CLEARWATER, Fla.--(BUSINESS WIRE)--Dec. 8, 1998--Systems
Communications Inc. (OTC BB:SCMI-News) announced third quarter, nine month 1998.
For the nine months ended Sept. 30, 1998, the Company reported net
income of $71,498 as compared to $617,512 for the nine months ended Sept. 30, 1997. Net income for the nine months ended Sept. 30, 1998 includes one time gains of approximately $1.1 million. Net income for the comparable nine-month period ended Sept. 30, 1997 included one-time gains of approximately $3.6 million. Excluding these gains, the company had a net loss of approximately $1.0 million for the nine months ended Sept. 30, 1998 compared to a net loss of approximately $2.8 million for the nine months ended Sept. 30, 1997.
For the three months ended Sept. 30, 1998, the Company's loss from
continuing operations was approximately $30,000, down from approximately $202,000 for the comparable 1997 period. Revenues for the three months ended Sept. 30, 1998 were $123,300. Revenues recorded during the 1998 period were generated from the Company's healthcare cost containment business.
Currently, SCMI has a “Big 3” automotive pharmaceutical audit
contract in force with a strategic alliance partner. Revenue dollars are held in reserve until erroneous claims identified and collected by the client exceed set fees paid to the alliance partner. Additional revenues should be recorded during the first quarter of 1999.
National Solutions Corp., (NSC), a wholly owned subsidiary,
launched a major project to enhance and commercialize the Medical Analysis Support System (Mass). This project could result in the progress in NSC's exclusive product called CONTINUUM for the commercial market. Presently, CONTINUUM allows decision support tools and reports to be used by commercial organizations such as Self-Insured and Third Party Administrators (TPA's) as well as managed care organizations to understand and manage their healthcare expenditures. This new “continuum of care” allows both payer and provider organizations to access data and analyze how healthcare dollars are being spent. Having data available on providers, patients, medical outcomes, and financial results is the key to managing healthcare costs.
The Alliances entered into by Systems Communications Inc. permit it
to market services nationwide. Making the industry aware of NSC's capability through planned marketing and sales programs which will be supported in the future through the establishment of key strategic business partners, should result in additional Fortune 500 contracts.
Systems Communications, Inc. and their Healthcare Division are
principally engaged in the development of a network of healthcare management companies, third party healthcare plan administrators and other healthcare management organizations that collectively offer a wide array of healthcare cost containment services and products for resale by the Company to large self-insured companies to better manage healthcare programs. SCMI and it's Alliance Partners also assist clients in reducing healthcare costs by performing a series of audits targeting duplicate and erroneous payments. This allows their clients to maintain the high quality of their healthcare benefit programs.
|
