CareNetwork, which operates a 92,000-enrollee HMO called Wisconsin Health Organization Insurance Corp. in Milwaukee, reported a net loss of $694,000, or 15 cents per share, for the quarter ended Dec. 31, 1993, compared with a net loss of $3.3 million, or 72 cents per share, in the year-ago period. Revenues declined 18.5% to $37.3 million.
For the year, CareNetwork posted a net loss of $10.3 million, or $2.27 per share, compared with a net loss of $8.2 million, or $1.77 per share, in the previous year. Revenues declined 16.4% to $152.3 million.
The annual and three-month results include a $262,000 write-off of previously capitalized charges for a market development project. In addition, results for the year included previously announced charges of $3.3 million related to a physician contract and product development write-offs and $1.5 million for settlement of a shareholder lawsuit. Excluding these charges, the fourth-quarter and annual losses per share were $0.10 and $1.16, respectively.
