Companies In The News

Amedisys sells surgery center

Amedisys (Baton Rouge, LA) sold its interest in Park Place Surgery Center (Lafayette, LA) to the center’s existing physician partners for $3.2 million in cash. The sale is consistent with Amedisys’ objective of focusing exclusively on home nursing and allied services, said Chairman/CEO William Borne. He added the company hopes to complete the divestiture of its two remaining ambulatory surgery centers and four infusion therapy sites later this year.

Apria gets rating boost

Apria Healthcare Group’s (Costa Mesa, CA) ratings have been upgraded by Moody’s Investor Service (New York). The firm upgraded to B2 from B3 the rating on $200 senior subordinated notes issued by Apria, the company said. Moody’s also boosted the rating on the company’s senior secured credit facilities to Ba3 from B1 and upped its senior implied rating to B1 from Ba3. Apria’s outlook from Moody’s went from stable to positive.

Moody’s said the boosted ratings stem from the "continued improvement in Apria’s operating results and debt protection measures in recent periods," among other achievements enjoyed by the company.

Beverly sees increase in 1Q00 earnings

Beverly Enterprises (Fort Smith, AR) saw a 1Q00 ended March 31 net income of $6.3 million, 6 cents per share, up slightly from a 1Q99 net income of $5.9 million, 6 cents per share. Beverly’s 1Q00 revenues totaled $646.9 million, compared to 1Q99 revenues of $635.1 million. The nearly 2% increase reflects higher nursing home revenues, partially offset by lower revenues for home care and outpatient therapy operations, Beverly said.

Home Care Options sold to Magellan

Home Care Options (Santa Rosa, CA) has been sold to Magellan Health Services (Columbia, MD). Home Care Options provides personal care to about 60 clients. The purchase of the company represents Magellan’s first step into home care in California, the company said.

Manor Care loses board member

Manor Care (Toledo, OH) Director Stewart Bainum has retired from the board of directors. He is replaced by John Schwieters, vice chairman of Perseus.

Manor Care reported 1Q00 ended March 31 revenues of $545.7 million, compared to revenues in 1Q99 of $531.8 million. The company posted a net loss of $783,000, 1 cent per share, compared to a 1Q99 net income of $41 million, 37 cents per share.

The company’s board said it will continue to operate Manor Care as an independent, publicly owned company, saying it is in the best interest of the company and its stockholders.

Option Care sees improvement in 1Q00 revs

Option Care (Bannockburn, IL) reported 1Q00 ended March 31 total revenues of $32.8 million, compared to 1Q99 revenues of $29 million – an increase of 13%. The company recorded a net income in 1Q00 of $1.6 million, 13 cents per share, up from a 1Q99 net income of $763,000, 7 cents per share. This is the company’s fifth consecutive quarter of profitability, Option Care said.