Pro-forma Revenues of $16.8 Million Reported for Nine-Month Period
LOS ANGELES--(BUSINESS WIRE)--June 3, 1999--e-MedSoft.com (OTC BB:MDTK - news) today announced that the Amendment to the 8K filed on
March 19, 1999 for the acquisition of Palm Technology Holdings Limited, the parent company of Relay Business Systems (referred to together as ''Palm''), has been
filed.
The 8K amendment includes the audited consolidated statements of Palm Technology Holdings for its fiscal years ended March 31, 1998 and 1997, and Palm's
unaudited consolidated nine-month interim statements for the periods ended Dec. 31, 1998 and 1997. Also included are the unaudited combined pro-forma
statements for e-MedSoft.com reflecting the Palm acquisition.
The pro-forma statements of e-MedSoft.com reflected revenues of $16.8 million for the nine months ended Feb. 28, 1999, and a net loss of $441,000, including
$456,000 reported as amortization of goodwill and $308,000 reported as interest expense.
The company reported pro-forma revenues of $18 million for the year ended May 31, 1998, and a net loss of $470,000, including $608,000 reported as
amortization of goodwill and $388,000 reported as interest expense. The company also reported, on a pro-forma basis, total assets of $14.8 million and
shareholders equity of $5.1 million as of Feb. 28, 1999.
The acquisition of Palm was an important part of the company's corporate strategy, in that Relay is one of the leading computer technology firms in the United
Kingdom and enjoys -- just as is the case with e-MedSoft.com -- a strong relationship with Sun Microsystems Inc. (NASDAQ: SUNW - news).
Relay is one of the first companies to have created an Authorized JAVA Centre in the United Kingdom and it operates throughout the UK as a partner within both
Sun Microsystems' and Oracle Corp.'s (NASDAQ:ORCL - news) third-party channel of resellers. Relay has also become one of the first resellers to be accepted as
a partner on the Sun/Oracle Internet Centric Excellence (ICE) program and is an accredited Sun Internet Associate.
John F. Andrews, chairman and CEO of e-MedSoft.com stated: ''I think the numbers we are reporting in this 8K filing will be of considerable interest to our current
shareholders and potential investors.
''First, the pro-forma revenues reported by e-MedSoft.com do not include any revenue from our core e-MedSoft.com software products, which we only began
marketing in January of this year. During the next fiscal year, the revenues generated from the e-MedSoft.com Internet solution will be over and above the base
revenues generated by Relay from its existing business activities, and we are expecting those base revenues to also increase.
''Second, if you add back the amortization of goodwill and interest expense relating to the acquisition, the pro-forma income statements for the two periods reported
would show profits from operations. Third, on a pro-forma basis, we are reporting total assets of $14.8 million and equity of $5.1 million.
''Prior to the filing of this 8K there has been no public information available in the form of filings with the Securities and Exchange Commission that provided
comprehensive financial information on our business activities.
''Now, investors can see proof that we have both a sizable revenue base and a significant equity base that will act as the launching pad for e-MedSoft.com, as
implementation on the many e-MedSoft.com contracts we have signed in the past months gets underway, and as revenues from those contracts begin to roll in,''
Andrews concluded.
About e-MedSoft.com
e-MedSoft.com, with its recently acquired medical software product being sold under the trade name e-MedSoft.com, is leading a transition in the medical industry,
as it is the first subscription-based health care management system available for delivery through the Internet.
Users of the software are charged a small, up-front installation fee, and an ongoing subscription fee based on transaction volume. The medical software is a complete
health care management system.
Through the Internet, its Java-based integrator, utilizing Sun Microsystems' Java technology, allows the e-MedSoft.com software to communicate across diverse
platforms and languages in unlimited capacity, allowing for the interlink of doctors, hospitals, clinics, HMOs, insurance companies, financiers and government
agencies.
The ease and low-cost with which it can be implemented, its Internet connectivity, and its ability to allow for the exchange of information across diverse platforms and
systems bode well for its widespread adoption by the medical community. For more information, see mdtk.com
Statements in this news release that relate to management's expectations or beliefs concerning future plans, expectations, events and performance are
''forward-looking'' within the meaning of the federal securities laws. Actual results or events could differ materially from those anticipated in the forward-looking
statements due to a variety of factors, including, without limitation, acceptance by customers of the company's products, changing technology, competition in the
health care market, government regulation of health care, the company's limited operating history, general economic conditions, and availability of capital.
Note to Editors: Java and 100% Pure Java are trademarks of Sun Microsystems Inc. in the United States and other countries. All other trademarks, trade names,
registered trademarks or registered trade names are the property of their respective holders.
|
