Patient Infosystems, Inc, and subsidiaries, d/b/a
CareGuide (the "Company") (OTCBB: PATY) a leading healthcare solutions
company, today announced its 2006 fiscal year end financial results.
Revenues for the fiscal year ended March 31, 2006 decreased to $54.7 million from $66.2 million for the fiscal year ended March 31, 2005, primarily due to a customer relationship that changed to an administrative fee only basis, as more fully disclosed in the 2006 Annual Report on Form 10-KSB. The net loss for the fiscal year ended March 31, 2006 improved to $1.9 million from $6.5 million for the fiscal year ended March 31, 2005. The loss from continuing operations for the fiscal year ended March 31, 2006 improved to $2.2 million from $6.0 million for the fiscal year ended March 31, 2005. The Company's earnings before interest, taxes, depreciation and amortization ("EBITDA") from continuing operations, which the Company believes provides useful information to management and investors regarding the financial and business trends relating to its results of operations, improved from a loss of $4.6 million for the fiscal year ended March 31, 2005 to a gain of $490 thousand for the fiscal year ended March 31, 2006. The revenues, net loss and EBITDA from continuing operations for the year ended March 31, 2006 are inclusive of a $1.2 million performance bonus, which is non-recurring.
Chris Paterson, President and Chief Executive Officer of CareGuide, said: "We are pleased with the improvement in financial performance that the Company demonstrated this past year and we expect to continue to build upon that success. We believe we are positioned to add customers and expand our service offerings to existing customers so that we can continue to improve our operating results."
Although this was the last quarter of the 2006 fiscal year, the Company expects to change its fiscal year to a calendar year in the coming months.
Simultaneous with this release, the Company has announced its fourth quarter results in a separate release.
The following financial table presents data regarding the Company's results of operations, and financial position as of and for the years ended March 31, 2006 and 2005. Such data were derived from the Company's audited financial statements. This information should be read in conjunction with the Company's consolidated financial statements as of and for the years ended March 31, 2006 and 2005 and the related notes thereto as filed in the Company's Annual Report on Form 10-KSB for the fiscal year ended March 31, 2006, which was filed with the SEC on June 29, 2006. All dollar amounts, except for per share amounts, are stated in thousands of dollars: -0- For the Year Ended March 31, Favorable ------------------- (Unfavorable) 2006 2005 Variance --------- --------- ------------- Results of Operations Data ------------------------------------ Capitated revenue $ 39,508 $ 56,764 $ (17,256) Administrative and fee revenue: Performance guarantee revenue 1,200 - 1,200 CareGuide stand alone revenues 12,138 9,473 2,665 Patient Infosystems stand alone revenues 1,848 - 1,848 -------- -------- ------------ Total administrative and fee revenue 15,186 9,473 5,713 -------- -------- ------------ Total revenues 54,694 66,237 (11,543) -------- -------- ------------ Cost of services - direct service costs 47,331 62,540 15,209 -------- -------- ------------ Gross profit 7,363 3,697 3,666 -------- -------- ------------ Selling, general and administrative expenses 6,873 8,332 1,459 Depreciation and amortization expense 1,484 1,356 (128) Interest expense, net 1,173 65 (1,108) Income tax expense (benefit) 54 (91) (145) -------- -------- ------------ Loss from continuing operations (2,221) (5,965) 3,744 Income (loss) from discontinued operations 290 (524) 814 -------- -------- ------------ Net loss (1,931) (6,489) 4,558 Dividends and accretion of preferred stock (125) (152) 27 -------- -------- ------------ Net loss attributable to common stockholders $ (2,056) $ (6,641) $ 4,585 ======== ======== ============ Net loss per share attributable to common stockholders, basic and diluted $ (0.11) $ (0.80) $ 0.69 ======== ======== ============ EBITDA from continuing operations (1) $ 490 $ (4,635) $ 5,125 ======== ======== ============ EBITDA from continuing operations reconciliation: Loss from continuing operations, GAAP basis $ (2,221) $ (5,965) $ 3,744 Income tax expense (benefit) 54 (91) 145 Interest expense, net 1,173 65 1,108 Depreciation and amortization 1,484 1,356 128 -------- -------- ------------ EBITDA from continuing operations, non-GAAP basis $ 490 $ (4,635) $ 5,125 ======== ======== ============ As of March 31, Favorable ------------------- (Unfavorable) 2006 2005 Variance --------- --------- ------------- Balance Sheet Data ------------------------------------ Cash and cash equivalents $ 8,399 $ 1,432 $ 6,967 Restricted cash 4,894 10,541 (5,647) Other current assets 5,916 6,358 (442) -------- -------- ------------ Total current assets 19,209 18,331 878 -------- -------- ------------ Goodwill 28,666 295 28,371 Long-term assets 6,348 5,309 1,039 -------- -------- ------------ Total assets $ 54,223 $ 23,935 $ 30,288 ======== ======== ============ Claim reserves $ 8,260 $ 15,032 $ (6,772) Other current liabilities 8,928 6,504 2,424 -------- -------- ------------ Total current liabilities 17,188 21,536 (4,348) -------- -------- ------------ Line of Credit 8,000 6,150 1,850 Other long-term liabilities 328 632 (304) -------- -------- ------------ Total liabilities 25,516 28,318 (2,802) -------- -------- ------------ Stockholders' equity (deficit) 28,707 (4,383) 33,090 -------- -------- ------------ Total liabilities and stockholders' equity (deficit) $ 54,223 $ 23,935 $ 30,288 ======== ======== ============ (1) Earnings from continuing operations before interest, taxes, depreciation and amortization, or EBITDA from continuing operations, is a non-GAAP financial measure. This measure is not calculated in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. We believe that the presentation of EBITDA from continuing operations, when shown in conjunction with the corresponding GAAP measure of earnings from continuing operations, provides useful information to management and investors regarding the financial and business trends relating to its results of operations. Additionally, for its internal budgeting purposes and for evaluating the company's performance, management uses financial statements that exclude income tax expense, interest expense and depreciation and amortization expense, as applicable, in addition to the corresponding GAAP measures.
ABOUT CAREGUIDE
CareGuide is a national health and care management company. CareGuide's technology platform translates population data into actionable information, leading to individualized care plans. The company's multidisciplinary care management team is focused on consistent execution of physician-guided evidence-based care planning, producing optimal health outcomes by empowering individuals and connecting a fragmented healthcare support system. Visit www.careguide.com for more information.
This release contains information about management's view of the company's future expectations, plans and prospects, and our ability to add customers, expand service offerings to existing customers, and improve our operating results in future periods that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with the company's financial condition, its ability to sell its products, its ability to compete with competitors and the growth of the healthcare market as well as other factors that are discussed in the Company's filed Annual Report on Form 10-KSB for the fiscal year ended March 31, 2006 filed with the SEC on June 29, 2006, as well as other documents filed with the SEC.
Revenues for the fiscal year ended March 31, 2006 decreased to $54.7 million from $66.2 million for the fiscal year ended March 31, 2005, primarily due to a customer relationship that changed to an administrative fee only basis, as more fully disclosed in the 2006 Annual Report on Form 10-KSB. The net loss for the fiscal year ended March 31, 2006 improved to $1.9 million from $6.5 million for the fiscal year ended March 31, 2005. The loss from continuing operations for the fiscal year ended March 31, 2006 improved to $2.2 million from $6.0 million for the fiscal year ended March 31, 2005. The Company's earnings before interest, taxes, depreciation and amortization ("EBITDA") from continuing operations, which the Company believes provides useful information to management and investors regarding the financial and business trends relating to its results of operations, improved from a loss of $4.6 million for the fiscal year ended March 31, 2005 to a gain of $490 thousand for the fiscal year ended March 31, 2006. The revenues, net loss and EBITDA from continuing operations for the year ended March 31, 2006 are inclusive of a $1.2 million performance bonus, which is non-recurring.
Chris Paterson, President and Chief Executive Officer of CareGuide, said: "We are pleased with the improvement in financial performance that the Company demonstrated this past year and we expect to continue to build upon that success. We believe we are positioned to add customers and expand our service offerings to existing customers so that we can continue to improve our operating results."
Although this was the last quarter of the 2006 fiscal year, the Company expects to change its fiscal year to a calendar year in the coming months.
Simultaneous with this release, the Company has announced its fourth quarter results in a separate release.
The following financial table presents data regarding the Company's results of operations, and financial position as of and for the years ended March 31, 2006 and 2005. Such data were derived from the Company's audited financial statements. This information should be read in conjunction with the Company's consolidated financial statements as of and for the years ended March 31, 2006 and 2005 and the related notes thereto as filed in the Company's Annual Report on Form 10-KSB for the fiscal year ended March 31, 2006, which was filed with the SEC on June 29, 2006. All dollar amounts, except for per share amounts, are stated in thousands of dollars: -0- For the Year Ended March 31, Favorable ------------------- (Unfavorable) 2006 2005 Variance --------- --------- ------------- Results of Operations Data ------------------------------------ Capitated revenue $ 39,508 $ 56,764 $ (17,256) Administrative and fee revenue: Performance guarantee revenue 1,200 - 1,200 CareGuide stand alone revenues 12,138 9,473 2,665 Patient Infosystems stand alone revenues 1,848 - 1,848 -------- -------- ------------ Total administrative and fee revenue 15,186 9,473 5,713 -------- -------- ------------ Total revenues 54,694 66,237 (11,543) -------- -------- ------------ Cost of services - direct service costs 47,331 62,540 15,209 -------- -------- ------------ Gross profit 7,363 3,697 3,666 -------- -------- ------------ Selling, general and administrative expenses 6,873 8,332 1,459 Depreciation and amortization expense 1,484 1,356 (128) Interest expense, net 1,173 65 (1,108) Income tax expense (benefit) 54 (91) (145) -------- -------- ------------ Loss from continuing operations (2,221) (5,965) 3,744 Income (loss) from discontinued operations 290 (524) 814 -------- -------- ------------ Net loss (1,931) (6,489) 4,558 Dividends and accretion of preferred stock (125) (152) 27 -------- -------- ------------ Net loss attributable to common stockholders $ (2,056) $ (6,641) $ 4,585 ======== ======== ============ Net loss per share attributable to common stockholders, basic and diluted $ (0.11) $ (0.80) $ 0.69 ======== ======== ============ EBITDA from continuing operations (1) $ 490 $ (4,635) $ 5,125 ======== ======== ============ EBITDA from continuing operations reconciliation: Loss from continuing operations, GAAP basis $ (2,221) $ (5,965) $ 3,744 Income tax expense (benefit) 54 (91) 145 Interest expense, net 1,173 65 1,108 Depreciation and amortization 1,484 1,356 128 -------- -------- ------------ EBITDA from continuing operations, non-GAAP basis $ 490 $ (4,635) $ 5,125 ======== ======== ============ As of March 31, Favorable ------------------- (Unfavorable) 2006 2005 Variance --------- --------- ------------- Balance Sheet Data ------------------------------------ Cash and cash equivalents $ 8,399 $ 1,432 $ 6,967 Restricted cash 4,894 10,541 (5,647) Other current assets 5,916 6,358 (442) -------- -------- ------------ Total current assets 19,209 18,331 878 -------- -------- ------------ Goodwill 28,666 295 28,371 Long-term assets 6,348 5,309 1,039 -------- -------- ------------ Total assets $ 54,223 $ 23,935 $ 30,288 ======== ======== ============ Claim reserves $ 8,260 $ 15,032 $ (6,772) Other current liabilities 8,928 6,504 2,424 -------- -------- ------------ Total current liabilities 17,188 21,536 (4,348) -------- -------- ------------ Line of Credit 8,000 6,150 1,850 Other long-term liabilities 328 632 (304) -------- -------- ------------ Total liabilities 25,516 28,318 (2,802) -------- -------- ------------ Stockholders' equity (deficit) 28,707 (4,383) 33,090 -------- -------- ------------ Total liabilities and stockholders' equity (deficit) $ 54,223 $ 23,935 $ 30,288 ======== ======== ============ (1) Earnings from continuing operations before interest, taxes, depreciation and amortization, or EBITDA from continuing operations, is a non-GAAP financial measure. This measure is not calculated in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. We believe that the presentation of EBITDA from continuing operations, when shown in conjunction with the corresponding GAAP measure of earnings from continuing operations, provides useful information to management and investors regarding the financial and business trends relating to its results of operations. Additionally, for its internal budgeting purposes and for evaluating the company's performance, management uses financial statements that exclude income tax expense, interest expense and depreciation and amortization expense, as applicable, in addition to the corresponding GAAP measures.
ABOUT CAREGUIDE
CareGuide is a national health and care management company. CareGuide's technology platform translates population data into actionable information, leading to individualized care plans. The company's multidisciplinary care management team is focused on consistent execution of physician-guided evidence-based care planning, producing optimal health outcomes by empowering individuals and connecting a fragmented healthcare support system. Visit www.careguide.com for more information.
This release contains information about management's view of the company's future expectations, plans and prospects, and our ability to add customers, expand service offerings to existing customers, and improve our operating results in future periods that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with the company's financial condition, its ability to sell its products, its ability to compete with competitors and the growth of the healthcare market as well as other factors that are discussed in the Company's filed Annual Report on Form 10-KSB for the fiscal year ended March 31, 2006 filed with the SEC on June 29, 2006, as well as other documents filed with the SEC.