increase in net losses primarily relates to Cybear's progress in the development of applications and the establishment of the related operational and administrative infrastructure. In the second quarter of 1999, Cybear emerged from its development stage. The Company recorded revenues of $151,000 and $270,000 for the three and twelve-month periods ended December 31, 1999. There were no revenues recorded for the comparable 1998 periods. 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 $5.0 million and $14.9 million for the three and twelve months ended December 31, 1999, as compared to $1.8 million and $4.2 million for the comparable periods in 1998. The Company's loss from operations was $4.9 million and $14.7 million for the three months and year ended December 31, 1999, as compared to $1.8 million and $4.2 million for the same periods in 1998. The Company earned interest income of $599,000 and $1.3 million for the three months and year ended December 31, 1999, 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. The Company also recorded an income tax benefit of $2.8 million and $1.9 million for the years ended December 31, 1999 and 1998, respectively. For the three-month period the income tax benefit was $0 and $1.9 million for 1999 and 1998, respectively. Cybear recognized an income tax benefit for those amounts it was reimbursed by Andrx Corporation. The Company ended the year with approximately $38.0 million in cash and cash equivalents and available-for-sale investments. For the year, Cybear used $9.7 million of net cash in its operations. In addition, the Company used net cash of $3.0 million to purchase a convertible note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from HIE hie intr. & tr.v. hied, hie·ing or hy·ing , hies To go quickly; hasten. [Middle English hien, from Old English h , Inc.; $3.9 million for the purchase of property and equipment, software development costs and software licenses In computing, software that is copyrighted and licensed under a software license is done under a variety of licensing schemes. For end-users there are proprietary licenses and there are free software licenses, and there are proprietary Within these schemes are further classifications. ; and $1.2 million for the acquisition of Telegraph Consulting Corporation. Edward E. Goldman, M.D., Cybear's president and chief executive officer, commented, &uot;Much has been said about how the Internet will revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. healthcare. And it will. But I'll take this opportunity to remind all of our stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. that we can't get from A to Z without building a road worth travelling. Cybear is busy creating a healthcare highway, and we will aggressively compete to assure that our highway is well traveled. We anticipate that revenues from transactions, including laboratory results, hospital data messaging, eligibility, claims transmission, and e-commerce, will be the fastest growing components of our early stage revenue model. I look forward to updating our progress with our quarterly reports.&uot; Using its Internet product designed for physician practices, Cybear provides an Intranet or private secure network, which connects physician offices to a Web site only accessible to those providers in that organization. The co-branded Intranet site delivers specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. information as well as Cybear's set of comprehensive Internet-based office, clinical practice, and administrative tools and applications to help physicians in their practice. The Cybear connection also provides email capabilities as well as Internet access See how to access the Internet. . 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) for the healthcare industry, Cybear uses its own secure private network to provide access to the Internet, email, and robust productivity applications available on a transaction or subscription basis to physicians, physician organizations, pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major , and hospitals. Some of its online applications include business tools for hospital messaging, lab orders and results, streamlined purchasing, prescription writing, claims processing, eligibility checking, formulary-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 the company's product designed for the physician practice are available online at www.cybear.com or by calling 877.999.3001. Cybear offers free access to a variety of consumer health news and information on diseases and wellness to help the entire family manage its health at www.cybear.com. 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 &uot;may,&uot; &uot;will,&uot; &uot;expect,&uot; &uot;believe,&uot; &uot;anticipate,&uot; &uot;intend,&uot; &uot;could,&uot; &uot;would,&uot; &uot;estimate,&uot; or &uot;continue&uot; 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 Years Ended
December 31, December 31,
1999 1998(1) 1999(1) 1998(1)
Revenues $ 151 $ -- $ 270 $ --
Operating
expenses:
Network
operations
and
operations
support 794 394 2,867 643
Product
development 924 590 3,058 1,717
Sales and
marketing 2,016 87 4,909 483
General and
administrative 627 727 2,544 1,189
Depreciation
and
amortization 655 50 1,556 139
Total
operating
expenses 5,016 1,848 14,934 4,171
Loss from
operations (4,865) (1,848) (14,664) (4,171)
Other income
(expense):
Interest
expense on
due to Andrx
Corporation -- (65) (216) (210)
Interest
income 599 -- 1,282 --
Loss before
income taxes (4,266) (1,913) (13,598) (4,381)
Income tax
benefit -- 1,900 2,824 1,900
Net loss $ (4,266) $ (13) $ (10,774) $ (2,481)
Basic and
diluted net
loss per
share $ (0.24) $ (0.00) $ (0.70) $ (0.19)
Basic and
diluted
weighted
average
shares
of common
stock
outstanding 17,651,828 13,122,987 15,470,009 13,030,999
(1) Certain amounts have been reclassified to conform with the
year-end presentation.
CYBEAR, INC. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
December 31, December 31,
1999 1998
ASSETS
Cash, cash equivalents
and investments
available-for-sale $37,994 $ 4
Receivables and
other current assets 4,486 560
Total current assets 42,480 564
Property, equipment,
goodwill, net and
other assets 10,588 2,768
Total assets $53,068 $ 3,332
LIABILITIES AND
SHAREHOLDERS' EQUITY (DEFICIT)
Total current liabilities $ 3,091 $ 3,800
Total shareholders' equity (deficit) 49,977 (468)
Total liabilities and
shareholders' equity (deficit) $53,068 $ 3,332
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