Cybear Reports Quarterly Results.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.--(BUSINESS WIRE)--April 27, 1999-- CYBEAR, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CYBR CYBR Copy Byte Right ), the Internet-based healthcare communications technology Noun 1. communications technology - the activity of designing and constructing and maintaining communication systems engineering, technology - the practical application of science to commerce or industry company which is 94% owned by ANDRX CORPORATION (Nasdaq:ADRX ADRX Andrx Corporation (stock symbol) ), announced today its first quarter results. Cybear had no revenues for the quarters ended March 31, 1999 and 1998 as it is a development stage Company. Software development costs were $494,311 for the quarter ended March 31, 1999 compared to $305,793 for the quarter ended March 31, 1998. Software development costs include outside consultant fees, payroll, benefits and housing expenses of employees involved in the creation, design and development of Cybear's products. The increase in the software development costs for the quarter ended March 31, 1999 reflects the progress and expansion of Cybear's development activities. General and administrative expenses were $2,330,604 for the quarter ended March 31, 1999 compared to $224,681 for the quarter ended March 31, 1998. General and administrative expenses include costs incurred in the areas of sales and marketing, network operations and maintenance, administration, and customer support. The increase in general and administrative expenses for the quarter ended March 31, 1999 relates to the establishment of the administrative, selling and marketing and customer support infrastructure and the establishment of a network operations center See NOC. Network Operations Center - (NOC) A location from which the operation of a network or internet is monitored. Additionally, this center usually serves as a clearinghouse for connectivity problems and efforts to resolve those problems. . Interest expense was $90,513 for the quarter ended March 31, 1999 as compared to $32,102 for the quarter ended March 31, 1998. Interest expense represents interest on advances from Andrx under the Credit Agreement between the two companies to fund Cybear's operations. Such net advances including interest amounted to $5,420,624 and $2,344,727 at March 31, 1999 and December 31, 1998, respectively, and bear interest at prime (7.75% at March 31, 1999) plus 1/2%. Cybear's taxable results are included in the consolidated income tax return of Andrx. Cybear's taxable results will be included in the consolidated income tax return of Andrx as long as Andrx owns at least 80% of the common stock of Cybear. Cybear and Andrx have a tax allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as agreement that provides, among other things, for the allocation of federal income tax liabilities to Cybear at the approximate amounts that would have been computed as if Cybear had filed separate income tax returns. Cybear recorded a tax benefit of $1,400,000 for the quarter ended March 31, 1999 reflecting the reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. from Andrx for the utilization of Cybear's tax attributes pursuant to the tax allocation agreement. As of March 31, 1999, Cybear did not have any tax net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. as all of Cybear's tax attributes to date have been used by Andrx. Cybear, Inc. is an information technology company using the Internet and Internet-based applications to improve the efficiency of day-to-day administrative and communications tasks of healthcare providers that interact to manage patient care. Cybear is developing its Solutions product line, an Internet Services Provider system that provides information and Internet-based productivity applications 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. In March 1999, Cybear introduced its first Solutions product, Solutions MD, which addresses the communications and operational needs of physicians. Andrx is engaged in the formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation and commercialization of oral controlled-release pharmaceuticals utilizing its proprietary drug delivery technologies, either directly or through collaborative arrangements. Andrx also markets and distributes pharmaceutical products manufactured by third parties. 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 the Company's filings with the Securities and Exchange Commission. -0-
CYBEAR, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31,
1998 1999
Revenues: $ -- $ --
Operating expenses:
Software development 305,793 494,311
General and administrative 224,681 2,330,604
Total operating expenses 530,474 2,824,915
Loss from operations (530,474) (2,824,915)
Other income (expense):
Interest expense on due to Andrx
Corporation (32,102) (90,513)
Interest income -- 515
Loss before income taxes (562,576) (2,914,913)
Income tax benefit -- 1,400,000
Net loss $ (562,576) $ (1,514,913)
Basic and diluted net loss
per share $ (0.04) $ (0.11)
Basic and diluted weighted
average shares of common stock
outstanding 13,000,000 13,269,400
CYBEAR, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEETS
(UNAUDITED)
December 31, March 31,
1998 1999
ASSETS
Total current assets $ 564,368 $ 673,570
Total non-current assets 2,767,583 3,796,699
Total assets $ 3,331,951 $ 4,470,269
LIABILITIES AND SHAREHOLDERS' DEFICIT
Total current liabilities $ 3,799,568 $ 6,362,437
Total shareholders' deficit (467,617) (1,892,168)
Total liabilities and shareholders'
deficit $ 3,331,951 $ 4,470,269
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