Internet health network
posted wider third-quarter losses on Wednesday, reflecting $48 million of non-cash expenses relating to the company's private placement of preferred stock and warrants.
The company, which laid off more than 30% of its workforce during the quarter, said net loss was $57.9 million, or $1.60 a share, compared with $20.6 million, or 68 cents a share, for the third quarter of 1999.
Total revenue for the quarter was $2 million, compared with $2.9 million for the same period last year. The company said its net cash for operating activities fell to $8.5 million from $31 million in the third quarter of 1999 as a result of cost reduction efforts.
Drkoop.com also announced the appointment of healthcare executive John Cardwell to lead the company's customer operations.
Its shares closed Tuesday at 81 cents on the