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BASKING RIDGE, N.J., July 18, 2001 -- Hooper Holmes, Inc. (Amex:HH) today commented that second quarter revenue and earnings are expected to be lower than previously anticipated due in part to a slowdown in the life insurance industry.
Based on current data, revenues for the quarter ended June 30, 2001 are expected to be approximately $60.0 to $61.0 million compared to the $67.6 million reported in the second quarter last year. Earnings per diluted share are expected to be approximately $0.05 compared to $0.07 in last year's second quarter.
Jim McNamee, Chairman and Chief Executive Officer, commented, ``While the past few quarters have seen a slight recovery within the life insurance industry, the rebound has been slower than we expected, particularly in recent months. We expect that this, combined with increased competition in our industry and a slowing economy in select regions, will result in lower revenues and earnings this quarter.''
Mr. McNamee continued, ``Despite these challenges, we remain confident in our ability to work through and overcome them. With approximately $62 million in cash and investments, our balance sheet provides us with the flexibility to continue pursuing opportunities to expand our business, such as acquisitions and the development of new strategies and products. Furthermore, we remain diligent in managing our expenses which we believe will drive additional operating efficiencies as the year progresses.''
Hooper Holmes expects to report second quarter results on July 26, 2001. At that time, the Company will hold a live webcast of its conference call to further discuss the second quarter and provide additional guidance for the remainder of the year.
Hooper Holmes, Inc. provides health information services on insurance policy applicants to the life insurance industry. The Company provides these health information services through over 300 locations nationwide.
Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involving the Company's business. These forward-looking statements are qualified in the entirety by cautionary statements contained in the Company's Securities and Exchange Commission filings. The Company disclaims any obligation to update these forward-looking statements.
Contacts: Fred Lash, Chief Financial Officer
(908) 766-5000
Morgen-Walke Associates, Inc.
Theresa Vogt, Sarah Torres, Investors
Jennifer Karchmer, Steve DiMattia, Media
(212) 850-5600
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