-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IQ9Y4FPSkiUrfi/eKToMJffNJcRcf8WFJuVPHbgOGnUBhInhspfahO52mXjWM0Hl XfwQidG0nzRejfNL+JXL/g== 0001017813-97-000007.txt : 20030213 0001017813-97-000007.hdr.sgml : 20030213 19970909161655 ACCESSION NUMBER: 0001017813-97-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 DATE AS OF CHANGE: 19970911 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PATIENT INFOSYSTEMS INC CENTRAL INDEX KEY: 0001017813 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 161476509 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-22319 FILM NUMBER: 97677540 BUSINESS ADDRESS: STREET 1: 46 PRINCE ST CITY: ROCHESTER STATE: NY ZIP: 14607 BUSINESS PHONE: 7162427200 MAIL ADDRESS: STREET 1: 46 PRINCE ST CITY: ROCHESTER STATE: NY ZIP: 14607 10-Q 1 QUARTERLY REPORT FOR PATIENT INFOSYSTEMS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from .....................to....................... Commission file number: 0-22319 PATIENT INFOSYSTEMS, INC. (Exact name of registrant as specified in its charter) __________Delaware_________________ _________16-1476509________________ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 46 Prince Street, Rochester, NY 14607 (Address of principal executive offices) (Zip Code) (716) 242-7200 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. Yes __X___ No _____ As of July 31,1997, 7,971,802 shares of common stock were outstanding. PART 1. FINANCIAL INFORMATION Item 1. Financial Statements. PATIENT INFOSYSTEMS, INC. CONDENSED BALANCE SHEETS - ------------------------------------------------------------------------------
ASSETS June 30, 1997 December 31, 1996 ------------- ----------------- Unaudited) (Audited) CURRENT ASSETS: Cash and cash equivalents......................... $ 2,303,039 $15,666,609 Marketable securities ............................ 13,170,820 -- Accounts receivable .............................. 405,788 386,215 Accrued interest receivable ...................... 131,748 -- Prepaid expenses and other current assets ........ 201,739 170,526 ---------- ---------- Total current assets ....................... 16,213,134 16,223,350 PROPERTY AND EQUIPMENT, net ........................ 984,576 862,037 OTHER ASSETS ....................................... 250,000 -- ---------- ---------- TOTAL ASSETS ....................................... $ 17,447,710 $ 17,085,387 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable ................................. $ 396,591 $ 196,674 Accrued salaries and wages ....................... 226,841 127,029 Accrued expenses ................................. 131,306 211,457 Accrued initial public offering costs ............ -- 446,568 Deferred revenue ................................. 409,485 582,783 Accrued loss on development contracts ............ 57,896 67,139 --------- --------- Total current liabilities .................. 1,222,119 1,631,650 --------- --------- STOCKHOLDERS' EQUITY: Common stock - $.01 par value: shares authorized: 20,000,000; issued and outstanding: June 30, 1997- 7,971,802; December 31, 1996 - 7,653,202 79,718 76,532 Additional paid-in capital ....................... 21,543,746 19,300,293 Unrealized gain on investments available for sale 6,645 -- Retained earnings ................................ (5,404,518) (3,923,088) ---------- ---------- Total stockholders' equity ................. 16,225,591 15,453,737 ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ......... $ 17,447,710 $ 17,085,387 ============ ============
See notes to condensed financial statements. PATIENT INFOSYSTEMS, INC. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - ------------------------------------------------------------------------------
Three Months Ended Six Months Ended June 30, June 30, 1997 1996 1997 1996 ---- ---- ---- ---- REVENUES ....................... $ 570,330 $ 299,180 $ 1,093,806 $ 465,416 ----------- ----------- ----------- ----------- COSTS AND EXPENSES: Cost of sales ................ 534,491 283,851 886,143 447,312 Sales and marketing .......... 394,148 206,796 803,660 389,756 General and administrative ... 573,558 513,897 984,934 902,188 Research and development ..... 179,985 18,107 337,169 26,736 --------- --------- --------- --------- Total costs and expenses 1,682,182 1,022,651 3,011,906 1,765,992 --------- --------- --------- --------- OPERATING LOSS ................. (1,111,852) (723,471) (1,918,100) (1,300,576) INTEREST INCOME ................ 218,946 11,770 436,670 20,669 --------- --------- --------- --------- NET LOSS ....................... $ (892,906) $ (711,701) $(1,481,430) $(1,279,907) =========== =========== =========== =========== NET LOSS PER COMMON AND COMMON SHARE EQUIVALENTS .................. $ (.11) $ (.12) $ (.19) $ (.21) =========== ========== =========== =========== WEIGHTED AVERAGE COMMON AND COMMON SHARE EQUIVALENTS .................. 7,971,802 6,181,249 7,957,220 6,118,749 ========= ========= ========= =========
See notes to condensed financial statements. PATIENT INFOSYSTEMS, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - ------------------------------------------------------------------------------
Six Months Six Months Ended Ended June 30, 1997 June 30, 1996 ------------- ------------- OPERATING ACTIVITIES: Net loss ..................................................................... $ (1,481,430) $ (1,279,907) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization ............................................ 142,161 82,437 Amortization of premiums and discounts on available-for-sale marketable securities .............................................. (118,014) -- Compensation expense related to issuance of stock warrants ............... 9,040 10,133 (Increase) in accounts receivable ........................................ (19,573) (68,207) (Increase) in accrued interest receivable ................................ (117,046) (9,000) (Increase) in prepaid expenses and other current assets .................. (45,915) (72,189) Increase (decrease) in accounts payable .................................. 199,916 (214,101) Increase in accrued salaries and wages ................................... 99,812 127,898 (Decrease) increase in accrued expenses .................................. (80,151) 54,789 (Decrease) increase in deferred revenue .................................. (173,298) 286,371 (Decrease) increase in accrued loss on development contracts ............. (9,243) 46,923 --------- --------- Net cash used in operating activities ............................... (1,593,741) (1,034,853) --------- --------- INVESTING ACTIVITY: Property and equipment additions ............................................. (264,699) (239,178) Purchases of available-for-sale marketable securities ........................ (14,539,161) -- Maturities of available-for-sale marketable securities ....................... 1,493,000 -- Purchase of long-term investments ............................................ (250,000) -- ---------- --------- Net cash used in investing activities ............................... (13,560,860) (239,178) ---------- --------- FINANCING ACTIVITIES: Proceeds from issuance of common and preferred stock, net .................... 2,237,599 2,996,750 (Decrease) in accrued initial public offering costs .......................... (446,568) -- ---------- ---------- Net cash provided by financing activities ........................... 1,791,031 2,996,750 ---------- ---------- DECREASE IN CASH AND CASH EQUIVALENTS ......................................... (13,363,570) 1,722,719 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD .......................................................... 15,666,609 1,182,080 ---------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD ................................................................ $ 2,303,039 $ 2,904,799 ============ ============
PATIENT INFOSYSTEMS, INC. Notes to Condensed Financial Statements 1. The condensed financial statements for the three and six month periods ended June 30, 1997 and 1996 are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. The condensed financial statements should be read in conjunction with the financial statements and notes thereto, together with management's discussion and analysis of financial condition and results of operations contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. The results of operations for the six months ended June 30 , 1997 are not necessarily indicative of the results for the entire fiscal year ending December 31, 1997. 2. In March 1997, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings Per Share." This new standard requires dual presentation of basic and diluted earnings per share (EPS) on the face of the earnings statement and requires a reconciliation of the numerators and denominators of basic and diluted EPS calculations. This statement will be effective for the Company's 1997 fiscal year. The Company has not performed the calculation for the pro forma financial statement effect of the application of this standard, however management believes the results would not materially differ from earnings per share as shown. In June 1997, FASB issued SFAS No. 130, "Reporting Comprehensive Income" and SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information." SFAS No. 130 establishes standards for reporting and disclosure of comprehensive income and its components in financial statement format. Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. Items considered comprehensive income include foreign currency items, minimum pension liability adjustments and unrealized gains and losses on certain investments in debt and equity securities. SFAS No. 130 is effective for financial statements for fiscal years beginning after December 15, 1997. SFAS No. 131 establishes standards for the reporting information about operating segments by public entities in annual financial statements and requires that those entities report selected information about operating segments in interim financial reports issued for shareholders. This Statement supercedes SFAS No. 14, "Financial Reporting for Segments of a Business Enterprise" and amends SFAS No. 94, "Consolidation of All-Majority-Owned Subsidiaries." SFAS No. 131 requires that public entities report financial and descriptive information about its reportable business segments. This statement is effective for financial statements for periods beginning after December 15, 1997. 3. During the six month period ended June 30, 1997, the Company purchased marketable investment securities which are considered available for sale and are recorded at fair value, based on quoted market prices. The net unrealized holding gain or loss on marketable investment securities is included as a separate component of stockholders' equity. A decline in the fair value of any marketable investment security below cost, that is deemed other than temporary, is charged to earnings resulting in a new cost basis for the security. Costs of investments sold are determined on the basis of specific identification. The cost or amortized cost and estimated market values of investments were as follows at June 30, 1997: Cost or Gross Estimated Amortized Unrealized Market Cost Gains Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $13,164,175 $ 6,645 $13,170,820 =========== ======= =========== Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Management's discussion and analysis provides a review of the Company's operating results for the three and six month periods ended June 30, 1997 and 1996, and its financial condition at June 30, 1997. The focus of this review is on the underlying business reasons for significant changes and trends affecting the revenues, net earnings and financial condition of the Company. This review should be read in conjunction with the accompanying condensed financial statements. In an effort to give investors a well-rounded view of the Company's current condition and future opportunities, this Quarterly Report on Form 10-Q may include forecasts by the Company's management about future performance and results. Because they are forward-looking, these forecasts involve uncertainties. These uncertainties include risks of market acceptance of or preference for the Company's systems and services, competitive forces, the impact of, and changes in, government regulations, general economic factors in the healthcare industry and other factors discussed in the Company's filings with the Securities and Exchange Commission. Results of Operations Revenues The Company generated revenue of $570,330 during the three months ended June 30, 1997, a 91% increase over revenue of $299,180 for the three months ended June 30, 1996. For the six months ended June 30, 1997, revenue was $1,093,806, a 135% increase over revenue of $465,416 during the six months ended June 30, 1996. The following is a summary of revenue by category: Three Months Ended Six Months Ended June 30, June 30, 1997 1996 1997 1996 ---- ---- ---- ---- Revenues - -------- Development $197,020 $285,958 $ 603,104 $451,393 Licensing 195,833 5,556 283,333 5,556 Operations 177,476 7,667 207,369 8,468 ------- ----- ------- ----- $570,330 $299,180 $1,093,806 $465,416 ======== ======== ========== ======== Program development revenue represents the fees that the Company charges its customers for the development of its customized programs. Program development revenue declined from the second quarter of 1996 to the second quarter of 1997 as the Company reduced its development fees charged to certain customers, and entered into arrangements providing for development fees based upon a program outcome to be measured at a later date. The increase in program development revenue from the first six months of 1996 to the first six months of 1997 reflects the increase from 1996 to 1997, primarily during the first quarter of 1997, in the number of different programs which produced program development revenue. The program development revenue for the six months ended June 30, 1997 also reflects the recognition of deferred development revenue of $80,021 related to a weight management program which was under development pursuant to a Services Agreement with a customer. The customer has been denied regulatory approval for the use of their pharmaceutical product for the indication which was the focus of the program, and, therefore, because the Company believes that no further development of this program will occur pursuant to this Services Agreement the remaining deferred development revenue was recognized. As the Company expands its operations, it intends to continue to emphasize operations revenue to the exclusion of development revenues. Licensing revenue represents amounts that the Company charges its customers for the right to enroll patients in or the right to market to other entities certain of its programs, primarily the Company's standardized asthma and diabetes programs, and the right to have access to data collected from patients enrolled in such programs. The Company did not initiate any licensing activity until the second quarter of 1996, therefore licensing revenues for the three and six month periods ended June 30, 1997 were significantly higher than those generated during the corresponding periods in 1996. Operations revenues are generated as the Company provides services to the Company's customers. These revenues increased significantly for the three and six month periods ended June 30, 1997 as compared to the corresponding periods in 1996, due to initiation of patient enrollments in the Company's disease state management programs during the fourth quarter of 1996 and the Company's initiation of its physician education programs during the second quarter of 1997. The Company anticipates that it will begin to provide other services to customers in the healthcare industry during 1997 which involve new applications of its information capture and delivery system. These services include patient surveys, health risk assessments, nursing support lines and marketing support functions. Interest income was $218,946 for the three months ended June 30, 1997, as compared to $11,770 for the three month period ended June 30, 1996. For the six months ended June 30, 1997 interest income was $436,670, as compared to $20,669 for the six months ended June 30, 1996. The increase in interest income reflects the deposit of additional funds available to the Company for investment as a result of the closing of its initial public offering on December 19, 1996. Costs and Expenses Cost of sales includes salaries and related benefits, services provided by third parties, and other expenses associated with the development of the Company's customized disease state management programs, as well as the operation of each of its disease state management programs. In addition, cost of sales includes accrued losses on program development in accordance with the Company's policy of recognizing such losses, if any, in full as identified. Cost of sales was $534,491 for the three months ended June 30, 1997, as compared to $283,851 during the three months ended June 30, 1996. For the six months ended June 30, 1997, cost of sales was $886,143, as compared to $447,312 for the six months ended June 30, 1996. The increase in these costs from 1996 to 1997 reflects an increased level of program development and operational activities, as well as the Company's creation of the capacity necessary to handle anticipated increases in the number of individuals to whom the Company intends to provide services. Sales and marketing expenses for the three months ended June 30, 1997 were $394,148, as compared to $206,796 for the three month period ended June 30, 1996. For the six months ended June 30, 1997 sales and marketing expenses were $803,660, as compared to $389,756 for the same period in 1996. These costs consist primarily of salaries, related benefits, travel costs, sales materials and other marketing related expenses. Spending in this area has increased due to significant expansion of the Company's sales and marketing staff. It is anticipated that the Company will continue to make significant investments in the sales and marketing process, and that such expenses will increase in future periods. General and administrative expenses include the costs of corporate operations, finance and accounting, human resources and other general operating expenses of the Company. General and administrative expenses for the three months ended June 30, 1997 were $573,558, as compared to $513,897 for the three month period ended June 30, 1996. For the six months ended June 30, 1997 general and administrative expenses were $984,934 as compared to $902,188 for the six months ended June 30, 1996. These expenditures have been incurred in order to maintain the corporate infrastructure necessary to support anticipated program development and operations. The increase in these costs was caused by an increase in the Company's level of business activity, and the addition of required administrative personnel. The Company expects that general and administrative expenses will continue to increase in future periods. Research and development expenses consist primarily of salaries and related benefits and administrative costs allocated to the Company's research and development personnel for development of certain components of its integrated information capture and delivery system and the conduct of a clinical trial of the Company's asthma program and development of the Company's standardized disease state management programs. Research and development expenses for the three months ended June 30, 1997 were $179,985, and were $18,107 for the three months ended June 30, 1996. For the six months ended June 30, 1997 research and development costs were $337,169, as compared to $26,736 for the same period in 1996. The increase in these costs reflects the development activities related to the Company's standardized disease state management programs for patients suffering from asthma and diabetes and the costs associated with the clinical trial of its asthma program. The Company anticipates that research and development expenses will continue at the current level, or increase slightly in future periods, as the Company continues to expand the number of programs that it develops and makes available to its customers on a standardized basis. Liquidity and Capital Resources At June 30, 1997 the Company had working capital of $14,994,016, as compared to working capital of $14,591,700 at December 31, 1996. Since its inception, the Company has primarily funded its operations, working capital needs and capital expenditures from the sale of equity securities. The Company's initial capitalization of $500,000 was completed in February 1995. The Company received $1,800,000 from the sale of equity securities in a private placement during the third quarter of 1995, and $3,000,000 from the sale of additional equity securities in a private placement during the second quarter of 1996. On December 19, 1996 the Company completed an initial public offering of its common stock which generated net proceeds to the Company of $14,082,048. The underwriters of the Company's initial public offering exercised their over-allotment option on January 8, 1997, resulting in net proceeds to the Company of $2,232,000. The Company's net loss of $1,481,430 for the first six months of 1997 was offset by the receipt of the proceeds of the sale of additional securities upon the closing of the over-allotment option, however it is anticipated that the Company's continuing losses will result in continuing reduction of working capital. Certain of the Company's development contracts require that payments be made by the customer at the time of contract execution and at the achievement of certain milestones in the development process. These payments are normally received in advance of the Company's recognition of the associated revenue. The timing of customer payments for program operation services varies by contract, but has often occured prior to the associated services being provided. The Company recognizes deferred revenue for amounts billed for these services in advance of the rendering of the services. The advance payments have been a source of liquidity for the Company. The Company anticipates that although such billing practices are likely to continue in this manner in the foreseeable future they will become less frequent as they Company absorbs more costs related to program development. The Company has been substantially dependent upon the public and private sale of securities to fund its research and development activities and working capital requirements. In order to implement programs using the Company's integrated information capture and delivery system, the Company will be required to devote substantial additional assets to the development of technology, the construction of physical facilities and the acquisition of telephone and computer equipment. The Company will also be required to retain the services of employees in advance of obtaining contracts to provide services. Inflation Inflation did not have a significant impact on the Company's costs during either the first six months of 1997 or the first six months of 1996. The Company continues to monitor the impact of inflation in order to minimize its effects through pricing strategies, productivity improvements and cost reductions. Recent Accounting Pronouncements In March 1997, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings Per Share," which will be effective during the fourth quarter of 1997. SFAS No. 128 will require the Company in its fourth quarter and in its annual report to restate all previously reported earnings per share information to conform with the new pronouncement's requirements. See Note 2 of the Notes to Financial Statements. FASB recently issued SFAS No. 130 on "Reporting Comprehensive Income" and SFAS No. 131 on "Disclosures about Segments of an Enterprise and Related Information." The "Reporting Comprehensive Income" standard is effective for fiscal years beginning after December 15, 1997. This standard changes the reporting of certain items currently reported in the common stock equity section of the balance sheet and is not expected to have a material effect on the Company's financial statements. The "Disclosures about Segments of an Enterprise and Related Information" standard is also effective for fiscal years beginning after December 15, 1997. This standard requires that public companies report certain information about operating segments in their financial statements. It also establishes related disclosures about products and services, geographic areas, and major customers. The Company is currently evaluating what impact this standard will have on its disclosures. See Note 2 of the Notes to Financial Statements. Forward Looking Statements When used in this and in future filings by the Company with the Securities and Exchange Commission, in the Company's press releases and in oral statements made with the approval of an authorized executive officer of the Company, the words or phrases "will likely result," "expects," "plans," "will continue," "is anticipated," "estimated," "project," or "outlook" or similar expressions (including confirmations by an authorized executive officer of the Company of any such expressions made by a third party with respect to the Company) are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, each of which speak only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These uncertainties include risks of market acceptance of or preference for the Company's systems and services, competitive forces, the impact of, and changes in, government regulations, general economic factors in the healthcare industry and other factors discussed in the Company's filings with the Securities and Exchange Commission. The Company has no obligation to publicly release the result of any revisions which may be made to any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements. PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders The Company's annual meeting of stockholders was held in Rochester, New York at 10:00 a.m. local time, on Tuesday, June 17, 1997. Proxies for the meeting were solicited pursuant to Regulation 14 under the Securities Exchange Act of 1934, as amended. There was no solicitation in opposition to the nominees for election as directors as listed in the proxy statement, and all nominees were elected. Out of a total of 7,971,802 shares of the Company's common stock outstanding and entitled to vote, 6,125,948 shares were present at the meeting in person or by proxy, representing approximately 76.8 percent. Matters voted upon at the meeting were as follows: a) Election of five directors to serve on the Company's board of directors. Drs. Schaffer, Kohrt and McNeil and Messrs. Carlberg and Pappajohn were elected to serve until the next annual meeting of stockholders or until their successors are duly elected and qualified. The vote tabulation with respect to each nominee was as follows: Nominee Votes For Votes Against ------- --------- ------------- Dr. Derace L. Schaffer 6,125,948 0 Donald A. Carlberg 6,125,948 0 Dr. Carl F. Kohrt 6,125,948 0 Dr. Barbara J. McNeil 6,125,948 0 John Pappajohn 6,125,948 0 b) To ratify the selection of Deloitte & Touche, LLP as the Company's independent auditors for the fiscal year ending December 31, 1997. The selection was approved with 6,125,948 votes for the selection and no votes against the selection. Item 5. Other Information The Company's Sr. Vice President, Chief Financial Officer, Secretary and Treasurer, Mr. Gregory D. Brown, has announced his resignation from those offices effective August 15, 1997. Item 6. Exhibits and Reports on Form 8-K No reports on Form 8-K were filed during the quarter ended June 30, 1997. Exhibits: (11) Statements of Computation of Per Share Earnings See Page 11 of this Quarterly Report on Form 10-Q. (27) Financial Data Schedule Filed electronically EX-11 2 COMPUTATION OF PER SHARE EARNINGS Exhibit 11. Statement of Computation of Per Share Earnings PATIENT INFOSYSTEMS, INC.
Three Months Ended Six Months Ended June 30, June 30, 1997 1996 1997 1996 Net Loss ........................................... $ (892,$06) $ (711,701) $(1,481,430) $1,279,907) ========== ========== =========== ========== Weighted average Common Stock outstanding .......... 7,971,802 3,602,880 7,957,220 3,602,880 Weighted average Series A Convertible Stock outstanding ........................... - 1,296,000 - 1,296,000 Staff Accounting Bulletin Common Stock equivalents: Series B Convertible Preferred Stock issued May and June of 1996, calculated using the treasury stock method ........................... - 500,000 - 437,500 Dilutive effect of stock options granted in the preceding twelve months, calculated using the treasury stock method ................ - 782,369 - 782,369 --------- --------- --------- --------- Number of shares to be used in calculation ......... 7,971,802 6,181,249 7,957,220 6,118,749 --------- --------- --------- --------- Loss per common share ................................ $ (0.11) $ (0.12) $ (0.19) $ (0.21) ========== ========== ========== ==========
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: August 14, 1997 PATIENT INFOSYSTEMS, INC. (Registrant) /s/ Gregory D. Brown Gregory D. Brown Senior Vice President, Chief Financial Officer, Secretary and Treasurer /s/ Lynda J. Bates Lynda J. Bates, CPA Controller (Principal Accounting Officer) EX-27 3 FINANCIAL DATA SCHEDULE
5 1 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 2,303,039 13,170,820 405,788 0 0 333,487 1,339,209 354,633 17,447,710 1,222,119 0 0 0 79,718 16,145,873 17,447,710 1,093,806 1,093,806 886,143 3,011,906 0 0 0 (1,481,430) 0 (1,481,430) 0 0 0 (1,481,430) (0.19) (0.19)
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