August 17, 2000 |
Ailing Drkoop.com Inc. said it will be late in filing its quarterly financial report because it is negotiating new financing and possible "strategic transactions." The negotiations, including a possible sale of the Austin, Texas-based online health company, have taken up the time of the company's financial staff, it said in a filing with the Securities and Exchange Commission. The company said last month that it expects to post a loss of $1.15 to $1.18 a share. Shares of Drkoop.
November 16, 2000
* Internet health company Drkoop.com Inc. said its third-quarter net loss widened to $57.9 million, or $1.60 per share, including various expenses and items, compared with $20.6 million, or 68 cents, a year ago. Operating losses rose to $23.1 million from $21.1 million. Revenue fell 30% to $2 million. The loss in the 1999 quarter was $20.6 million, or 68 cents a share. During the quarter, the Austin, Texas-based company cut more than 30% of its work force and installed a new management team.
May 20, 2000 |
Embattled Internet health company Drkoop.com Inc. said it has laid off about 35% of its staff since the beginning of April, a move analysts said makes the company a more attractive takeover target. Earlier this week, reports suggested that Drkoop.com was going to merge with Drug Emporium Inc.'s unprofitable online unit. Neither company would comment, but analysts said the sweeping layoffs could indicate an acquisition is in the works. Drkoop.com had 185 full-time employees as of Feb. 29.
August 31, 2000 |
Drkoop.com Inc. has slashed its work force for the second time in three months, saying the layoffs are part of a new corporate restructuring plan aimed at cutting costs. Late Tuesday, the Austin, Texas-based company announced it was cutting 50 positions, about one-third of its current work force. The move came on the heels of an announcement Monday that Drkoop.com had secured $27.5 million in new financing and revamped its management team. The company, co-founded by former U.S.
August 23, 2000 |
Drkoop.com Inc., a health Web site co-founded by former U.S. Surgeon General C. Everett Koop, received a $20-million investment in exchange for control of the company as it was running out of cash. The investors, who include Prime Ventures, can convert the financing into a controlling stake and have the right to choose as many as four board directors. Three officials from Prime Ventures, which will chip in $3.5 million of the financing, have been named to top executive posts in the company.
May 3, 2000 |
Drkoop.com Inc. gave its chief executive a short-term loan of nearly $1 million for "personal liquidity needs" earlier this month, after company shares plunged more than 50% over two trading days. Donald Hackett, who also is president of the Austin, Texas, online health-care site, borrowed $966,000 from Drkoop.com on April 3, according to a filing with the Securities and Exchange Commission. He repaid the no-interest loan in full on April 10. On April 3, the day the loan was made, Drkoop.