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Landacorp Posts Record Fourth-quarter and Year-end Results
ATLANTA--(BUSINESS WIRE)--March 28, 2000--Landacorp, Inc. (NASDAQ: LCOR), a leading provider of business-to-business Internet-based and other electronic medical management solutions to health plan and provider organizations today reported record results for the fourth quarter and year ended December 31, 1999.
Fourth-Quarter revenues increase 43%
Total revenues for the fourth quarter of 1999 increased 43% to $2.24 million from revenues of $1.57 million in the corresponding period of 1998. The Company reported a net loss of $947,000, or $0.11 per share on a pro forma basis in the fourth quarter of 1999, compared with a net loss of $1.6 million, or $0.19 per share on a pro forma basis in the corresponding period of 1998. Excluding stock-based compensation and a one-time IPO-related settlement with a shareholder, the Company reported a net loss of $314,000, or $0.04 per share on a pro forma basis in the fourth quarter of 1999. This compares with a net loss of $385,000 or $0.05 per share on a pro forma basis in the corresponding period of 1998.
1999 revenues increase 50%
For the year ended December 31, 1999, Landacorp reported revenues of $9.3 million, compared with revenues of $6.2 million in 1998. For 1999, the Company reported a net loss of $2.4 million, or $0.29 per share on a pro forma basis. In 1998, the net loss was $1.9 million, or $0.27 per share on a pro forma basis. Excluding stock-based compensation and a one-time IPO-related settlement with a shareholder, the Company reported a net loss of $253,000 for 1999, or $0.03 per share on a pro forma basis. On that same basis, the net loss was $737,000, or $0.10 per share on a pro forma basis, for 1998.
A great starting point
"By any standards, 1999 was a record-setting year for Landacorp," said Landacorp President and CEO, Gene Cattarina. "That we achieved this in the shadow of Y2K makes our accomplishments that much more satisfying. Clearly, both healthcare payers and providers see the value of medical management systems and, more specifically, Landacorp's e-based strategies and products. Our performance more than affirms the strength of our vision, organization, management team, products and, most important, our clients. It's a great starting point, and as we begin our first year as a public company, I believe it is indicative of things to come."
Landacorp: the e-medical management company
Landacorp provides healthcare payers and providers with business-to-business Internet-based and other electronic medical management solutions that are designed to control the cost and improve the quality of healthcare delivery. Landacorp's medical management solutions automate and streamline administrative and business processes, minimize inefficient paper-, fax-, and phone-based communications, and facilitate interaction among various healthcare participants.
The company's flagship products, maxMC(TM) for managed care organizations and Maxsys II(TM) for healthcare providers, are combined with implementation, consulting, and support services to deliver cost-effective, integrated automation approaches for case, utilization, and risk management; pre-certification/authorization management; quality improvement; outcomes management; infection control; and credentialing. Landacorp's e-maxMC(TM) application allows customers to operate the rich functionality of the system across the Internet, linking themselves with providers and members via the web. And through its recently acquired iHealthMedia.com(SM) division, Landacorp provides interactive media strategies and Internet/intranet/extranet site development to help payers and providers better connect with all of their stakeholders. |
