NEW YORK, Sept. 14 /PRNewswire-FirstCall/ -- NWH, Inc.
(NASDAQ:NWIR), the parent company of Electronic Network Systems,
Inc. ("ENS"), today reported financial results for its fiscal third
quarter ended July 31, 2005. NWH owns and operates ENS
(http://www.enshealth.com/), a payer services organization that
connects healthcare payers and providers using state of the art
proprietary software and telecommunications services for most
healthcare payment and insurance validation transactions. The
Company focuses its efforts on the development of ENS' business and
continues its business of acquiring and disposing of interests in
healthcare and other business areas. NWH's service revenues for the
third quarter of fiscal 2005 were $4.75 million, compared to $4.48
million in the third quarter of fiscal 2004. NWH's reported net
income for the third quarter of fiscal 2005 was $154,275 (including
$243,675 of Other Income, with no gain on securities transactions),
or $.05 per share basic and diluted, as compared to net income of
$209,556 (including $431,392 of Other Income, of which $357,385 was
gain on transactions relating to BellSouth stock), or $.07 basic
and diluted per share, in the third quarter of fiscal 2004. Shares
used for computing basic earnings per share were 2,923,631 and
2,924,631, and shares used for fully diluted earnings per share
were 2,928,168 and 2,952,749, for the fiscal quarters ended July
31, 2005 and 2004, respectively. Service revenue for the nine
months ended July 31, 2005 was $14.17 million, as compared to
service revenue of $13.04 million for the nine months ended July
31, 2004. NWH's net income for the nine months ended July 31, 2005
was $465,737 (including $528,131 of Other Income with $50,000 gain
on a non- BellSouth securities transaction), or $0.16 per share
basic and diluted, compared to a net income of $622,630 (including
$1,225,342 of Other Income, of which $915,843 was gain on
transactions relating to BellSouth stock), or $0.21 per share basic
and diluted, in fiscal 2004. Shares used for computing basic
earnings per share were 2,923,968 and 2,924,631, and shares used
for fully diluted earnings per share were 2,927,689 and 2,961,177,
for the nine month periods ended July 31, 2005 and 2004,
respectively. ENS' arbitration with a major customer over
additional business opportunities was resolved in August 2005 with
an award of $1,000,757 to ENS, which is expected to be paid in the
fourth quarter. In addition we expect an award of related legal and
other expenses. NWH continued to post strong results in the third
quarter of fiscal 2005, reflecting continued ENS revenue growth
which improved profitability. After giving effect to dividends
paid, NWH had a cash and short-term investments position of $22.3
million at the end of July. Over 71,000 providers are connected to
ENS' e-commerce and Internet services which represents a 106.4%
increase over the prior year. Through payer arrangements, ENS also
currently conducts daily paper to e-commerce claim conversion for
another 185,000 healthcare providers. ENS also experienced a 30.3%
increase in contracted billable provider sites over the prior year.
All of ENS' growth was obtained through internal sales versus
acquisition. As of September 12, 2005, ENS was connected to over
1,200 payers, including commercial healthcare plans, managed care
organizations, Blue Cross/Blue Shield plans, Medicare, Medicaid and
CHAMPUS. Nearly [90]% of all electronic claims received by ENS are
directly submitted to contracted payers. We are confident that ENS'
results (and consequently NWH's results) will continue to improve,
reflecting the quality of its products and services, throughout the
rest of fiscal 2005. About NWH and ENS ENS is a payer services
organization that connects payers (i.e., insurance companies and
third party administrators) and providers (i.e., doctors, group
practices and other healthcare providers) using state of the art
proprietary software and telecommunications services for most
healthcare payment and insurance validation transactions. ENS
provides a state of the art technology platform for web based
graphical user interfaces on a national basis, which enables its
clients, both payers and providers, to comply fully with applicable
regulatory requirements such as those imposed by HIPAA. ENS'
service offerings address the full array of evolving industry needs
in this focused area with a complete cycle of services from a
single point of entry (a personal computer in the client's office)
for both providers and payers, compatible with multiple system and
database operating environments. These services include an Internet
transactions portal, payer transactions hosting, electronic data
interchange, Pre-adjudication software services (PASS(TM)),
scanning, optical character recognition and data entry of paper
claims and correspondence and mailroom services. ENS generates
revenue through recurring subscriptions, flat or per transaction
fees and revenue sharing. Safe Harbor Statement Certain statements
contained in this press release, including, without limitation,
statements containing the words "believes," "anticipates,"
"expects" and words of similar import, constitute "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 or by the Securities and Exchange Commission in its
rules, regulations and releases, regarding the Company's financial
and business prospects and capital requirements. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following: the
limited nature of the Company's operations and the risk of the
Company's failure to acquire additional businesses; the uncertain
acceptance of Health-e Network(R); competition; existing government
regulations and changes in, or the failure to comply with,
government regulations; the ability of the Company to sustain,
manage or forecast its growth; dependence on significant customers
and the potential loss thereof; the ability to attract and retain
qualified personnel; risk of technological obsolescence, and other
factors referenced in NWH's Quarterly Report on Form 10-Q for the
quarter ended July 31, 2005, including, without limitation, in
"Management's Discussion and Analysis of Financial Condition and
Results of Operations". Certain of these factors are discussed in
more detail in the Company's Annual Report on Form 10-K for the
year ended October 31, 2004, including, without limitation, under
the caption "Business" and Exhibit 99.1 thereto. Given these
uncertainties, undue reliance should not be placed on such
forward-looking statements. The Company disclaims any obligation to
update any such factors or to publicly announce the result of any
revisions to any of the forward-looking statements contained or
incorporated by reference herein to reflect future events or
developments. Additional information on these and other factors are
contained in NWH's reports filed with the Securities and Exchange
Commission (SEC), including the Company's Quarterly Report on Form
10-Q as filed with the SEC on September 14, 2005, copies of which
are available at the website maintained by the SEC at
http://www.sec.gov/ . NWH assumes no obligation to update the
forward-looking statements included in this press release. Contact:
Carl Nicola NWH, Inc. 212-582-1212 NWH, Inc. Consolidated Balance
Sheets July 31, October 31, 2005 2004 (unaudited) Assets Current
assets Cash and cash equivalents $ 22,349,376 $ 12,137,155
Marketable securities - 14,926,737 Trade and other receivables, net
of allowances of $60,000 and $40,000 2,728,473 2,862,921 Prepaid
expenses and other current assets 695,118 475,895 Refundable income
taxes 536,731 - Total current assets 26,309,698 30,402,708 Property
and equipment, net of accumulated depreciation of $3,395,170 and
$3,054,359 743,659 750,474 Internally developed software, net of
accumulated amortization of $2,972,231 and $2,195,888 2,566,078
2,313,785 Goodwill 3,762,187 3,762,187 Investments and other assets
1,083,938 1,065,453 Total assets $34,465,560 $38,294,607
Liabilities and Stockholders' Equity Current liabilities: Accounts
payable and accrued expenses $2,392,861 $2,376,072 Current portion
of long-term debt - 11,494 Income taxes payable - 147,035 Dividends
payable 1,461,816 1,462,316 Total current liabilities 3,854,677
3,996,917 Note payable 140,000 140,000 Deferred income taxes
940,801 692,792 Total liabilities 4,935,478 4,829,709 Stockholders'
equity Preferred stock, $.01 par value: 1,000,000 shares
authorized; no shares issued or outstanding - - Common stock, $.01
par value: 20,000,000 shares authorized; 3,342,231 shares issued
(2,923,631 and 2,924,631 shares outstanding) 33,422 33,422
Additional paid-in capital 23,195,991 23,195,991 Retained earnings
11,406,908 15,327,119 Treasury stock, 418,6100 and 417,600 shares,
at cost (5,106,239) (5,091,634) Total stockholders' equity
29,530,082 33,464,898 Total liabilities and stockholders' equity
$34,465,560 $38,294,607 NWH, Inc. Consolidated Statements of Income
(Unaudited) For the Three Months For the Nine Months Ended July 31,
Ended July 31, 2005 2004 2005 2004 Service revenue $4,747,129
$4,480,541 $14,165,217 $13,040,287 Cost of services 2,215,829
2,293,103 6,816,629 6,786,203 Professional fees 306,856 260,100
886,522 657,630 General and administrative 2,188,318 1,912,735
6,386,131 5,570,161 Depreciation and amortization 88,113 77,939
264,916 220,505 Total expenses 4,799,116 4,543,877 14,354,198
13,234,499 Loss from operations (51,987) (63,336) (188,981)
(194,212) Other income (expense): Gain on securities transactions,
net 50,000 357,385 50,000 915,843 Dividend income 160,510 32,400
298,061 156,971 Interest income 28,435 72,136 182,106 207,056
Interest expense 4,730 (30,529) (2,036) (54,528) 243,675 431,392
528,131 1,225,342 Income before provision (benefit) for income
taxes 191,688 368,056 339,150 1,031,130 Provision (benefit) for
income taxes 37,413 158,500 (126,587) 408,500 Net income $154,275
$209,556 $465,737 $622,630 Net income per common share Basic $.05 $
.07 $ .16 $.21 Diluted $.05 $ .07 $ .16 $.21 Weighted average
number of common shares outstanding: Basic 2,923,631 2,924,631
2,923,968 2,924,631 Diluted 2,928,168 2,952,749 2,927,689 2,961,177
NWH, Inc. Consolidated Statements of Comprehensive Income (Loss)
(Unaudited) For the Three Months For the Nine Months Ended July 31,
Ended July 31, 2005 2004 2005 2004 Net income $154,275 $209,556
$465,737 $622,630 Other comprehensive income, net of tax: Net
unrealized holding gain on marketable securities arising during the
period, net of income taxes of $ - 0 - and $4,726, - 0 - and
$57,476, respectively - 7,794 - 107,030 Reclassification adjustment
for gains recognized in net income, net of income tax benefit of $-
0 -, ($112,173), - 0 -, ($373,476), respectively - (217,747) -
(724,962) Other comprehensive loss - (209,953) - (617,932)
Comprehensive income (loss) $154,275 $ (397) $465,737 $4,698 NWH,
Inc. Consolidated Statements of Cash Flows (Unaudited) For the Nine
Months Ended July 31, 2005 2004 Cash flows from operating
activities Net income $465,737 $622,630 Adjustments to reconcile
net income to net cash provided (used) in operating activities:
Depreciation and amortization 1,287,028 1,170,670 Accretion of
interest (61,274) - Gains on securities transactions, net (50,000)
(915,843) Deferred income taxes 248,009 (1,860,000) Bad debt
expense 42,063 30,064 Changes in assets and liabilities Trade and
other receivables 92,385 (41,832) Refundable income taxes (536,731)
- Prepaid expenses and other current assets (443,310) (227,610)
Other assets 35,727 (48,892) Accounts payable and accrued expenses
16,789 (153,249) Current income taxes payable (147,035) 89,109 Net
cash provided by (used in) operating activities 949,388 (1,334,953)
Cash flows from investing activities Acquisition of property and
equipment (333,996) (190,780) Increase in internally developed
software (1,028,635) (555,607) Proceeds from sale of marketable
securities 14,988,011 7,775,207 Acquisition of written call options
- (4,232,025) Proceeds from sale of written call options -
2,195,000 Proceeds from sale of investment 50,000 - Net cash
provided by investing activities 13,675,380 4,991,795 Cash flows
from financing activities Dividends paid (4,386,448) (4,386,948)
Proceeds of short term debt - 100,000 Principal payments of
short-term and long-term debt - (248,247) Acquisition of treasury
stock (14,605) - Principal payments of capital leases (11,494)
(117,664) Net cash used in financing activities (4,412,547)
(4,652,859) Net increase (decrease) in cash and cash equivalents
10,212,221 (996,017) Cash and cash equivalents Beginning of period
12,137,155 29,309,192 End of period $ 22,349,376 $28,313,175
DATASOURCE: NWH, Inc. CONTACT: Carl Nicola of NWH, Inc.,
+1-212-582-1212 Web site: http://www.enshealth.com/
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