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Precis Inc (1017440) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2004

Access Plans Usa, Inc.

CIK: 1017440

Exhibit 99.1

 

Precis Announces Year End 2004 Financial Results

 

 

For Immediate Release

 

Contact:

 

Bob Bintliff

 

Joe Diaz

 

 

Chief Financial Officer

 

The RCG Group

 

 

Precis Inc.

 

480-675-0400

 

 

972-343-6501

 

 

 

April 18, 2005

– Grand Prairie, Texas – Precis Inc. (Nasdaq: PCIS), a provider of access to affordable healthcare services to the ever growing number of uninsured and/or underinsured in the United States, announced financial results for fourth quarter and the year ended December 31, 2004.

 

For the fourth quarter the company reported revenue of $8.7 million, a decrease of $1.4 million, or 13.9%, compared to $10.1 million during the comparable quarter in 2003. The company’s net loss for the fourth quarter of 2004 was $2.9 million, a loss of $(0.24) per fully diluted share compared to net earnings of $.67 million and $0.06 per diluted share for the comparable quarter in 2003.  This loss resulted in a use by operations of $1.0 million of cash.

 

Revenue for the year ended December 31, 2004, was $38.3 million, a decrease of $3.8 million, or 9%, compared to $42.1 million in the previous year. The Company’s net loss for the year was $1.9 million, or $(0.16) per diluted share compared to net earnings of $4.1 million and $0.34 per fully diluted share in the previous year. The Company ended the year with $8.3 million of cash. The Company’s book value per diluted share decreased from $2.82 as of December 31, 2003 to $2.69 as of December 31, 2004.

 

The Company’s results for the fourth quarter were adversely impacted by an impairment charge to goodwill associated with its Foresight, Inc. subsidiary of $2.0 million.  Additionally, during the fourth quarter of 2004 and the first quarter of 2005, the Company experienced deterioration in the collectibility of receivables and notes from certain of its private label partners, leading to an increase in the allowance for doubtful accounts and notes and a charge to operations of $1.0 million.

 

Judith Henkels, president and CEO of Precis Inc., commented, “The disappointing results for the fourth quarter underscore the need for more serious measures than we have previously taken.  We must reduce our cost structure. We must energize our independent sales force. We must rationalize our product lines and continue to evolve our Care Entrée offerings.  We have taken decisive action in each of these directions and look forward to the positive impact that each of these actions will have.”

 

Conference Call

 

The Company will conduct a conference call to discuss financial results for the year ended December 31, 2004, and the measures being taken by the Company to address negative trends, on Monday, April 18, 2005 at 11:00 a.m. Eastern time.

 


The following information was filed by Access Plans Usa, Inc. on Monday, April 18, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 1017440
Form Type: 10-K Annual Report
Accession Number: 0001104659-05-016725
Submitted to the SEC: Fri Apr 15 2005 6:58:11 PM EST
Accepted by the SEC: Mon Apr 18 2005
Period: Friday, December 31, 2004
Industry: Business Services

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