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Hooper Holmes Announces Fourth Quarter And Year-End 2011 Results

Stocks in this article: HH

Hooper Holmes (NYSE Amex:HH) today announced financial results for the quarter and year ended December 31, 2011.

Consolidated revenues totaled $40.8 million for the fourth quarter of 2011, representing a 6% revenue decline from $43.4 million in the fourth quarter of 2010. The Company recorded a net loss for the fourth quarter of $0.6 million, or ($0.01) per share, compared to net income of $2.2 million, or $0.03 per diluted share, in 2010.

For the year ended December 31, 2011, consolidated revenues were $157.5 million compared to $166.4 million in the comparable period of 2010. The Company’s net loss for the year ended December 31, 2011 totaled $3.5 million, or ($0.05) per share, compared to net income of $1.5 million, or $0.02 per diluted share, in 2010. The results for the year ended December 31, 2011 include a $0.5 million sales tax refund received from a supplier. The results for the year ended December 31, 2010 included a $1.6 million reduction in a previously established reserve for interest and penalties pertaining to unclaimed property, along with restructuring charges of $1.0 million.

Fourth quarter 2011 revenues by service line:

  • Portamedic revenue totaled $26.5 million in the fourth quarter of 2011, a decline of approximately 9% compared to $29.2 million in the fourth quarter of 2010, primarily due to a 4% decline in paramedical exams completed during the quarter, along with a 6% decrease in revenue per exam.
  • Heritage Labs revenue totaled $2.8 million for the fourth quarter of 2011, a decrease of approximately 11% compared to the fourth quarter of 2010, primarily attributable to reduced demand for our lab testing services.
  • Hooper Holmes Services revenue totaled $4.8 million for the fourth quarter of 2011, down 8% in comparison to the prior year period, primarily attributable to reduced revenue from our medical records collection services.
  • Health & Wellness revenue totaled $6.8 million for the fourth quarter of 2011, a 16% increase from the fourth quarter of 2010, primarily due to an increase in health screenings completed during the quarter.

Net cash provided by operations approximated $0.6 million in the fourth quarter of 2011 and capital expenditures totaled $1.5 million. As of December 31, 2011, cash and cash equivalents totaled $16.9 million, with no outstanding borrowings under the Company’s credit facility.

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