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The following is an excerpt from a 10QSB SEC Filing, filed by AVESIS INC on 5/15/2001.
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AVESIS INC - 10QSB - 20010515 - NOTES_TO_FINANCIAL_STATEMENT

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2001 AND 2000
(Unaudited)

Note 1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Avesis Incorporated, and its wholly-owned subsidiaries, AbsoluteCare, Inc., Avesis of Washington, D.C., Avesis Third Party Administrators, Inc., Avesis Reinsurance Incorporated and Avesis of New York, Inc. (collectively, the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for a complete financial statement presentation. In the opinion of Management, such unaudited interim information reflects all adjustments, consisting only of a normal recurring nature, necessary to present the Company's financial position and the results of operations and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-KSB, for the year ended December 31, 2000.

Note 2. Earnings (Loss) per Share

A summary of the reconciliation from basic earnings per share to diluted earnings per share for the quarters ended March 31, 2001 and 2000 follows:

                                                               Quarter ended      Quarter ended
                                                              March 31, 2001     March 31, 2000
                                                              --------------     --------------
Net (loss)/earnings                                            $  (418,780)       $   212,772
Less:  preferred stock dividends                                    22,755             24,055
                                                               -----------        -----------
(Loss)/income available to common stockholders                    (441,535)           188,717
                                                               ===========        ===========
Basic EPS - weighted average shares outstanding                  7,621,047          7,279,066
                                                               ===========        ===========
Basic (loss)/earnings per share                                $     (0.06)       $      0.03
                                                               ===========        ===========
Basic EPS - weighted average shares outstanding                  7,621,047         7,3279,066
Effect of dilutive securities:
  Stock Purchase Options - common stock                            277,859            674,547
  Convertible preferred stock                                           --          2,732,254
                                                               -----------        -----------
Dilutive EPS - weighted average shares outstanding               7,898,906         10,685,868
Net (loss)/earnings                                            $  (441,535)       $   212,772
                                                               -----------        -----------
Diluted (loss)/earnings per share                              $     (0.06)       $      0.02
                                                               ===========        ===========

Note 3. Use of Estimates

Management of the Company has made certain estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses to prepare the financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates.

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