Transforming itself into an Internet company didn't do much for the fourth quarter bottom line of the company once known as Adam Software Inc. (Nasdaq: ADAM)
In fiscal fourth quarter results released Monday after market close, the company now know as Adam.com posted a net loss of almost $1.53 million, or 34 cents a share, on revenues of $979,000. Those figures represented decreases from the year-ago comparable period, when Adam Software earned $44,000, or a penny a share, on sales of almost $1.58 million.
Adam's new business, reflected in its new name, revolves around its consumer health website. The company will continue to spend money to improve its online offering, said Robert s. Cramer Jr., chairman and CEO of Adam.com. "We intend to invest heavily in development and marketing for the consumer health destination," he said. "We intend to expand by building additional distribution relationships and to continue to expand and invest in proprietary content assets both by internal development and strategic transactions."
Shares of Adam fell 1 5/8 to 20 in trading prior to the earnings release Monday. Investors ran the stock up last week to a 52-week high of 40 in the wake of the recent announcement of a merger between Healtheon and WebMD.
Adam plans to continue working with Healtheon and WebMD, Cramer said.>