VIENNA, Va., Aug. 24 /PRNewswire-FirstCall/ -- MSSI-TeleScience International, Inc. (BULLETIN BOARD: MSSI) announced today the company’s financial results for the second quarter ended June 30, 2004.
The company reported revenue of $1,693,442 compared with revenue of $2,462,608 in the second quarter of 2003. The company said it had a net loss for the quarter of ($701,999) or ($0.01) per share compared with a net loss of ($94,453) or ($.02) per share in the second quarter of 2003.
For the first six months of 2004, the company reported revenue of $3,378,458 compared with revenue of $4,722,581 in the first half of 2003. The company said it had a net loss for the first six months of ($1,169,111) or ($0.02) per share compared with a net loss of ($171,640) or ($.04) per share in the first six months of 2003.
MSSI President and CEO Dr. B.B. Sahay said, “Our revenue and bottom line were adversely impacted by the completion of a significant contract providing nursing services to a government facility. We are intensively focused on replacing this revenue with new business. We currently have a number of bids outstanding, collectively representing over $40 million in business over five years to various government facilities. We are working on securing a fair percentage of these new contracts prior to the end of the year.”
“During the quarter, we signed a letter of intent to acquire PracticeOne, a leading single-source provider of practice and clinical management application software and services to physician practices and clinics. PracticeOne, a privately held company headquartered in Calabasas, California, is a national leader in HIPAA compliant practice management solutions that help physicians. The company has an installed client base of over 1,500 providers spanning over 300 practices in 41 states. The deal is forecast to add more than $5 million in annualized revenue. When completed, this is expected to provide an important lift to our financial results.”
An investment profile on MSSI-TeleScience International, Inc. may be found at http://www.hawkassociates.com/MSSI/profile.htm
About MSSI-TeleScience International, Inc.
MSSI-TeleScience International, Inc. is a provider of long-term medical personnel, homeland security and technology services to federal, state and local government agencies and to the private sector. The company’s Medical Services Division has operations in 22 states servicing hospital and medical facilities with doctors, nurses and technicians, including long-term contracts with the U.S. Army, the U.S. Department of Health and Human Services and the State of California. The company’s Technology Division provides systems integration and information technology services to the federal government, as well as emergency equipment, decontamination products, vehicles and supplies to state and local governments. The company has been named as a participant in a $1 billion IDIQ (Indefinite Delivery Indefinite Quantity) contract with the Commonwealth of Pennsylvania for homeland security equipment. MSSI-TeleScience International currently has over 200 employees and continues to grow its staff and contracts. For more information, visit the company’s website at http://www.telescience.com/.
For MSSI-TeleScience services or employment inquiries, contact Reeba Magulick at (703) 641-8890, ext. 131, email: rmagulick@telescience.com. For investor relations information, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 852-2383, email: info@hawkassociates.com. Copies of MSSI press releases, current Level II price quotes, interactive and Java stock charts and other valuable information for investors may be found on the websites http://www.hawkassociates.com/ and http://www.hawkmicrocaps.com/.
Legal Notice Regarding Forward-Looking Statements: “Forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. TeleScience disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to, risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand, market acceptance of our services and changes in our business strategies.
MSSI-Telescience International, Inc.
CONTACT: Reeba Magulick, MSSI-Telescience International, Inc.,+1-703-641-8890, ext. 131, or rmagulick@telescience.com; or InvestorRelations, Frank Hawkins or Julie Marshall, both of Hawk Associates,+1-305-852-2383, or info@hawkassociates.com, for MSSI-TelescienceInternational, Inc.
Web site: http://www.telescience.com/
