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BPO Management Services Announces Financial Results for Fourth Quarter and Full Year 2008
Date:4/1/2009

l continue to drop-off significantly.

  • BPOMS completed its merger with Healthaxis during the fourth quarter, bringing to the Company a robust Healthcare Claims Processing capability in a rapidly expanding Healthcare marketplace. The sophisticated Healthaxis technology provides another important vertical to further leverage key underlying Company technology, processes and infrastructure. The related integration activity is well advanced and will generate improved top- and bottom-line results in the quarters and years ahead.

  • With the Healthaxis merger completed the Company has increased its recurring revenue content to approximately 80%, and continues to drive towards its goal of 90%-plus of revenues derived from recurring revenue contracts.

Financial Results

        (in $ thousands)
                    Q4 2008  Q4 2007   % Change   FY 2008    FY 2007  % Change

    Revenues         $7,115   $7,480      (4.9)%  $28,111    $16,469      71%
      ECM            $3,271   $4,274     (23.5)%  $14,170    $10,141      40%
      ITO            $3,455   $2,754      25.4%   $12,214    $ 5,616     118%
      HRO            $  389   $  452     (13.9)%  $ 1,728    $   712     143%
    Loss from
     Operations    $(13,393) $(2,493)      437%  $(17,594)   $(5,668)    210%
    Net Loss       $(13,619) $(2,536)      437%  $(18,138)   $(6,468)    180%
    Income (loss)
     from Operations
     before non-cash
     items          $(1,402) $(1,462)     17.4%   $(2,787)   $(4,154)  (24.2)%

Patrick Dolan, chief executive officer of BPOMS, said, "We continue to believe that the Company is well-positioned to succeed in the current economic environment as the middle market looks for ways to reduce their cost of ownership, improve operational efficien
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SOURCE BPO Management Services, Inc.
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