LanVision Systems seeks to maximize value
December 2, 1998 12:07 PM
CINCINNATI, Dec 2 (Reuters) - LanVision Systems Inc. LANV , a provider of health care information systems, said Wednesday it retained CIBC Oppenheimer as financial advisor to evaluate ways to maximize shareholder value.
"Currently, we feel that LanVision's stock price does not accurately reflect the company's recent accomplishments and future prospects in the marketplace," Brian Patsy, chief executive officer, said in a statement.
LanVision's shares closed Tuesday at 1-1/8, up modestly from a 52-week low of 7/8 but off the high of 6.
In his statement, Patsy said revenues this year are almost 60 percent higher than last year and operating expenses have been reduced.
Officials were not available for live comment.
In November, the company reported year-to-date revenues of $9.4 million compared with $6.01 million during the same nine months in 1997.
Total operating expenses in the nine-months of 1998 totaled $17.4 million, an increase from the $15.9 million posted for the same period last year.
For the quarter, operating expenses were $4.6 million, down from the $5.27 million in the third quarter 1997.
LanVision's net and per losses narrowed in both the third quarter and nine-month periods of 1998.
In the three months, net loss totalled $2.1 million or $0.24 a share compared with loss of $2.6 million or $0.30 a share year-on-year. Losses year-to-date were $8.1 million or $0.93 a share versus $9.04 million or $1.02 a share last year.
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