e-MedSoft.com's Quarterly Revenues Jump to $39 Million
Tuesday August 1, 6:10 am Eastern Time
Press Release
JACKSONVILLE BEACH, Fla.--(BUSINESS WIRE)--Aug. 1, 2000-- e MedSoft.com (AMEX:MED - news) today announced results for the first quarter ended June 30, 2000.
Revenues for the quarter jumped to $39,038,000, an increase of 779% and 163% when compared with reported revenues of $4,443,000 and pro forma revenues of $14,849,000 for the quarter ended June 30, 1999, respectively. Net loss for the quarter was $3,161,000, or a loss of $0.04 per basic and diluted share compared to a reported loss of $0.05 and a pro forma loss of $0.07 for the quarter ended June 30, 1999. EBITDA for the first quarter of fiscal 2001 improved 18%, as compared to the fourth quarter of 2000, and 11% compared to pro forma EBITDA for the three months ended June 30, 1999.
Commenting on the results, John F. Andrews, chairman and chief executive officer, stated, ``The financial results that we were able to achieve this quarter, specifically the top-line growth and improvement in EBITDA, demonstrate that the Company continues to perform on its initial business model, and at the same time, illustrates that the Company was able to efficiently manage the integration of several important acquisitions. The ability to realize these levels of corporate growth in such an effective manner is, in my view, the most important distinguishing feature of our products, services, and management.''
Commenting further, Margaret A. Harris, e-MedSoft.com's chief financial officer, stated, ``Our strong quarterly revenue growth has continued both on a reported and pro forma basis. Over the past four quarters, we have reported revenues of $8.8 million, $12.6 million, $20.0 million and $39.0 million respectively, averaging a 74% revenue increase in each of the last four quarters.''
Pro forma results for the quarter ended June 30, 1999, include the operating results of VirTx Inc. and PrimeRx.com, as if they were acquired by e-Medsoft.com at the beginning of fiscal 2000.
During the quarter, the company grew by both the continued development of its own suite of products and services as well as by strategic acquisition. In the area of Pharmacy Services, e-MedSoft.com launched a joint venture with a leader in pharmacy management and distribution solutions, and signed a strategic marketing agreement with Allscripts Inc. (NASDAQ:MDRX - news), a market leader in point-of-care electronic prescribing and medication management solutions. The company expanded its multimedia offerings with the acquisition of an innovative developer and distributor of Internet-based image sharing and management solutions, and through the acquisition of a top provider of network medicine solutions that utilize advanced Internet technologies.
Conference Call and Web Broadcast
The company will be hosting an earnings conference call today at 4:00 p.m. (EDT), or 1:00 p.m. (PDT). To reserve a conference call line or request additional information, contact Rana Thomas at Magnum Financial Group LLC, 213/488-0443. The conference call is being simulcast over the Internet and can be accessed at the following site:
vcall.com. Playback of the call can be accessed from 6:00 p.m. EDT on Aug. 1 until 6:00 p.m. EDT on Aug. 2 by calling 800/633-8284, reservation number 15937768.
About e-MedSoft.com
e-MedSoft.com, a leading Application Service Provider (ASP) of comprehensive healthcare portal solutions, is leading a transition in the medical industry, as it is the first subscription-based healthcare management system available for delivery through the Internet.
Through the Internet and its Java-based integrator which utilizes Sun Microsystems Inc.'s (NASDAQ:SUNW - news) Java
technology, e-MedSoft.com's software facilitates communication across diverse platforms and languages in unlimited capacity, allowing for the inter link of doctors, hospitals, clinics, HMOs, insurance companies, financiers and government agencies. The ease and low cost with which it can be implemented, its Internet-based ASP model, which reduces the need to build internal IT infrastructures, 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.
e-MedSoft.com also operates the e-Net Technology group of companies. e-Net group focuses on removing the complexity of
Web-enabling business processes by providing a complete range of Internet-managed services and information technology
solutions, and by utilizing strategic partners Sun Microsystems, Oracle Corporation and Cisco Systems Ltd.
e-MedSoft.com's products are built on the foundations of speed, ease of use, security, scalability and resilience. For more information, see e-medsoft.com, www.enetgroup.co.uk, and www.magnumfinancial.com.
Statements in this news release that relate to management's expectations, intentions or beliefs concerning future plans, expectations, events and performance are ``forward looking'' within the meaning of the federal securities laws. These forward-looking statements include assumptions, beliefs and opinions relating to the company's business and growth strategy based upon management's interpretation and analysis of its own contractual and legal rights, of management's ability to satisfy industry and consumer needs with its technologies, of health-care industry trends, and of management's ability to successfully develop, implement, market and/or sell its network transaction processing services, software programs, clinical and financial transaction services, and e-commerce systems to its clientele. Management's forward-looking statements further assume that the company will be able to successfully
develop and execute on its strategic relationships. Many known and unknown risks, uncertainties and other factors, including general economic conditions and risk factors detailed from time to time in news releases and the company's filings with the Securities and Exchange Commission, may cause these forward-looking statements to be incorrect in whole or in part. The company expressly disclaims any intent or obligation to update any forward-looking statements. Actual results or events could differ materially from those anticipated in the forward-looking statements due to a variety of factors set out above, 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, availability of capital and other factors.
Note to Editors: Java and 100% Pure Java are trademarks of Sun Microsystems Inc. in the United States and other countries. All
other trademarks, tradenames, registered trademarks or registered tradenames are the property of their respective holders.
(table follows)
E-MEDSOFT.COM
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Three Months
Ended Ended
6/30/2000 6/30/1999
(in thousands except per share amounts)
Net Sales $ 39,038 $ 4,443
Operating Costs & Expenses:
Cost of sales 25,378 3,629
Research and development 1,590 248
Sales and marketing 2,780 612
General and administrative 10,684 1,276
Non-cash compensation 183 129
Depreciation and amortization 2,257 345
Total Operating Expenses 42,872 6,239
Operating Loss (3,834) (1,796)
Other Income (Expense):
Interest expense (375) (1,335)
Interest income 696 --
Other income (expense) (65) 3
Loss Before Income Taxes, Extraordinary
Income and Minority Interest (3,578) (3,128)
Extraordinary Income 0 357
Loss Before Income Taxes and
Minority Interest (3,578) (2,771)
Tax Benefit 185 243
Minority Interest, net of tax 232 --
Net Loss $ (3,161) $ (2,528)
========= =========
Basic and Diluted Loss Per Share $ (0.04) $ (0.05)
========= =========
Average weighted number of basic and
diluted common shares outstanding 78,960 51,834
Contact:
e-MedSoft.com, Jacksonville Beach, Fla.
Beth Alpert, 904/543-1066 (Media Contact)
balpert@e-medsoft.com
or
Magnum Financial Group LLC, Los Angeles, Calif.
Michael Manahan, 213/488-0443 (Investor Relations)
mike@magnumfinancial.com
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