investorsa
10 years ago
DALLAS, July 31, 2014 TransCoastal Corp (TCEC), ("TransCoastal"), an independent energy development company, announced today that it has entered into a joint venture agreement with Core Resource Management Incorporated (CRMI), ("CRMI"), to drill up to 10 wells on TransCoastal's Pampa, Texas acreage.
The agreement stipulates that CRMI will fund 100% of the drilling and completion costs of up to $475,000 per well. Any additional drilling and completion expenses for each well will be split 60% to TransCoastal and 40% to CRMI. Upon completion, each party will have a 50% working interest in each well. The net revenue interest will be split 42.6% to CRMI and 28.4% to TransCoastal until each well's drilling and completion costs are paid back. Afterwards, each party will have a 35.5% net revenue interest in each well. CoreTerra Operating, a subsidiary of TransCoastal, will be the official operator of each well.
Casimir Capital L.P. acted as the exclusive advisor on the transaction.
"These first 10 joint venture wells are just the beginning of an aggressive development program of approximately 100 drill site locations in our proved-undeveloped reserve category," spoke Stuart Hagler, CEO of TransCoastal. "This JV compliments TransCoastal's acquisition strategy of acquiring and developing long-lived reserves, which remain largely undeveloped."
About TransCoastal
TransCoastal Corporation is an independent oil & gas company formed in August 1998 and headquartered in Dallas, Texas. Since inception, TransCoastal's growth has focused on the acquisition of producing oil and gas properties. The Company's strategy is driven by exploitation opportunities of proven yet underdeveloped mature oil and gas fields, which possess long-life reserve potential with low risk development opportunities. For further information on the Company, please visit TransCoastal's website at www.TransCoastal.net.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" (statements which are not historical facts) made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "could," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "plan," "envision," "continue," "intend," "target," "contemplate," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include, but are not limited to, the timing and extent of changes in market conditions and prices for natural gas and oil; the timing and extent of the company's success in discovering, developing, producing and estimating reserves; the economic viability of, and the company's success in drilling, the company's ability to fund the company's planned capital investments; the company's future property acquisition or divestiture activities; increased competition; and any other factors listed in the reports the company has filed and may file with the Securities and Exchange Commission (SEC). Investors are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.
investorsa
10 years ago
TRANSCOASTAL CORP Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and ExhibitsEDGAR Online(Fri, Jan 3)
TransCoastal Corp. Engages CorProminence To Provide Investor Relations Services.PR Newswire(Mon, Dec 30)
TRANSCOASTAL CORP FinancialsEDGAR Online Financials(Wed, Nov 20)
TRANSCOASTAL CORP Files SEC form 10-Q, Quarterly ReportEDGAR Online(Tue, Nov 12)
TransCoastal Corporation Signs a $5 Million Equity Funding Agreement with Kodiak Capital Group, LLCBusiness Wire(Wed, Nov 6)
TRANSCOASTAL CORP Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and ExhibitsEDGAR Online(Wed, Nov 6)
TRANSCOASTAL CORP Files SEC form 8-K, Submission of Matters to a Vote of Security Holders, Financial Statements and EEDGAR Online(Fri, Sep 13)
TRANSCOASTAL CORP FinancialsEDGAR Online Financials(Wed, Aug 21)
TRANSCOASTAL CORP Files SEC form 10-Q, Quarterly ReportEDGAR Online(Wed, Aug 14)
TransCoastal Corporation Reports Second Quarter 2013 ResultsPR Newswire(Wed, Aug 14)
TRANSCOASTAL CORP FinancialsEDGAR Online Financials(Sat, Aug 3)
TRANSCOASTAL CORP FinancialsEDGAR Online Financials(Wed, Jul 24)
TRANSCOASTAL CORP Files SEC form 8-K, Changes in Registrant's Certifying AccountantEDGAR Online(Fri, Jul 19)
TransCoastal Completes the Sale of ANC Holdings, Eliminating $1.5m in Debt and Amends Its Articles of IncorporationPR Newswire(Wed, Jul 3)
CLAIMSNET COM INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Completion of Acquisition or DisposEDGAR Online(Wed, Jul 3)
» More Headlines for TCEC
investorsa
11 years ago
TransCoastal Corporation Reports Second Quarter 2013 Results
PR NewswirePress Release: TransCoastal Corporation – Wed, Aug 14, 2013 4:49 PM EDT..
DALLAS, Aug. 14, 2013 /PRNewswire/ -- TransCoastal Corporation (CLAID), an oil and gas exploration and production company, today reported its results for the second quarter of fiscal 2013, which ended June 30, 2013.
For the quarter ended June 30, 2013, TransCoastal reported revenues of $1,743,000, a 16% increase compared to the $1,508,000 reported for the second quarter of 2012. Revenues for the six months ended June 30, 2013 were $2,897,000, a 5% decrease compared to the $3,064,000 reported for the six months of 2012.
Operating expenses for the second quarter of 2013 were $508,000 compared to $539,000 for the second quarter of 2012, a 6% decrease. Operating expenses for the six months of 2013 were $921,000 compared to $996,000 for the six months of 2012, an 8% decrease. Selling, general and administrative expenses of $848,000 were reported for the second quarter of 2013 compared to $414,000 reported for the second quarter of 2012, a 104% increase. Selling, general and administrative expenses of $1,527,000 were reported for the six months of 2013 compared to $1,327,000 reported for the six months of 2012, a 15% increase.
Income from operations for the second quarter of 2013 was $387,000 compared to income of $555,000 reported for the second quarter of 2012. Income from operations for the six months of 2013 was $449,000 compared to $741,000 reported for the six months of 2012. Net income for the second quarter of 2013 was $209,000 or $0.01 per share, compared to net income of $373,000, or $0.02 per share, for the second quarter of 2012. Net Income for the six months of 2013 was $127,000, or $0.00 per share, compared to net income of $384,000, or $0.02 per share, for the six months of 2012.
"We are very pleased to have completed our merger with Claimsnet.com Inc and to report our first quarterly 10Q as a combined entity. Additionally, FINRA has authorized our ticker symbol change to 'TCEC' by the end of this month. We are also pleased to announce our first shareholder's meeting (combined entity) on September 11, 2013 at 10:00 am CDT. The TransCoastal team is very excited about the future development opportunities and the continued support of our shareholders," said Stuart Hagler, CEO of TransCoastal Corporation.
TransCoastal is an oil and gas exploration and production company focused on the development of oil and gas reserves in Texas and the Southwest region of the United States. More information on TransCoastal can be found at the Company's web site at http://www.transcoastal.net.
Forward-Looking Statements - With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to, maintaining access to external sources of capital, regulatory actions, success of marketing strategies, actions of the Company's competitors, dependence on suppliers and distribution channels, continued use of the Internet, achieving the anticipated benefits of capital expenditures, and achieving anticipated expense reductions. Further information on the Company's risk factors is contained in the Company's quarterly, annual, and other periodic reports as filed with the Securities and Exchange Commission.
[Table to Follow]
TRANSCOASTAL CORPORATION
SUMMARY OPERATIONS STATEMENT INFORMATION
(In thousands except share and per share data)
(Unaudited)
(Unaudited)
Quarter Ended
Six Months Ended
June 30,
June 30,
2013
2012
2013
2012
REVENUES
$ 1,743
$ 1,508
$ 2,897
$ 3,064
OPERATING EXPENSES
$ 508
$ 539
$ 921
$ 996
SELLING, GENERAL AND ADMINISTRATIVE
$ 848
$ 414
$ 1,527
$ 1,327
INCOME (LOSS) FROM OPERATIONS
$ 387
$ 555
$ 449
$ 741
OTHER EXPENSE
$ (178)
$ (182)
$ (322)
$ (357)
NET INCOME
$ 209
$ 373
$ 127
$ 384
DIVIDEND ON PREFERRED SHARES
$ (40)
$ -
$ (40)
$ -
NET INCOME TO COMMON STOCKHOLDERS
$ 169
$ 373
$ 87
$ 384
NET INCOME PER COMMON SHARE – BASIC
$ 0.01
$ 0.02
$ 0.00
$ 0.02
NET INCOME PER COMMON SHARE –DILUTED
$ 0.01
$ 0.02
$ 0.00
$ 0.02
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC
22,735,948
22,634,091
22,685,020
22,634,091
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING –DILUTED
23,223,448
22,634,091
23,172,520
22,634,091
investorsa
11 years ago
DALLAS, May 15, 2013 /PRNewswire/ -- Claimsnet.com inc. (CLAI). On May 9, 2013, TransCoastal Corporation sold their common stock to Claimsnet.com inc. for 3,721,036 shares of Series F Convertible Preferred stock. (the "Company" or "Claimsnet.com")
TransCoastal Corporation has been a privately held independent oil & gas company formed in August 1998 and headquartered in Dallas, Texas. Since inception, TransCoastal's growth has focused on the acquisition of producing oil and gas properties. The Company's strategy is driven by exploitation opportunities of proven yet underdeveloped mature oil and gas fields which possess long-life reserve potential with low risk development opportunities.
A more complete presentation of Claimsnet.com's transaction with TransCoastal can be found on the SEC's web page (www.sec.gov) under the Company Claimsnet.com attached to the 8-K report filed with the SEC.
Comment on Merger from the Founders at TransCoastal
"We are thrilled about the merger with Claimsnet. To achieve this opportunity, our team has been laser-focused on adding value through the acquisition and development of oil and gas properties over the past several years. With greater access to the capital markets, we will be able to increase the pace of development in our proven reserve category.
We are very grateful to our current shareholders for supporting our growth thus far, and we believe this merger is an important step in benefiting both our current and future shareholders. We are a proven, efficient producer of oil and liquid rich natural gas in the State of Texas. We look forward to the significant opportunities that lie ahead for our company's continued growth, both organically and through future acquisitions, "The Founders" W.A. Westmoreland, David J. May and Stuart G. Hagler.
Comment on Merger from the CEO of Claimsnet.com
Don Crosbie, CEO of Claimsnet.com, commented that this merger has been something the company has been seeking for some time, believing it was the best way to maximize stakeholder value and give its shareholders an opportunity to participate in the future of a growing company, in a growing industry. In addition, I will be staying the on the board of the combined companies, he said.
For further information on TransCoastal, please visit our website www.transcoastal.net
investorsa
11 years ago
DALLAS, April 30, 2013 /PRNewswire/ -- Claimsnet.com (OTCBB:CLAI.OB), a provider of business-to-business Electronic Data Interchange (EDI) solutions for the healthcare industry, announced today that it has entered into an Amended Acquisition Agreement (the "Amended Agreement") to acquire TransCoastal Corporation. ("TransCoastal"), also located in Dallas, Texas.
The Amended Agreement was signed on April 24, 2013. The Amended Agreement amends the original agreement (the "Agreement") between the parties that was signed on March 18, 2013. Pursuant to the Agreement, Claimsnet agrees to purchase all of the TransCoastal's outstanding common shares. The purchase price shall be in the form of certificates of Claimsnet's preferred shares, issued to TransCoastal's selling shareholders in the aggregate amount of up to 4,000,000preferred shares (the "Exchange Shares").
The Claimsnet Preferred Stock would be a new Series F, and each share of the Claimsnet Preferred Stock would be convertible into 1,170.076 shares of Claimsnet Common Stock, subject to adjustments for stock dividends, stock splits and similar events; provided that such conversion right is conditioned on the existence of a sufficient number of authorized but unissued shares of Claimsnet Common Stock being available to effectuate such conversion. The Claimsnet Preferred Stock shall vote together with the Claimsnet Common Stock on an as-converted basis and not as a separate class except (i) that so long as at least 1,000,000 shares of the Claimsnet Preferred Stock are outstanding, the Claimsnet Preferred Stock as a class are entitled to elect three (3) members of the Board, who shall constitute a majority of the Board, and (ii) as required by law. The term "as-converted basis" applies even if the condition for the conversion of the Claimsnet Preferred Stock into shares of Claimsnet Common Stock has not been met at such time. The Claimsnet Preferred Stock would also have the other attributes as set forth in Schedule 2.1 to the Amended Agreement.
At the Closing, the current Class II directors, Thomas Michel and John Willems, will resign and David May and Stuart Hagler, affiliates of TransCoastal, will fill such vacancies. Also an additional Class I director position will be created, and Andy Westmoreland, an affiliate of TransCoastal, will fill such vacancy. These directorships shall become effective in accordance with Rule 14f-1 of the Securities Exchange Act.
Claimsnet's obligation to close the transaction is subject, among other things, to TransCoastal's selling shareholders having completed and delivered to Claimsnet the Investment Letter in a form substantially similar to the form attached as Exhibit B to the Amended Agreement and having delivered their stock certificates for TransCoastal Shares and stock powers such that Claimsnet will acquire at Closing not less than 90% of TransCoastal Shares.
TransCoastal's obligation to close the transaction is subject, among other things, to Claimsnet's Board having approved the Certificate of Designation with respect to the Series F Preferred Stock and Claimsnet having duly filed the Certificate of Designation with the Secretary of State of the State of Delaware. Also, Claimsnet must obtain the cancellation of all outstanding warrants, options, conversion or similar rights relating to shares of Claimsnet Common Stock.
Pursuant to the Amended Agreement, it is contemplated that Claimsnet will place, at the time of the Closing, all the assets and liabilities constituting the current business operations of Claimsnet into a separate wholly owned subsidiary of ("Claimsnet Subsidiary") and to seek to sell the Claimsnet Subsidiary by the end of the second quarter to certain debt holders (the "Debt Holders") of Claimsnet in exchange for the cancellation by the Debt Holders indebtedness owed to the Debt Holders by Claimsnet. The Debt Holders are expected to be Thomas Michel, a director of Claimsnet, and National Financial Corporation and J.R. Schellenberg, who are principal stockholders of Claimsnet.
The Agreement provides that it will terminate and be null and void if the transaction does not close by May 31, 2013.
The Company has filed a Form 8-K with the Securities and Exchange Commission relating to the Amended Agreement. The Form 8-K contains the Amended Agreement as an exhibit and describes, among other things, certain changes in the Amended Agreement from the Agreement.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OF CLAIMSNET. ANY OFFER OF SECURITIES MADE BY CLAIMSNET OR OTHER PERSON ON BEHALF OF CLAIMSNET MAY BE MADE ONLY PURSUANT TO MATERIALS AND OTHER OFFERING DOCUMENTS PREPARED BY THE CLAIMSNET AND DELIVERED TO QUALIFIED PURCHASERS EXPRESSLY FOR USE IN CONNECTION WITH, OR PURSUANT TO AN EXEMPTION FROM, SECTION 5 OF THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES OFFERED HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS. THIS PRESS RELEASE DOES NOT PURPORT TO BE AN ALL ENCOMPASSING DISCLOSURE, AND A COPY OF THE FINAL AGREEMENT IS ATTACHED AS AN EXHIBIT WITH THE 8-K TO BE FILED WITH THE SEC.
About Claimsnet.com - Claimsnet.com inc. is a provider of Internet-based claim processing solutions for the healthcare payer industry, including distinctive, advanced ASP technology. Headquartered in Dallas, Claimsnet offers systems that are distinguished by ease of use, customer care, security and measurable cost advantages. More information on Claimsnet and on the information set forth in this release may be found at the Company's web site at http://www.claimsnet.com, as well as at the SEC's website at www.sec.gov.
About TransCoastal Corporation – TransCoastal is an oil and gas exploration and production company focused on the development of oil and gas reserves in Texas and the Southwest region of the United States.
Safe Harbor Statement Under the Private Securities Litigation Act 1995 - With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to, risks related to our ability to access external sources of capital to satisfy our capital requirements, our ability to comply with existing and future governmental regulations, such as HIPAA, the success of our marketing strategies, actions of Claimsnet's competitors, our dependence on business partners and distribution channels, and continued use by the Company of the Internet. Further information on Claimsnet's risk factors is contained in Claimsnet's quarterly, annual, and other periodic reports as filed with the Securities and Exchange Commission.
NoBidKid
11 years ago
Claimsnet Completes Acquisition Agreement with TransCoastal Corporation
http://www.otcmarkets.com/stock/CLAI/news
Claimsnet Completes Acquisition Agreement with TransCoastal Corporation
DALLAS, March 22, 2013 /PRNewswire via COMTEX/ -- Claimsnet.com (OTCBB: CLAI.OB), a provider of business-to-business Electronic Data Interchange (EDI) solutions for the healthcare industry, announced today that it has entered into an Acquisition Agreement (the "Agreement") to acquire TransCoastal Corporation. ("TransCoastal"), also located in Dallas, Texas.
The Agreement was signed on March 18, 2013. Pursuant to the Agreement, Claimsnet agrees to purchase all of the TransCoastal's outstanding common shares. The purchase price shall be in the form of certificates of Claimsnet's common shares, issued to TransCoastal's selling shareholders in the aggregate amount of up to 23,401,590 post reverse split common shares (the "Exchange Shares"). In addition, Claimsnet shall conduct a reverse stock split of 200 to 1 (subject to adjustment as provided in the Agreement) the outcome of which shall cause the current stockholders of Claimsnet to own a total of approximately 178,000 shares of Claimsnet Common Stock. The Agreement also provides that at the closing all of the current directors of Claimsnet will resign, except Don Crosbie, and the certain affiliates of TransCoastal will be appointed to the Claimsnet Board of Directors. Also at the Closing, the name of Claimsnet will be changed to TransCoastal Corporation, and TransCoastal, which will then be a subsidiary of TransCoastal Corporation, will change its name to TransCoastal Corporation of Texas.
The majority stockholder of the Company approved the reverse stock split and name change and an Information Statement pursuant to Rule 14c of the Securities Exchange Act of 1934 containing information about the reverse stock split, name change and new directors will be sent to Stockholders of the Company as of March 18, 2013.
Claimsnet's obligation to close the transaction is subject, among other things, to TransCoastal's selling shareholders having completed and delivered to Claimsnet the Investment Letter and stock power in a form substantially similar to the form attached as Exhibit B to the Agreement, such that Claimsnet will acquire at Closing not less than 90% of the outstanding TransCoastal shares.
TransCoastal's obligation to close the transaction is subject, among other things, to the cancellation of all outstanding warrants, options, conversion or similar rights relating to shares of Claimsnet Common Stock.
Pursuant to the Agreement, it is contemplated that Claimsnet will place, at the time of the closing, all the assets and liabilities constituting all the current business operations of Claimsnet into a separate wholly owned subsidiary ("Claimsnet Subsidiary") and to sell the Claimsnet Subsidiary within fifteen (15) days from the end of the then existing quarter at the time of the closing to certain debt holders of Claimsnet in exchange for the cancellation by the Debt Holders (the "Debt Holders") of indebtedness owed to the Debt Holders by Claimsnet.
The Agreement provides that it will terminate and be null and void if the transaction does not close by May 31, 2013.
The Company has filed a Form 8-K with the Securities and Exchange Commission relating to the Agreement.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OF CLAIMSNET. ANY OFFER OF SECURITIES MADE BY CLAIMSNET OR OTHER PERSON ON BEHALF OF CLAIMSNET MAY BE MADE ONLY PURSUANT TO MATERIALS AND OTHER OFFERING DOCUMENTS PREPARED BY THE CLAIMSNET AND DELIVERED TO QUALIFIED PURCHASERS EXPRESSLY FOR USE IN CONNECTION WITH, OR PURSUANT TO AN EXEMPTION FROM, SECTION 5 OF THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES OFFERED HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS.
About Claimsnet.com - Claimsnet.com inc. is a provider of Internet-based claim processing solutions for the healthcare payer industry, including distinctive, advanced ASP technology. Headquartered in Dallas, Claimsnet offers systems that are distinguished by ease of use, customer care, security and measurable cost advantages. More information on Claimsnet and on the information set forth in this release may be found at the Company's web site at http://www.claimsnet.com, as well as at the SEC's website at www.sec.gov.
About TransCoastal Corporation - TransCoastal is an oil and gas exploration and production company focused on the development of oil and gas reserves in Texas and the Southwest region of the United States.
Safe Harbor Statement Under the Private Securities Litigation Act 1995 - With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to, risks related to our ability to access external sources of capital to satisfy our capital requirements, our ability to comply with existing and future governmental regulations, such as HIPAA, the success of our marketing strategies, actions of Claimsnet's competitors, our dependence on business partners and distribution channels, and continued use by the Company of the Internet. Further information on Claimsnet's risk factors is contained in Claimsnet's quarterly, annual, and other periodic reports as filed with the Securities and Exchange Commission.
SOURCE Claimsnet.com inc.
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KEYWORD: Texas
INDUSTRY KEYWORD: OTC
FIN
INS
SUBJECT CODE: TNM
Immie
11 years ago
Claimsnet.com Reports Fiscal Year 2012 Results
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DALLAS, Feb. 26, 2013 /PRNewswire/ -- Claimsnet.com inc. (OTCBB: CLAI.OB), a leading provider of business-to-business Electronic Data Interchange (EDI) solutions for the healthcare industry, today reported its results for fiscal year 2012 and fourth quarter of 2012, which ended December 31, 2012.
For the year ended December 31, 2012, the Company reported revenues of $2,511,000, a 7% increase from the $2,346,000 reported for fiscal 2011.
Cost of revenues for the 2012 fiscal year were $1,928,000 compared to $1,748,000 for the 2011 fiscal year, a 10% increase. Operating expenses of $759,000 were reported for 2012 compared to the $702,000 reported in fiscal 2011, an increase of 8%.
The Company reported a gross profit of $583,000 for fiscal year 2012, compared with a gross profit of $598,000 for fiscal year 2011, representing a 3% decrease. The loss from operations for fiscal 2012 was $176,000 compared to $104,000 reported in fiscal 2011, representing a 69% increase. The net loss for fiscal year 2012 was $199,000, or $0.00 per share, compared to $125,000, or $0.00 per share, in the prior year, representing a 59% decrease.
For the three months ended December 31, 2012, the Company reported revenues of $619,000 compared to revenues of $605,000 reported for the three months ended December 31, 2011, an increase of 2%.
Cost of revenues were $472,000 for the fourth quarter of 2012 compared to $470,000 for the fourth quarter of 2011. Operating expenses of $187,000 for the fourth quarter of 2012 increased 3% from the $181,000 reported for the fourth quarter of 2011.
The Company reported a quarterly gross profit in the fourth quarter of 2012 totaling $147,000 compared with a gross profit of $135,000 in the fourth quarter of 2011, an increase of 9%. The fourth quarter loss from operations was $40,000 in the fourth quarter of 2012 compared to the loss from operations of $46,000 reported in the fourth quarter of 2011, a decrease of 13%. The net loss for the fourth quarter of 2012 was $46,000, or $0.00 per share, as compared with a net loss of $51,000, or $0.00 per share, in the same quarter of 2011, a decrease of 10%.
"Our financial results for fiscal year 2012 reflect the stability of our customer relationships. We continue to remain focused on those customers and the services we provide them while aiming at expansion of our business, and at the same time look at ways we can achieve further efficiency of operations," commented Don Crosbie, chief executive officer of Claimsnet. "Our 2012 results reflect extra expenses incurred as a consequence of complying with the HIPAA 5010 health claim format mandated by regulations promulgated by the Centers for Medicare & Medicaid Services (CMS). However, this has now been completed and adjustments have been made that we expect will be reflected in reduced expense levels from now on so to reach breakeven in fiscal year 2013."
Claimsnet.com inc. is a leading provider of Internet-based claim processing solutions for the healthcare payer industry, including distinctive, advanced ASP technology. Headquartered in Dallas, Claimsnet offers systems that are distinguished by ease of use, customer care, security and measurable cost advantages. More information on Claimsnet and on the information set forth in this release may be found at the Company's web site at http://www.claimsnet.com, as well as at the SEC's website at www.sec.gov.
Safe Harbor Statement Under the Private Securities Litigation Act 1995 - With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to, risks related to our ability to access external sources of capital to satisfy our capital requirements, our ability to comply with existing and future governmental regulations, such as HIPAA, the success of our marketing strategies, actions of Claimsnet's competitors, our dependence on business partners and distribution channels, and continued use by the Company of the Internet. Further information on Claimsnet's risk factors is contained in Claimsnet's quarterly, annual, and other periodic reports as filed with the Securities and Exchange Commission.
db7
12 years ago
"DEREGISTRATION OF SECURITIES
On May 4, 2001, Claimsnet.com Inc. (the “Company”) filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3 (No. 333-60192) (as amended by Pre-Effective Amendment No. 1 to Form S-3 Registration Statement filed with the Commission on July 2, 2001, Pre-Effective Amendment No. 2 to Form S-3 Registration Statement filed with the Commission on August 22, 2001, Pre-Effective Amendment No. 3 to Form S-3 Registration Statement filed with the Commission on October 3, 2001 and Pre-Effective Amendment No. 4 to Form S-3 Registration Statement filed with the Commission on October 25, 2001) (the “Registration Statement”) which registered 3,092,229 shares of the Company’s common stock, par value $.001, for resale from time to time by the holders named therein.
The Company has terminated the offering of its common stock pursuant to the Registration Statement. In accordance with an undertaking made by the Company in the Registration Statement to remove from registration, by means of a post-effective amendment, any shares of Company common stock which remain unsold at the termination of the offering, the Company hereby removes from registration all shares of Company common stock registered under the Registration Statement which remain unsold as of the filing of this Post-Effective Amendment No. 1 to Form S-3 Registration Statement.
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Post-Effective Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on May 24, 2012.
CLAIMSNET.COM INC.
"
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