Nice report from LCOR. Not exactly a stirring narrative though...must have been written by Al Gore's speech writer<g>.
ATLANTA, May 7 /PRNewswire-FirstCall/ -- Landacorp, Inc. (Nasdaq: LCOR), a
leading provider of technology-driven population health management solutions
to health plans and provider organizations, today reported results for the
first quarter ended March 31, 2003.
Total revenues for the first quarter of 2003 increased 36% to $6.0 million
from revenues of $4.4 million in the corresponding period of 2002. The
Company reported net income for the quarter of $0.5 million, or $0.03 per
share (basic) and $0.03 per share (diluted), compared to a net loss of $2.5
million, or $0.16 per share for the corresponding period of 2002.
Included in the first quarter of 2003, is revenue of approximately $0.5
million related to achieving certain performance criteria from an ongoing
contract.
Landacorp, Inc.
Landacorp, Inc. is The Population Health Management Company(SM). Our
technology-driven solutions for health plans and healthcare delivery
organizations include integrated predictive and interventional care management
programs and services, and comprehensive Internet- and Windows(R)-based
medical management software that improve health outcomes while helping manage
and prevent costs. Selected as one of the top eleven disease management
vendors in the Summer 2002 DSM Service Report issued by the Health Industries
Research Companies (HIRC), Landacorp is among the largest providers of
disease-specific intervention programs and services in the United States.
Landacorp products and services are implemented at more than 160 client sites.
Landacorp corporate headquarters and sales and marketing offices are located
in Atlanta, Ga., with additional operations located in Raleigh, N.C., and
Chico, Calif.
This press release contains forward-looking statements for purposes of the
Private Securities Litigation Reform Act of 1995. Examples of such forward-
looking statements include statements regarding our products and anticipated
growth in the markets for our products. Such forward looking statements are
based on our management's current judgment and actual results may differ
materially from those projected in such forward-looking statements due to
various known and unknown risks and uncertainties, including the risk that new
and recent contracts will not result in increased business and revenues as
quickly as currently anticipated, or at all, and the risk that the markets for
our products will not develop and improve as currently anticipated. For
further information regarding these and the other risks related to Landacorp's
business, investors should consult Landacorp's filings with the Securities and
Exchange Commission, including its Form 10-K for the year ended December 31,
2002. Landacorp disclaims any intent or obligation to update these forward-
looking statements, and claims the protection of the Safe Harbor for forward-
looking statements contained in the Private Securities Litigation Reform Act
of 1995.
Browse the Landacorp website at landacorp.com .
The Company's condensed statement of operations and condensed balance
sheet are as follows:
Landacorp, Inc.
Condensed Statement of Operations:
(Unaudited)
(in thousands, except per share data)
Three months ended
Mar, 31
2003 2002
Revenue $5,957 $4,373
Cost of revenue 2,002 2,557
Gross profit 3,955 1,816
Operating expenses:
Sales and marketing 869 1,209
Research and development 1,102 1,186
General and administrative 1,334 1,649
Amortization of intangible assets 134 318
Total operating expenses 3,439 4,362
Net Income (loss) from operations 516 (2,546)
Interest and other income 26 52
Interest expense (5) (7)
Net income (loss) $537 $(2,501)
Net income (loss) per share - basic $0.03 $(0.16)
Net income (loss) per share - diluted $0.03 $(0.16)
Weighted average common shares
outstanding - basic 15,520 15,378
Weighted average common and common
equivalent shares outstanding -
diluted 16,306 15,378
Landacorp, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
Mar 31, Dec 31,
2003 2002
Assets (unaudited)
Current Assets:
Cash and cash equivalents $9,281 $10,008
Accounts receivable and costs and
estimated earnings in excess of
billings on uncompleted
contracts, net 3,407 3,797
Other current assets 813 761
Total current assets 13,501 14,566
Property and equipment, net 1,570 1,365
Goodwill 7,749 7,749
Intangible assets, net 1,382 1,516
Other long-term assets 115 123
$24,317 $25,319
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable $1,097 $730
Accrued expenses 2,150 3,525
Restructuring Accrual 180 208
Deferred revenue and billings in
excess of costs and estimated
earnings on uncompleted
contracts, net 6,169 7,122
Current portion of capital lease
obligations 78 78
Current portion of notes payable 92 ---
Total current liabilities 9,766 11,663
Capital lease obligations, net of
current portion 154 181
Notes payable, net of current portion 276 ---
Total liabilities 10,196 11,844
Stockholders' equity:
Common stock, $0.001 par value,
50,000,000 shares authorized;
15,965,000 and 15,679,000 shares
issued and outstanding,
respectively 16 16
Additional paid-in capital 58,507 58,412
Notes receivable from officers (165) (163)
Unearned stock-based compensation (20) (36)
Accumulated deficit (44,217) (44,754)
Total stockholders' equity 14,121 13,475
$24,317 $25,319
Landacorp is a registered trademark of Landacorp, Inc. The Population
Health Management Company is a service mark of Landacorp, Inc. Windows is a
registered trademark of Microsoft Corporation.
For more information contact:
Mark Rapoport
Landacorp
404-531-9956
mrapoport@landacorp.com
SOURCE Landacorp, Inc.
-0- 05/07/2003
/CONTACT: Mark Rapoport of Landacorp, +1-404-531-9956, or
mrapoport@landacorp.com /
/Web site: landacorp.com /
(LCOR)
CO: Landacorp, Inc.
ST: Georgia
IN: HEA CPR STW
SU: ERN
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