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BCE Emergis releases 2003 business plan
19-12-2002
Jeff Sanford
BCE Emergis stock took a big hit in the wake of the company's release of its 2003 business plan, which predicted lower revenues in the upcoming year.
Emergis stock plunged 17% to close at just above $8 a share after the company announced that its revenues for 2003 will be in the range of $510 million to $550 million, rather that the $536 million to $551 million expected for 2002.
Nevertheless, the company said that the implementation of its new organizational structure is well on its way and announced it expected good growth in its core businesses, financial services transactions and claims services for the health sector. BCE Emergis is hoping to become the leading provider of electronic drug and dental claims transactions for Canadian health insurance companies.
"In this evolving market, we have positioned ourselves as a specialized eBusiness company focused on the transaction and paper-intensive health and financial services sectors throughout North America," said Pierre Blouin, BCE Emergis' chief executive officer.
During the past year, the company has laid off several hundred employees and retreated from certain product lines. First-quarter revenue took a hit this year, but the company expects its health and financial services sectors to grow between 15% and 21% this year.
The firm expects EBITDA earnings of between $71 and $85 million in 2003. Longer term, the company expects total revenue to grow between 7% and 10% between 2003 and 2005.
Blouin remains upbeat. "BCE Emergis is here to do business and we're strategically positioning the company to benefit from what we believe will be substantial growth in the eBusiness market," he said.
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