Cyber-Care Announces 2000 Year-End Financial Results.Business Editors/Health & Medical Writers BOYNTON BEACH Boynton Beach, city (1990 pop. 46,194), Palm Beach co., SE Fla., on the Atlantic coast; inc. 1920. A major suburban area, it is also a beach resort and vegetable-shipping point. , Fla.--(BW Healthwire)--April 2, 2001 Cyber-Care, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ), a network-based telehealth telehealth Health informatics The effects of telecommunication and information technology on the efficiency and quality of health care, services, education, public health surveillance, research, administration. See Telemedicine. solutions company, today announced financial results for the year ended December 31, 2000. The year 2000 was a very important year for Cyber-Care. The Electronic HouseCall(R) system (EHC EHC Environmental Health Criteria EHC Environmental Health Center (NSC) EHC Eishockeyclub (German) EHC Extended Health Care (Plan) EHC Emory and Henry College ) received clearances from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. on the system itself as well as on a number of peripheral devices See peripheral. peripheral device - peripheral , including the electronic stethoscope stethoscope (stĕth`əskōp') [Gr.,=chest viewer], instrument that enables the physican to hear the sounds made by the heart, the lungs, and various other organs. The earliest stethoscope, devised by the French physician R. T. H. , glucometer and digital weight scale. During 2000, Cyber-Care significantly expanded its research, development and manufacturing capabilities for the EHC. Cyber-Care reported a net loss of $28,698,000 ($.47 loss per share), for the year ended December 31, 2000, compared with a net loss of $10,808,000 ($.33 loss per share), in 1999. A significant portion of the loss for 2000 was due to the research, development, implementation and marketing of EHC products and systems, which accounted for approximately $20,362,000 of the net loss ($.33 per share). Research, development and engineering expenses increased to $9,312,000, compared with $349,000 the previous year. In addition, the net loss included $7,737,000 ($.13 per share) for special charges that included a loss from the sale of Carolina Rehab of $1,323,000 ($.02 per share); a loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $1,627,000 ($.03 per share); a write-off of the company's investment in Westmark Group Holdings, Inc. of $2,425,000 ($.04 per share); and an increase in the estimated loss on disposal of the air ambulance air ambulance Emergency medicine A helicopter or, less commonly, a fixed wing aircraft, used to evacuate a person who requires immediate medical attention that cannot be provided at his/her current location segment and mobile cardiac cath labs A catheterization laboratory or cath lab is an examination room in a hospital or clinic with diagnostic imaging equipment to support the catheterization procedure. A catheter is inserted into a large artery, and various wires and devices can be inserted through the body via of $2,362,000 ($.04 per share). During the fourth quarter of 2000, the company incurred a loss of $13,652,000 ($.21 loss per share). The increase in the loss, as compared to the third quarter loss, resulted primarily from the significant additional resources expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. in the fourth quarter for research, development and engineering expenses of $2,438,000; the expansion of the sales force and corporate infrastructure of approximately $500,000; and special charges, including a $1,323,000 loss from the sale of Carolina Rehab and a $2,362,000 increase in the estimated loss on the disposal of the air ambulance segment and the mobile cardiac cath labs. Michael Morrell, chairman and chief executive officer, said, "The year 2000 was marked by expansion for Cyber-Care. We identified the EHC products and peripheral equipment necessary to meet the needs of our market and made advancements in the development of our software applications. In addition, we hired outstanding staff to meet our business objectives in the areas of research, development, manufacturing, sales and management." "We also recognized the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the economy and felt it was important for us to make every effort to be ready for the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. expected in the second half of 2001. We found certain challenges that have affected our sales somewhat, but these challenges also helped us to identify new products and applications." "We saw the need to expand our family of EHC products which, in 2001, will include the EHC 100 model and various EHC 300 models, all of which can connect to Cyber-Care's routed network infrastructure and database by either dial-up telephone systems (POTS) or broadband access See broadband and wireless broadband. . These models provide greater flexibility, faster installations and extensive peripheral equipment. We believe all these accomplishments will give us significant competitive advantages to expand our markets in the future." Join the management team for the web- broadcast of year-end December 31, 2000 financial results, tomorrow, Tuesday, April 3, 2001 at 4:00 p.m. Eastern Daylight time at www.vcall.com. Registration begins 3:00 Eastern time. About Cyber-Care Inc. Cyber-Care, Inc. (Nasdaq:CYBR) is a network-based telehealth solutions company improving the delivery of care through its Internet-based technology Refers to the communications infrastructure of the Internet, which is based on the IP protocol. IP is part of the TCP/IP protocol suite. It may also refer to voice over IP (VoIP), which uses the Internet to make telephone calls. See VoIP, IP and TCP/IP. . Cyber-Care creates a live, interactive community that incorporates all members of the care team in the delivery of the healthcare process, resulting in cost reduction and improvement in the quality of patient care. Utilizing patented technology for remote monitoring (protocol) remote monitoring - (RMON) A network management protocol that allows network information to be gathered at a single computer. Whereas SNMP gathers network data from a single type of Management Information Base (MIB), RMON 1 defines nine additional MIBs that provide a and real-time interactive communications between chronically ill patients and their providers, Cyber-Care's Electronic HouseCall(R) System allows for effective and efficient data collection, case management and personal interaction. Headquartered in Boynton Beach, Fla., Cyber-Care also has physical, occupational and speech therapy businesses and an institutional pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. business. Visit Cyber-Care's Web site at www.cyber-care.net. 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. Statement under 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: The statements which are not historical facts contained in this press release are 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. that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
CYBER-CARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31,
2000 1999
---- ----
Net sales $ 19,260,000 $ 16,724,000
Total cost and expenses 41,932,000 17,397,000
-------------- --------------
Operating loss (22,672,000) 673,000)
Other expenses - net (2,037,000) (9,327,000)
-------------- --------------
Loss from continuing
operations (24,709,000) (10,000,000)
Loss from discontinued
operations (3,989,000) (808,000)
-------------- --------------
Net loss $ (28,698,000) $ (10,808,000)
============== ==============
Loss per common share
- basic and diluted:
Loss from continuing
operations $(.40) $(.30)
Discontinued operations (.07) (.03)
-------------- --------------
Net loss $(.47) $(.33)
============== ==============
Weighted average
shares outstanding 61,147,042 32,882,376
============== ==============
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31,
2000 1999
---- ----
Cash, cash equivalents
& marketable securities $ 16,731,000 $11,699,000
Accounts receivable,
inventories & other
current assets 20,444,000 18,421,000
-------------- --------------
Total current assets 37,175,000 30,120,000
Property, equipment,
intangible & other
assets 22,558,000 26,994,000
-------------- --------------
Total Assets $ 59,733,000 $ 57,114,000
============== ==============
Total current
liabilities $ 10,221,000 $ 6,266,000
Long-term debt
& other liabilities 178,000 16,052,000
-------------- --------------
Total liabilities 10,399,000 22,318,000
Stockholders'
equity 49,334,000 34,796,000
-------------- --------------
Total Liabilities
and Stockholders'
Equity $ 59,733,000 $ 57,114,000
============== ==============
The Company purchased 117,900 shares and retired 641,417 shares from various transactions during the year. |
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