Companies in the News
Companies in the News
Chemed’s Patient Care sees modest revenue growth
Chemed (Cincinnati) saw a 15% jump in 1Q00 ended March 31 revenues, to $121.5 million from $105.7 million in 1Q99. The company posted a 1Q00 net income of $4.9 million, 48 cents per share, compared to a 1Q99 net income of $5.4 million, 51 cents per share.
Chemed said its Patient Care home care division’s results were below the prior year’s, despite modest revenue growth.
Gentiva supports hemophilia patients
Gentiva Health Services (Melville, NY) last week joined the World Federation of Hemophilia and other leading healthcare providers and advocates in recognizing International Hemophilia Day, which was April 17. The day is designed to be an opportunity to recognize the needs and challenges of people with hemophilia and to urge policy makers, healthcare professionals, and others to rededicate their efforts to addressing the healthcare and socio-economic needs of these people, Gentiva said.
Gentiva supports hemophilia patients with its inception of the Ricky Ray Hemophilia Relief Fund, a source of federal funding for hemophilia and AIDS patients and with its sponsorship of the Chronicare program, which offers therapeutic services, the company said.
Griswold introduces home care to Korean patients
Representatives from Griswold Special Care (Erdenheim, PA) will meet this week in a formal ceremony with a delegation from Korean hospital staffing company Zeniel in Seoul, Korea, to sign an agreement between the companies. The agreement allows Griswold to introduce professional home care services to South Korea, the company said.
Infu-Tech teams with Korean company
Infu-Tech (Carlstadt, NJ), through its newly developed Smartmeds.com subsidiary, signed a tentative agreement with Korean Information & Communications Co., a telecommunications service provider in South Korea. The agreement calls for Infu-Tech to establish an e-health marketplace and trading portal that would include Internet and wireless platforms.
Under the terms of the agreement, Korean Information would provide its Internet platform in support of a Korean version of Infu-Tech’s Smartmeds.com Web site.
In Home Health’s profits drop in 2Q00
In Home Health (IHHI; Minnetonka, MN) saw a drop in profits in 2Q00 ended March 31 to $912,000, 5 cents per share from $1.4 million, 13 cents per share, in 2Q99. The company said its total revenues for 2Q00 were $24.2 million, compared to 21.1 million in 2Q99, an increase of 15%. IHHI saw a net income available to common shareholders in 2Q00, including the deduction of a preferred stock dividend paid to Manor Care, of $262,000.
National Mentor buys Home Care Options
National Mentor (Boston), a subsidiary of Magellan Health Services, purchased Home Care Options (Santa Fe, NM), a non-medical home care provider for people with developmental disabilities. The two companies, with combined revenues of $2.6 million, represent Mentor’s ongoing efforts to expand its national human services network.
Star Multi Care initiates buyback program
Multi Care Services’ (Huntington Station, NY) board of directors approved last week a stock buyback program whereby the company may purchase up to 10% of the outstanding common stock shares of the company over the next six months. Star said it presently has roughly 1.7 million shares outstanding.
Sunrise’s 3Q00 revenues down
Sunrise Medical (Carlsbad, CA) reported a 3Q00 ended March 31 net income of $269,000, 1 cent per share, compared to a net income in 3Q99 of $1.8 million, 8 cents per share. Sunrise’s 3Q00 revenues totaled $166 million, down from 3Q99 revenues of $170 million.
The 3Q00 results reflect pre-tax charges related to a $2.1 million increase in bad debt expense and $1.4 million in employee separation costs, Sunrise said. During the quarter, the company sold and leased back two manufacturing facilities, generating about $14 million in cash. The proceeds, together with cash flow from operations, were used to pay down $17 million of bank borrowings this quarter, said Sunrise.
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