LOS ANGELES, May 20, 2004 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT) today announced unaudited results for the first quarter of its fiscal year ended March 31, 2004. Net revenues were $929,471, an increase of 54% or $325,998, for the three month period ended March 31, 2004, as compared to revenues of $603,473 for the three months ended March 31, 2003. Revenues in 2004 increased primarily as a result of new business and revenues from acquisitions completed since March, 2003. The net loss reported for the three months ended March 31, 2004 was $672,968, or a basic and fully diluted net loss per share of $0.03, compared to a net loss of $119,343, or a basic and fully diluted net loss per share of $0.01 for the three months ended March 31, 2003. Included in the expenses for the quarter are $178,613 in expenses paid in stock, a $75,750 one-time expense on the settlement of litigation, $63,122 in accrued dividends on Preferred Stock which are payable in stock, at the Company's option, and $120,459 in expenses for depreciation and amortization.
As of March 31, 2004, the Company had approximately 70 physician practices as customers, which included approximately 280 physicians, and had approximately 40 hand-held devices utilizing its PXpert Revenue Management System being used, and paid for, by those customers.
Jonathan Doctor, CEO of PracticeXpert, Inc., stated, "We are pleased with the increase in revenue for the quarter and that we continue to show growth from year to year, on a comparable quarter basis. We are also pleased at our expanding base of physicians to whom we are providing services. Our stated objective and goal is to continue to build our revenue, in part, through acquisitions. Therefore, I am also pleased at having completed the acquisition of Singer MedScript in March, 2004.
"Much of our energy and time during the first quarter related to completing the funding for, and the acquisition of, Cancer Care Network ("CCN"), whose operations we took over beginning in May, 2004, and which will triple our annual revenues. We believe that adding CCN to our other five operating divisions should generate enough divisional profits to offset our corporate overhead, allowing us to report profitability on a corporate wide basis in the near term."
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 PERIODS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
2004 2003
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Net revenue $ 929,471 $ 603,473
Operating expenses 1,422,464 685,021
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Loss from operations (492,993) (81,548)
Non-operating Income (expense):
Legal settlement (75,750) --
Loss on sales of fixed assets (1,706) --
Interest income 55 354
Interest expense (33,052) (17,549)
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Total non-operating income (expense) (110,453) (17,195)
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Net loss before income tax (603,446) (98,743)
Income taxes 6,400 1,600
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Net loss (609,846) (100,343)
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Dividend requirement for
preferred stock (63,122) (19,000)
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Net loss applicable to common
shareholders $ (672,968) $ (119,343)
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Basic and diluted weighted average
number of common stock outstanding 22,363,521 8,311,619
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Basic and diluted net loss per share $ (0.03) $ (0.01)
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