| An SI Board Since May 1999 |
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MCIF |
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MC Informatics, Inc. Reports Financial Results For First Quarter 1999
PR Newswire - May 18, 1999 13:13
IRVINE, Calif., May 18 /PRNewswire/ -- MC Informatics, Inc. (Nasdaq: MCIF), formerly HealthDesk Corporation, is a leading provider of healthcare information technology outsourcing, facilities management, consulting, and inter/intranet solutions, reported its first quarter 1999 results. Effective March 2, 1999, HealthDesk Corporation acquired MC Informatics, Inc. and concurrently changed its name to MC Informatics, Inc.
MC Informatics, Inc. reported revenues of $711,477 for the first quarter ended March 31, 1999. The revenue is for one month, from March 2, 1999 (the date of acquisition) to March 31, 1999. Assuming the merger occurred on January 1, 1999, revenues would have been $1,968,150 as compared with $574,675 for the three months ended March 31, 1998 for MC Informatics, Inc. prior to the merger. In addition, the gross profit for the three months ended March 31, 1999 was 36.6% as compared with 31.9% for all of 1998 for MC Informatics, Inc. prior to the merger. The increase in revenues and gross profit were primarily attributable to MC Informatics, Inc. signing larger consulting and outsourcing engagements that require more unique skill levels with a higher gross profit.
MC Informatics, Inc. incurred an operating loss of $104,997, which included amortization of goodwill of $57,100 for the first quarter of 1999. The net loss for the first quarter of 1999 was $473,097 or $ .05 per share, compared to a net loss of $744,307 or $ .13 per share in the first quarter of 1998 due primarily to the discontinued operations of HealthDesk Corporation. The 1998 results were reclassified to discontinued operations as the Company redirected its strategic direction efforts from consumer-focused healthcare management and information systems to information technology consulting and outsourcing agreements. Included in the net loss for the first quarter of 1999 is a $367,500 non-cash financing cost associated with completion of a private placement in February 1999.
"First quarter revenues and expenses reflect only one month of MC Informatics operations and three months of the former HealthDesk expenses which skews the true performance of MC Informatics' current business," explained Bill W. Childs, MCIF Chairman and CEO.
"We are pleased with the first quarter results as our business continues to show strength across our market specialties. We now have five outsourcing agreements in place. We have established expertise, 'centers of excellence,' for several vendors which include CERNER, Compucare, Eclysys, HBOC, Lawson Software, Meditech, Quadramed, and TSI. Several implementations are in process with all of these systems," added Mr. Childs.
"We have also strengthened our management team this year with the addition of Richard Peterson, Senior VP Clinical Solutions, Shirley Hughes, VP Clinical Consulting, Tim Henderson, VP Managed Care Solutions, Randy Skemp, Senior VP of Physician Practice Solutions, and John Ervolino, VP of Shared Remote Processing. Richard Peterson has previously served as a managing partner for Anderson Consulting, a product director for IDX and most recently was in private practice. Randy Skemp came to us from HBOC and was responsible for the CyCare product line. John Ervolino also came to us from HBOC and was responsible for building and managing the data center that processed all of HBOC's remote processing for hospitals and clinics," said David Koeller, President and COO.
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