CyberCare Reports Second Quarter Financial Results for 2001.Business Editors 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.--(BUSINESS WIRE)--Aug. 14, 2001 CyberCare, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ) today announced financial results for the second quarter and six months ended June June: see month. 30, 2001. Net revenues were $4,704,000 for the second quarter of 2001, compared with $4,705,000 for the same period in 2000. Second quarter net revenues increased from internal growth in each of the Company's operating segments less decreases resulting from the sale of Carolina Carolina (kärōlē`nä), city (1990 pop. 177,806), Puerto Rico. Located 7 mi (11 km) SE of San Juan, it is a residential suburb of the capital, as well as a commercial and industrial center. Rehab and the physician practice. Revenues for the six months ended June 30, 2001 decreased 6.7 percent to $8,948,000 from $9,595,000 in the same period last year. The six-month net revenues decreased because of the businesses sold and were partially offset by internal growth of continuing segments. Net loss for the second quarter was $7,904,000 ($0.12 per share), compared to a net loss of $7,301,000 ($0.12 per share) in the same period a year ago. The second quarter results primarily show the Company's continued investment to develop the CyberCare System(TM) including the Electronic HouseCall For the online virus scanner, see . Housecalls Housecalls, or house calls, are an act of customer service. In a house call, the supplier goes to the consumer's home, rather than the consumer visiting the supplier's place of business. (R) (EHC EHC Environmental Health Criteria EHC Environmental Health Center (NSC) EHC Eishockeyclub (German) EHC Extended Health Care (Plan) EHC Emory and Henry College (TM)) family of products and services. Research, development and engineering costs continued to increase primarily as a result of additional personnel and associated domestic and international development costs. The Company also expanded the EHC product line and accelerated its effort to bring these products to market. The Company recorded a $950,000 estimated loss on disposal for the discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: 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 business in the current second quarter. For the six months ended June 30, 2001, the net loss was $12,929,000 ($0.20 per share), compared to a net loss of $10,089,000 ($0.18 per share) in the first six months of 2000. "The first six months of 2001 represented our continued effort to expand our product lines and develop our markets," Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Morrell, chief executive officer, said. "The Company's current cost-management program, completed in August, resulted in the reduction of expenses incurred in the 2001 second quarter of over $1,000,000 in salaries, benefits and consulting costs and approximately $870,000 of outside contractor outside contractor n → contratista m/f independiente research and development activities, for a total of $1,870,000 in cost reductions and should aggregate over $6,000,000 on an annual basis." "We continue to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp our focus on markets with business potential, both domestically and globally," Morrell said. "CyberCare continues to make improvements to our existing product offerings, positioning the Company to stay in front of the ever-changing 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. landscape." Selling, general and administrative expenses decreased 2.2 percent to $3,550,000 for the three months ended June 30, 2001, compared to $3,631,000 for the same period in 2000, primarily as a result of the sale of businesses. Research, development and engineering costs increased to $4,314,000 for the three months ended June 30, 2001, compared to $2,054,000 in the prior period in 2000. About CyberCare, Inc. CyberCare, Inc. is a network-based telehealth solutions company improving the delivery of care through its patented 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. . CyberCare creates a live, interactive community that incorporates all members of the care team in the healthcare delivery 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 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. interactive communications between chronically ill patients and their providers, CyberCare's Electronic HouseCall(R) system allows for effective and efficient data collection, case management and personal interaction. Headquartered in Boynton Beach, FL, CyberCare also operates physical, occupational and speech therapy centers 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 CyberCare's Web site at http://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, product acceptance and effectiveness, 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.
CYBERCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2001
(Unaudited)
Cash, cash equivalents and marketable securities $13,307,000
Other current assets 20,832,000
Other assets 22,840,000
----------
Total assets $56,979,000
===========
Current liabilities $ 9,791,000
Other liabilities 7,927,000
Total shareholders' equity 39,261,000
----------
Total liabilities and shareholders' equity $56,979,000
===========
CYBERCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
Net revenues $ 4,704,000 $ 4,705,000 $ 8,948,000 $ 9,595,000
---------- --------- ---------- ----------
Costs and expenses:
Costs of services 3,383,000 3,090,000 6,579,000 6,212,000
Selling, general
and administrative 3,550,000 3,631,000 6,391,000 5,860,000
Research, development
and engineering 4,314,000 2,054,000 7,731,000 3,197,000
Depreciation and
amortization 555,000 461,000 1,109,000 904,000
Gain on sale of
subsidiary - - (92) -
---------- --------- ---------- ----------
Total costs
and expenses 11,802,000 9,236,000 21,718,000 16,173,000
---------- --------- ---------- ----------
Operating loss (7,098,000) (4,531,000)(12,770,000) (6,578,000)
Total other
income (expense) 144,000 (2,073,000) 791,000 (2,829,000)
---------- --------- ---------- ----------
Loss from continuing
operations (6,954,000) (6,604,000)(11,979,000) (9,407,000)
Loss from operations
of discontinued
businesses - (697,000) - (682,000)
Estimated loss on
disposal of
discontinued
businesses (950,000) - (950,000) -
---------- --------- ---------- ----------
Net loss $(7,904,000) $(7,301,000) $(12,929,000) $(10,089,000)
============ ============ ============= ============
Loss per common
share - basic
and diluted:
Loss from
continuing
operations $ (0.11) $ (0.11) $ (0.18) $ (0.17)
Discontinued
operations (0.01) (0.01) (0.02) (0.01)
----------- --------- ---------- ----------
Net loss $ (0.12) $ (0.12) $ (0.20) $ (0.18)
Weighted
average shares
outstanding 64,894,503 61,861,894 64,849,475 57,492,735
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