BALDWINSVILLE, N.Y., May 13, 2008 (PRIME NEWSWIRE) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) announced today that its revenues for the first quarter ended March 31, 2008 were $3,876,233, as compared to $251,978 for the comparable period in 2007. Additionally, the Company had income before interest, depreciation and amortization (EBITA) of approximately $44,000 for the quarter. The first quarter revenue also exceeded the Company's total revenue of $3,868,299 for calendar year 2007. This significant increase in revenue is primarily attributable to the acquisition of the Company's TB&A Hospital Television, Inc. subsidiary in November, 2007, as well as acquisition and development of additional hospital service contracts throughout calendar year 2007 and the first quarter of 2008.
"We are pleased to report our recently completed first quarter demonstrates our successful growth strategy and is in line with our plan, which combines strategic acquisitions with internally-generated revenue growth from our existing hospital contracts," said Kevin Kelly, Company President. "We continue to see significant opportunity in the marketplace for increased revenues throughout calendar year 2008 as we further enhance our newly-acquired operations with our Patient Portal products and services," Mr. Kelly added.
SUMMARY OF RESULTS FROM OPERATIONS:
Cost of sales for the three months ended March 31, 2008 were $3,320,185 as compared to cost of sales of $239,231 during the same period in 2007.
Selling and marketing expenses were $98,413 for the three months ended March 31, 2008 as compared to $90,053 in 2007, and administrative expenses were $692,876 for the three months ended March 31, 2008 as compared to $173,499 during the same period in 2007. These increases are due primarily to first-year and start-up costs associated with our newly-acquired hospital service contracts, costs associated with the acquisition of our TB&A Hospital Television, Inc. subsidiary, and increased staffing and overhead costs resulting from our growth in operations and revenue. These expenses as a percentage of revenue are expected to decrease significantly in 2008 as the increases in revenue from our November, 2007 acquisitions are reflected on a quarterly and full-year basis.
Interest costs were $212,076 for the three months ended March 31, 2008 compared to $25,653 in 2007. This increase in interest costs is due to the additional interest expense as a result of the Dutchess Capital financing which closed on November 4, 2007.
The Company reported a net loss of ($447,316) for the three months ended March 31, 2008 as compared to a net loss of ($106,360) during the same period in 2007. This represents a loss per share of ($.01) for the three months ended March 31, 2008 as compared to a loss per share of $(.01) for the same period in 2007.
About Patient Portal Technologies
Patient Portal Technologies is a leading national provider of patient-centric creative and innovative technology solutions for healthcare institutions. The Company's products and services utilize a state-of-the-art proprietary software platform that optimizes patient flow, reduces administrative costs, provides patient education, and maximizes reimbursement to service providers. Company information is available at www.patientportal.com.