Welcome!

News Feed Item

Hooper Holmes Announces 2013 Financial Results

Hooper Holmes, Inc. (NYSE MKT:HH) today announced financial results for the year ended December 31, 2013.

On September 30, 2013, the Company closed on the sale of its Portamedic service line. As a result, financial results related to the Portamedic service line are reported as discontinued operations.

Consolidated revenues from continuing operations totaled $15.0 million for the fourth quarter of 2013, representing a 1% decline compared to $15.2 million in the fourth quarter of 2012. The Company recorded a net loss of $2.0 million, or $(0.03) per share, for the fourth quarter of 2013 compared to a net loss of $6.7 million, or $(0.10) per share, for the fourth quarter of 2012. The net loss for the fourth quarter of 2013 included a loss from discontinued operations of $0.5 million. The net loss for the fourth quarter of 2012 included a loss of $5.7 million from discontinued operations.

For the year ended December 31, 2013, consolidated revenues from continuing operations were $49.2 million, a decline of approximately 3.5% compared to $51.0 million for the full year 2012. The Company’s net loss for the year ended December 31, 2013 totaled $11.3 million, or $(0.16) per share, compared to a net loss of $17.6 million, or $(0.25) per share, for the year ended December 31, 2012. Results for the year ended December 31, 2013 included $0.8 million of restructuring charges related to continuing operations, $3.4 million gain on the sale of Portamedic, and a loss from discontinued operations of $4.5 million. The net loss for the year ended December 31, 2012 included $0.6 million of restructuring charges from continuing operations and a loss of $10.5 million from discontinued operations.

Full year 2013 revenues by segment:

  • Health & Wellness revenue totaled $23.1 million, an increase of 8% from $21.3 million in full year 2012.
  • Heritage Labs revenue totaled $11.4 million, a decline of approximately 13% compared to $13.2 million in full year 2012, primarily attributable to a decrease in revenue from the Company’s life insurance lab testing services.
  • Hooper Holmes Services revenues totaled $14.6 million, a decline of approximately 11% compared to $16.5 million for 2012, primarily attributed to reduced demand for the Company’s medical records collection services, and partially offset by increased revenues from underwriting services.

As of December 31, 2013, cash and cash equivalents totaled $4.0 million, with no borrowings outstanding under the Company’s credit facility.

Commenting on 2013 financial results, Henry E. Dubois, President and CEO of Hooper Holmes, stated: “The 2013 fourth quarter marked a transition for Hooper Holmes that will continue through Q1 2014. The sale of Portamedic, which had been a source of losses, accelerated our drive to restructure and build a leaner, faster, less costly company, though transition costs will linger through Q1 2014. But when you peel away the impacts from the life insurance market, we are pleased to see our Health and Wellness business is growing, which will drive the Company forward and be the source of shareholder value creation.”

Continued Mr. Dubois, “We believe we are well positioned for Health & Wellness growth in 2014 and beyond. We are pleased with the traction we are experiencing in the first quarter of 2014 and we are continuing to execute on initiatives to improve operational efficiencies.”

Conference Call

The Company will host a conference call today, March 26, 2014 at 8:30 a.m. ET to discuss 2013 results. A slide presentation will accompany the conference call and will be available on the Company’s website located at www.hooperholmes.com.

To participate in the conference call, please dial 877-941-2068, or internationally 480-629-9712, conference ID: 4672219 five to ten minutes before the call is scheduled to begin. A live webcast will be hosted on the Company's website located at www.hooperholmes.com. A replay of the conference call will be available from 11:30 a.m. ET on March 26, 2014 until midnight ET on April 3, 2014, by dialing 877-870-5176, or internationally 858-384-5517. The access code for the replay is 4672219.

About Hooper Holmes

Hooper Holmes is a leader in collecting personal health data and transforming it into useful information, enabling customers to take actions to manage or reduce their risks and expenses. Hooper Holmes mobilizes a national network of health professionals to provide on-site health screenings, laboratory testing, risk assessments, and support clinical research. Hooper Holmes’ services help organizations benchmark employee populations, monitor them for improvement and drive down healthcare costs.

Hooper Holmes has three segments. Health & Wellness performs risk assessment and risk management services including biometric screenings, health risk assessments and onsite wellness coaching for wellness companies, disease management organizations, clinical research organizations and health plans. Heritage Labs tests millions of samples annually and helps insurers better applying the predictive powers of today’s tests. Hooper Holmes Services provides integrated data collection, tele-interviewing and underwriting services.

This press release contains “forward-looking” statements, as such term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, these forward-looking statements are our ability to successfully implement our business strategy; uncertainty as to our working capital requirements over the next 12 to 24 months; our ability to maintain compliance with the financial covenant in our credit facility; our expectations regarding our operating cash flows; and the rate of growth in the Health and Wellness market and rate of life insurance application activity. Additional information about these and other factors that could affect the Company’s business is set forth in the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2013 filed with the Securities and Exchange Commission on November 18, 2013 and the Company’s annual report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on April 1, 2013. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events, except as required by law.

                 
 
HOOPER HOLMES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except share and per share data)
 
 
Three Months ended December 31, Twelve Months ended December 31,

2013

2012

2013

2012

 
Revenues $ 14,967 $ 15,191 $ 49,160 $ 50,977
Cost of operations   11,149     11,244     37,618     37,678  
  Gross profit   3,818     3,947     11,542     13,299  
Selling, general and administrative expenses 4,930 4,658 20,273 19,543
Impairment of long-lived assets - 227 212 227
Restructuring charges   142     121     813     566  
  Operating loss from continuing operations   (1,254 )   (1,059 )   (9,756 )   (7,037 )
Other expense:
Interest expense (6 ) (2 ) (86 ) (10 )
Interest income 1 4 5 26
  Other (expense) income, net   (223 )   10     (399 )   (33 )
      (228 )   12     (480 )   (17 )
Loss from continuing operations before income taxes (1,482 ) (1,047 ) (10,236 ) (7,054 )
Income tax expense   5     12     19   23  
  Loss from continuing operations   (1,487 )   (1,059 )   (10,255 )   (7,077 )
 
Discontinued operations:
(Loss) gain on sale of Portamedic and subsidiary (185 ) - 3,430 65
  Loss from discontinued operations, net of income taxes     (327 )   (5,678 )   (4,450 )   (10,586 )
  Loss from discontinued operations   (512 )   (5,678 )   (1,020 )   (10,521 )
Net loss $ (1,999 ) $ (6,737 ) $ (11,275 ) $ (17,598 )
 
 
Loss per share
Continuing operations:
Basic $ (0.02 ) $ (0.02 ) $ (0.15 ) $ (0.10 )
Diluted $ (0.02 ) $ (0.02 ) $ (0.15 ) $ (0.10 )
Discontinued operations:
Basic $ (0.01 ) $ (0.08 ) $ (0.01 ) $ (0.15 )
Diluted $ (0.01 ) $ (0.08 ) $ (0.01 ) $ (0.15 )
Net loss:
Basic $ (0.03 ) $ (0.10 ) $ (0.16 ) $ (0.25 )
  Diluted $ (0.03 ) $ (0.10 ) $ (0.16 ) $ (0.25 )
 
Weighted average number of shares:
Basic and diluted 70,226,295 69,835,387 69,965,814 69,743,897
 

           
 
Hooper Holmes, Inc.
Consolidated Balance Sheets
(unaudited; in thousands, except share and per share data)
   

December 31, 2013

December 31, 2012

ASSETS
Current assets:
Cash and cash equivalents $ 3,970 $ 8,319
Accounts receivable, net of allowance for doubtful accounts 8,398 17,018
Inventories 1,376 1,290
Other current assets 1,597 374
Assets held for sale   714     3,646  
Total current assets 16,055 30,647
 
Property, plant and equipment, net 3,761 5,634
Other assets   1,830     137  
Total assets $ 21,646   $ 36,418  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,440 $ 6,783
Accrued expenses 4,036 4,439
Liabilities held for sale   -     220  
Total current liabilities 7,476 11,442
 
Other long term liabilities 870 1,115
 
Commitments and contingencies
 
Stockholders' equity:
Common stock 2,815 2,794
Additional paid-in capital 150,235 149,542
Accumulated deficit   (139,679 )   (128,404 )
13,371 23,932
Less: Treasury stock at cost   (71 )   (71 )
Total stockholders' equity   13,300     23,861  
Total liabilities and stockholders' equity $ 21,646   $ 36,418  
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...