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Merge Healthcare seeks good standing with big changes
Published September 6, 2006 - BizTimes Daily
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Merge Technologies Inc., which does business as Merge Healthcare, took several steps today to regain its good standing on the Nasdaq Stock Exchange. The West Allis-based medical software company named a new chief executive officer, appointed new board members, adopted a shareholder protection plan and finally released its most recent quarterly financial results.
Merge announced it has named Kenneth Rardin as its new president and chief executive officer. Rardin also has been named to the company's board of directors. Prior to joining Merge Healthcare, Rardin was chairman and CEO of Park City Solutions, an eHealth company that specialized in electronic health records, systems integration and consulting. He also was the founder, chairman and CEO of IMNET Systems Inc.
"Ken brings a strong background to the position complete with previous public company CEO leadership and experience and a solid track record of growing software and healthcare IT companies," Merge chairman Michael Dunham said. "Ken's leadership will enable Merge to build upon and execute its strategy, and his enthusiasm and energy will allow us to create value for shareholders and customers alike."
"Our technological leadership, the depth and commitment of our employees, strong culture and market-leading competitive position are valuable assets to help us quickly reestablish market leadership," Rardin said. "I'm looking forward to earning the trust of customers, shareholders, and all of our various stakeholder groups as the year progresses."
Merge also announced that it has named Ambassador Kevin Moley and Kevin Quinn to the company's board of directors. Moley most recently served as the permanent U.S. representative to the United Nations and other international organizations in Geneva, Switzerland. Quinn is the founder of WYE River Group, a private investment advisory company specializing in corporate and public finance.
In addition, Merge's board of directors adopted shareholder rights and stock buyback plans to protect shareholders against unsolicited takeover bids.
The company also announced the financial results for its second quarter and six months ended June 30, 2006, and the filing of its Form 10-Q for the quarter. The company is seeking confirmation from Nasdaq that the filing will bring the company into full compliance, as the company is seeking to avoid being delisted from the Nasdaq Global Market after failing to file the financial results in a timely manner.
For the three months ended June 30, Merge reported revenue of $31.7 million, but the firm incurred a loss of $215.8 million, or $6.41 per share, with the write-down of goodwill for restated earnings.
