reported a wider-than-expected loss for the latest third quarter.
The Web-based health care information provider reported a loss for the third quarter, excluding charges, of $65.8 million, or 27 cents a share, compared with a loss of $10.1 million, or 14 cents a share, in the year-ago period. Analysts expected the company to lose 22 cents a share for the quarter, according to
First Call/Thomson Financial
Third-quarter revenue for the company, which is based in Atlanta, came in at $151.2 million, compared with $28.7 million a year ago.
The company said "this quarter's results are complicated by the September closing of the WebMD, Medical Manager, CareInsite and OnHealth merger transactions and do not demonstrate the benefits of the comprehensive restructuring program underway nor the impact of the new management's strategic initiatives."
WebMD expects additional restructuring and integration charges from the rationalization of products and relationships. The board approved the relocation of the corporate offices to the New York metropolitan area, which is expected to result in additional restructuring charges. WebMD will also record a charge for the resignation of certain executives. The charge will be predominantly noncash and relates to the treatment of stock options.