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Web Benefits Services Company Reports Bigger Net Loss

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NU Online News Service, July 26, 4:15 p.m. – EBenX Inc., Minneapolis, a company that sells benefits administration services through the Web, is reporting a $10 million net loss for the second quarter on $7.8 million in revenue, compared with a net loss of $1.9 million on $6.4 million in revenue for the second quarter of 2000.

The “pro forma” net loss, which excludes $6.3 million in stock-based compensation and amortization of goodwill, increased to $3.7 million, from $1.4 million.

Some employers are putting off implementation of eBenX services until early 2002, but the company sold its services to 29 new employers during the quarter, and the number of employees in plans using the eBenX services has increased 39% from a year earlier, to 814,000.

The company says it still has $78 million in cash and other current assets, and only $4.3 million in current liabilities.


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