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  • 8/23/2004 9:00:16 AM ETNews Release Index 

    PracticeXpert Revenues Increase 197% for the Second Quarter of 2004; Operations Cash Flow Positive
     
    LOS ANGELES, Aug 23, 2004 (PRIMEZONE via COMTEX) --

    PracticeXpert, Inc. (OTCBB:PXPT), today announced unaudited results for the second quarter of its fiscal year ended June 30, 2004.

    Net revenues were $2,742,020 for the three month period ended June 30, 2004, reflecting an increase of 197% or $1,817,848, as compared to revenues of $924,172 for the three months ended June 30, 2003. Revenues in 2004 increased primarily as a result of new business and revenues from acquisitions completed since June, 2003. The net loss reported for the three months ended June 30 2004 was $615,409, or a basic and fully diluted net loss per share of $0.01, compared to a net loss of $676,726, or a basic and fully diluted net loss per share of $0.03 for the three months ended June 30, 2003.

    Commenting on the results, Michael Manahan, chief financial officer of PracticeXpert, stated, "The results for the quarter show marked improvement over previous quarters. Although we reported a loss for the quarter, expenses for the quarter include $445,855 in depreciation and amortization primarily related to the amortization of purchased client lists, $163,708 in one-time fees associated with the termination of the Company's revolving credit facility, and approximately $100,000 in legal and audit fees related to the closing of financings and acquisitions. Our loss from operations was $490,069, so with the add back of depreciation and amortization, and the add back of these certain non-recurring charges, we demonstrated our first quarter of positive cash flow from normal operations."

    As of June 30, 2004 the Company had approximately 105 physician practices as customers, which included approximately 400 physicians, and had approximately 70 hand-held devices utilizing its PXpert Revenue Management System being used, and paid for, by those customers.

    Jonathan Doctor, CEO of PracticeXpert, Inc., stated, "Clearly the addition of Cancer Care Network to the PracticeXpert family of companies has had a significant impact on our operations. The increased revenues and cash flow from operations that we are experiencing is allowing us to move forward, on a number of fronts, to improve operations and to initiate programs designed to generate new business. We look forward to announcing the specifics of some of these initiatives in the coming weeks and months. Further, we continue to pursue acquisition opportunities. With the completion of the acquisition of Cancer Care Network we are finding an ever increasing group of stellar companies interested in talking with us, and interested in joining the PracticeXpert family of companies."

    About PracticeXpert, Inc.

    PracticeXpert, Inc. is in the business of providing "turn-key" administrative services to, as well as developing and deploying systems, technologies and services designed to improve operational efficiencies, reduce billing errors and enhance cash flow for medical practitioners. Our services revolve around our flagship Revenue Management System, PXpert(tm), and include medical billing and accounts receivable management, practice management, transcription, and consulting. Where applicable, PracticeXpert bundles its technology applications with its billing and other practice management services to provide a complete and integrated solution to its physician customers. To find out more about PracticeXpert, Inc. (OTCBB: PXPT), visit our website at www.practicexpert.com.

    Note: Any statements released by PracticeXpert, Inc. that are forward- looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the Company's business prospects and performances. These include economic, competitive, governmental, technological and other factors discussed in the statements and in the Company's filings with the Securities and Exchange Commission.




    PRACTICEXPERT, INC.

    CONSOLIDATED STATEMENTS OF OPERATION
    FOR THE THREE MONTH AND SIX MONTH PERIODS
    ENDED JUNE 30, 2004 AND 2003
    (Unaudited)

    For the three month period For the six month period
    ended June 30, ended June 30,
    2004 2003 2004 2003
    ------ ------ ------ ------
    Net Revenues:
    Medical billings
    and related
    services $ 1,807,508 $ 924,172 $ 2,736,979 $ 1,527,645
    Management
    services 934,512 -- 934,512 --
    ----------- ---------- ----------- -------------
    Total net
    revenue 2,742,020 924,172 3,671,491 1,527,645

    Operating expenses:
    Medical billings
    and related
    services 2,752,694 1,306,309 4,205,703 1,991,330
    Management
    services 479,395 -- 479,395 --
    ----------- ---------- ----------- -------------
    Total operating
    expenses 3,232,089 1,306,309 4,685,098 1,991,330
    ----------- ---------- ----------- -------------
    Loss from
    operations (490,069) (382,137) (1,013,607) (463,685)


    Non-operating Income
    (expense)
    Legal settlement -- -- (75,750) --
    Loss on settlement
    of debts (14,500) (116,761) (14,500) (116,761)
    Gain (loss) on
    disposal
    of asset -- 32,478 (1,706) 32,478
    Miscellenous 19,800 -- -- --
    Interest income 136 1,901 191 2,255
    Interest expense (130,776) (29,683) (163,224) (47,232)
    ----------- ---------- ----------- -------------
    Total non-operating
    income (expense) (125,340) (112,065) (254,989) (129,260)
    ----------- ---------- ----------- -------------

    Loss from operations
    before income taxes
    and discontinued
    operations (615,409) (494,202) (1,268,596) (592,945)

    Income taxes -- 5,649 6,400 7,249
    ----------- ---------- ----------- -------------

    Loss from
    continuing
    operations (615,409) (499,851) (1,274,996) (600,194)

    Discontinued operations
    Income from operations
    of discontinued
    subsidiary
    (Less applicable
    income taxes
    of $3,249) -- 4,874 -- 4,874
    Gain (loss) on
    disposal of
    subsidiary, net -- 7,878 -- (240,193)
    ----------- ---------- ----------- -------------
    Income (loss) on
    disposal of
    subsidiary, net -- 12,752 -- (235,319)
    ----------- ---------- ----------- -------------
    Net loss (615,409) (487,099) (1,274,996) (835,513)

    Dividend
    requirement for
    preferred stock -- (189,627) (63,122) (208,627)
    ----------- ---------- ----------- -------------

    Net loss applicable
    to common
    shareholders $ (615,409) $ (676,726) $ (1,338,118) $ (1,044,140)
    =========== ========== ============ ==============

    Basic and diluted
    weighted average
    number of common
    stock
    outstanding 72,854,984 8,350,378 47,669,948 8,350,378
    =========== ========== ============ ==============

    Basic and diluted
    net loss per
    share $ (0.01) $ (0.08) $ (0.03) $ (0.13)
    =========== ========== ============ ==============

    SOURCE: PracticeXpert, Inc.

    PracticeXpert, Inc.
    Investor Relations Contact
    Investor Relations
    Michael Manahan, CFO
    (800) 661-9984
    mike@pxservices.com

    Product and Trade Contact
    Mohajer, Philpy & Hiles
    Mike Hiles
    (310) 234-3200
    mhiles@mphpr.com
    (C) 2004 PRIMEZONE, All rights reserved.

    News Release Index





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