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Hooper Holmes Q3 Revenues Plunge 7%

Generated revenues of $43.8m for Q3 of 2009 compared with $47.2m in Q3 of 2008

Hooper Holmes has announced financial results for the three and nine months ended September 30, 2009.

The consolidated revenues totalled $43.8m for the third quarter of 2009, representing a 7% revenue decline from the $47.2m in the third quarter of 2008.

This is an improvement for the third quarter of 2009 in comparison to the 10% revenue decline experienced in the first half of 2009.

The company recorded a net loss of $0.7m for the third quarter of 2009, or $(0.01) per share compared to a net loss of $2.7m, or $(0.04) per share in 2008.

The net loss for the third quarter of 2009 includes a non-cash charge of $0.6m attributable to increased depreciation expense resulting from a reduction in the estimated useful life of the company’s current IT system.

For the nine months ended September 30, 2009, the consolidated revenues were $137.4m compared to $150.8m in the comparable period of 2008. The company’s net loss for the nine months ended September 30, 2009 totalled $3.0m, or $(0.04) per share, compared to a net loss of $3.1m, or $(0.05) per share in 2008.

The results for the nine months ended September 30, 2009 include a non-cash charge of $2.1m attributable to increased depreciation expense resulting from a reduction in the estimated useful life of the company’s current IT system.

Roy Bubbs, president and CEO, said: “I am encouraged by the progress made in the third quarter, which is traditionally a slow quarter for the life insurance industry. We significantly reduced our loss in comparison to the prior year.”