Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Financial Planning > Tax Planning > Tax Loss Harvesting

PlanVista Reports Higher 4th Quarter Revenue

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, Feb. 20, 3:49 p.m. – PlanVista Corp., Tampa, Fla., a company that helps run managed care provider networks, is reporting a $5.7 million net loss for the fourth quarter of 2001 on $8.2 million in operating revenue, compared with a $67 million net loss on $7 million in operating revenue for the fourth quarter of 2000.

Net results for the latest quarter include $4 million in interest and a $2.8 million loss on the sale of discontinued operations, and net results for the comparable quarter in 2000 include a $63 million loss on the discontinued operations.

Operating earnings before interest, depreciation, amortization and taxes fell to $500,000 for the fourth quarter, from $2.8 million, PlanVista says.

A new, Internet-based system for applying the correct network discounts to medical claims is doing well, and PlanVista signed 47 new accounts during the fourth quarter, the company says.

But PlanVista believes it could have done better if it had less debt on its balance sheet, according to Phillip Dingle, the company’s chairman.

“Our competition used our balance sheet against us in the pursuit of new business,” Dingle says in a statement accompanying the latest earnings release.

PlanVista recently announced plans to exchange $29 million in bank debt for convertible preferred stock. It hopes to complete the exchange around March 15, the company says.

Completing the debt restructuring should help PlanVista bring in more new business, Dingle says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.