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Hooper Holmes Announces Second Quarter 2011 Results

Hooper Holmes (NYSE Amex:HH) today announced financial results for the quarter ended June 30, 2011.

Consolidated revenues totaled $37.9 million for the second quarter of 2011, representing a 7% revenue decline from $40.7 million in the second quarter of 2010. The Company recorded a net loss of $1.6 million for the second quarter of 2011, or ($0.02) per share, compared to net income of $1.2 million, or $0.02 per share, for the second quarter of 2010. Net income for the second quarter of 2010 included a $1.6 million reduction in a previously established reserve for interest and penalties pertaining to unclaimed property.

For the six months ended June 30, 2011, consolidated revenues were $78.5 million compared to $82.6 million in the comparable period of 2010. The Company’s net loss for the six months ended June 30, 2011 totaled $1.7 million, or ($0.02) per share, compared to net income of $0.5 million, or $0.01 per share, for the six months ended June 30, 2010. The results for the six months ended June 30, 2010 included a $1.6 million reduction in a previously established reserve for interest and penalties pertaining to unclaimed property.

Second quarter 2011 revenues by service line:
  • Portamedic revenue totaled $26.8 million in the second quarter of 2011, a decline of approximately 11% compared to $30.1 million in the second quarter of 2010, primarily due to a 7% decline in paramedical exams completed during the quarter, along with a 3.5% decrease in revenue per exam.
  • Heritage Labs revenue totaled $3.1 million for the second quarter of 2011, an increase of approximately 9% compared to the second quarter of 2010, primarily attributable to an increase in demand for lab kit assembly services, along with increased revenue per specimen tested.
  • Hooper Holmes Services revenue totaled $5.5 million for the second quarter of 2011, basically flat in comparison to the comparable prior year period, as a result of increased demand for outsourced underwriting services, offset by reduced revenue in our tele-underwriting business.
  • Health & Wellness revenue totaled $2.6 million for the second quarter of 2011, a 10% increase from the second quarter of 2010, primarily due to an increase in health screenings completed during the quarter.

Net cash provided by operations approximated $2.6 million in the second quarter of 2011, primarily attributable to a reduction in accounts receivable during the second quarter. Capital expenditures totaled $1.0 million in the second quarter of 2011. As of June 30, 2011, cash and cash equivalents totaled $20.9 million, with no outstanding borrowings under the Company’s credit facility.

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