NEWS: 3rd Qtr earnings.
DENVER, Nov 28, 2000 (BW HealthWire) -- MC Informatics, Inc. (OTCBB:MCIF), an
application service provider (ASP) and Web-enablement company for the healthcare
industry, reported its results for the quarter ended September 30, 2000. MC
Informatics' third-quarter revenues were down 35 percent as compared to the
second quarter, with a net loss showing a decrease of 20 percent.
2000 Third-Quarter Summary
-- Revenues for the quarter ended September 30, 2000, were
$655,771, as compared to $1,007,227 for the quarter ended June
30, 2000.
-- Net loss for the quarter ended September 30, 2000, was
$810,456, as compared to a net loss of $1,016,894 for the
quarter ended June 30, 2000.
MC Informatics' revenues for the quarter ended September 30, 2000, were
$655,771, as compared to $1,007,227 for the quarter ended June 30, 2000, a
decrease of $351,456, or approximately 35 percent. This decrease was primarily a
result of a reduction in the company's overall business in the third quarter of
2000.
Net loss for the quarter ended September 30, 2000, was $810,456, as compared to
a net loss of $1,016,894 for the quarter ended June 30, 2000, a decrease of
$206,438, or 20 percent. The net loss in 2000 was primarily attributable to the
decrease in revenue during the third quarter of 2000. This decline in business
during the third quarter of 2000 resulted in a number of MC Informatics'
consultants not being billable and/or being laid off, which further resulted in
the company's incurring significant costs associated with the severance of these
consultants.
"The healthcare delivery systems market has been very difficult this year in
that the Balanced Budget Act has gutted spending for information systems
improvements," said Bill W. Childs, MC Informatics' chairman and chief executive
officer. "Because there is so much to do in this information intensive business,
we expect this freeze in spending to end although it is currently dragging on.
Almost all businesses serving information systems' needs in hospitals and
physicians' offices have been adversely affected this year."
MC Informatics is a leading provider of Web-based application services for the
healthcare industry and serves a national client base with hospital, clinical,
managed care and physician IT solutions. The company's focus is to help
healthcare organizations maximize the benefits of their information systems and
enable technology to serve their strategic objectives. As an ASP, MC Informatics
provides complete operational support for all IT functions: Internet services,
including ISP, e-mail, Web hosting, Web publishing, and business-to-business and
business-to-consumer connectivity; distance learning programs; help desk;
network services; desktop services; secure HIPAA-compliant Internet access to
application servers; EMR support; and other IT services as required by each
healthcare organization. For more information on the company, please visit
www.mcinformatics.com.
This release contains forward-looking statements that are subject to risks and
uncertainties, including, but not limited to, inherent risks of maintaining
contracts. In addition, the company is subject to risks associated with
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key alliances, fluctuations in operating
results and other risks detailed from time to time in the Company's filings with
the Securities and Exchange Commission.
MC INFORMATICS, INC.
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Three Months
Ended Ended
September 30, 2000 June 30, 2000
--------------------------------
Revenues $655,771 $1,007,227
Direct Expenses 838,067 1,112,058
Gross Profit (Loss) (182,296) (104,831)
General & Administrative Expenses 516,225 855,485
Loss from Operations (689,521) (960,316)
Interest Expense 111,535 56,178
Loss Before Provision for Income Taxes (810,056) (1,016,494)
Provision for Income Taxes 400 400
Net Loss (810,456) (1,016,894)
Net Loss Per Share, Basic and Diluted ($0.06) ($0.07)
Weighted Average Number of
Shares of Common Stock, Basic and Diluted 15,589,291 15,589,291
CONTACT: MC Informatics, Inc., Denver
Mr. Donald Jacobs, C.P.A., 303/759-5511
djacobs@mcinformatics.com
Mr. Bill W. Childs, 303/759-5511
bchilds@mcinformatics.com |
