Companies in the News

Chemed completes exchange offer

Chemed (Cincinnati) saw FY99 ended Dec. 31 revenues of $453.6 million, compared to FY98 revenues of $381.3 million. The company said it posted a net income in FY99 of $19.7 million, $1.88 per share, up slightly from a FY98 net income of $19.9 million, $1.98 per share.

For 4Q99, Chemed reported a net income of $4.8 million, 46 cents per share, compared to a net income in 4Q98 of $3.4 million, 33 cents per share. The company saw revenues in 4Q99 of $122 million, up from 4Q98 revenues of $101.4 million.

Chemed’s board declared a quarterly cash dividend of 10 cents per share on its capital stock. The dividend is payable March 10 to stockholders of record on Feb. 18, said Chemed.

In addition, Chemed and Chemed Capital Trust said last week that pursuant to their exchange offer, 575,503 shares that were validly tendered and not withdrawn prior to the expiration of the offer were accepted for exchange. The offer was to exchange convertible trust preferred securities of Chemed Capital Trust for up to 2 million shares of capital stock of Chemed. The company said the offer expired Jan. 31.

Gentiva honored with award

Gentiva Health Services (Melville, NY), formerly Olsten Health Services, and its chairman, Edward Blechschmidt, were selected by Long Island University to receive the William Zeckendorf Sr. Award. The company and Blechschmidt were presented with the award at a ceremony Feb. 9.

Zeckendorf was a master builder and a Long Island University trustee, Gentiva said. The award commemorates his devotion, brilliance, and achievement.

In other news, the former parent company of Olsten Health Services, Olsten Corp. (Melville, NY), and Adecco SA said last week they have received all material regulatory approvals, including that from the Securities and Exchange Commission (Washington), regarding their merger and split-off plans. Olsten plans to merge its staffing and technology business into Adecco. The company also recently split off its home care business to a separate company, Gentiva. Olsten said its shareholders will be asked to vote on the merger in a vote scheduled for March 13. Adecco shareholders approved the merger last September, Olsten said.

Help At Home sees 15% jump in 2Q00 salesM

Help At Home (HAHI; Chicago) reported 2Q00 ended Dec. 31 sales of $8 million, up 15% from 2Q99 sales of $7 million. The company posted a 2Q00 net income of $359,000, 19 cents per share, compared to a 2Q99 net income of $136,000, 7 cents per share.

Lincare hurt in FY99 by Medicare changes

Lincare Holdings (Clearwater, FL) saw FY99 ended Dec. 31 total revenues of $581.8 million, up 19% from FY98 revenues of $487.4 million. The company posted a net income for FY99 of $100.7 million, $1.74 per share, compared to a FY98 net income of $85.3 million, $1.44 per share.

Throughout FY99, Lincare said, the company’s revenues were impacted by provisions in the Balanced Budget Act of 1997. In addition, Lincare said its 4Q99 revenues were negatively impacted by changes in Medicare coverage guidelines for respiratory assist devices.

For 4Q99, Lincare posted a net income of $26.4 million, 47 cents per share, compared to a 4Q98 net income of $23.7 million, 40 cents per share. The company’s revenues in 4Q99 totaled $152.4 million, compared to net revenues in 4Q98 of $130.3 million. During 4Q99, Lincare completed the acquisition of 10 companies with aggregate annual revenues of $16 million.