Hooper Holmes 1Q loss narrows on lower costs
Hooper Holmes Inc., which screens applicants and evaluates injury claims for insurance companies, on Friday reported a narrower first-quarter loss as costs declined.
The company said it lost $704,000, or a penny per share, compared with a loss of $1.8 million, or 3 cents per share, during the same period a year earlier. Revenue fell 12 percent to $41.9 million from $47.4 million.
Cost of operations fell 12 percent to $30.7 million while selling, general and administrative expenses fell 10 percent to $11.7 million.
"Our first-quarter revenue decline is primarily attributable to the economy and its negative impact on the life insurance industry, and to a lesser extent, poor weather in certain regions of the U.S.," said Roy H. Bubbs, president and CEO of Hooper Holmes. "By improving revenues and lowering costs, we expect to be profitable in the second quarter and for the balance of the year."
Hooper Holmes shares rose 3 cents, or 3.6 percent, to 87 cents in morning trading.