Patient Portal Technologies, Inc. Announces Strong First Two Months Financial Results for Fiscal 2010
30 März 2010 - 2:27PM
Patient Portal Technologies, Inc. (OTCBB:PPRG) (Patient Portal)
announced today financial results for the two month period ended
February 28, 2010.
TWO MONTH PERIOD
Net revenues for the two months ended February 28, 2010 were
approximately $1.7 million representing an increase of about 5.0%
over the comparable period service revenue of $1.6 million for the
first two months of 2009. Sales activity and response to the
company's Total Satisfaction Program remain very strong.
The net loss for the two month period of 2010 was $47,000,
before preferred stock payment in kind dividends of
$106,000, compared to a loss of $437,000 for the same period
in 2009. This represented an improvement of almost $400,000
reflecting the streamlined operations and improved margins from the
company's services.
Gross margins increased to 60% or $991,000 in 2010 compared to
52% or $835,000 for the same period and category of revenue for
2009 an increase of 14.5%.
EBITDA (Earnings Before Taxes, Depreciation and
Amortization)
Subtracting interest, taxes, depreciation and amortization from
the Company's net loss results in an EBITDA measurement. Management
utilizes the EBITDA measurement as it reflects the Company's
operating performance before these deductions which can mask true
performance due to the nature of previous hospital contract
acquisitions which tend to inflate amortization and depreciation
expenses. We believe that this information is useful for investors
to fully understand the entire operating performance of the
business.
Starting with the Company's current two month net operating loss
of $153,000 (including preferred stock payment in kind dividends)
and adding back the interest, taxes, depreciation and amortization
of $331,000 resulted in EBITDA of approximately $283,000 for 2010
compared to approximately $142,000 for the same period of 2008.
Additionally, cash income, after deducting interest expense was
$220,000 compared to a cash loss of $194,000 for the same two month
period in 2009.
OVERALL
Business activity and acceptance of the Total Satisfaction
Platform has been very strong and management expects the trend to
continue throughout the remainder of the year. The Company
continues to focus its resources on strengthening its relationship
and creating new partners to assist with the growth plan. Company
CEO, Kevin Kelly commented, "The first two months of the year were
very strong and the outlook is very positive. Our focus on the
Total Satisfaction Platform is providing us with a clear market
distinction for our services. We expect revenues and profits
to continue growing."
Patient Portal Technologies, Inc. is a Total Satisfaction
company, assisting hospitals improve the patient's experience
before, during and after their hospital stay. The company provides
its products and solutions to hospitals and healthcare facilities
throughout the entire United States
To view the website and obtain Company information go to
http://www.patientportal.com.
CONTACT: Patient Portal Technologies, Inc.
Investor Relations Contact:
Vanessa Loysen
(315) 638-6708
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