Coram reports increase in 4Q99, FY99 revenues, but sees losses

An HHBR Staff Report

Coram Healthcare (Denver) saw an increase in its revenues in FY99 ended Dec. 31 to $521.2 million from revenues of $464.9 million in FY98. The company posted a net loss in FY99 of $114.8 million, $2.32 per share, compared to a FY98 net loss of $21.7 million, 44 cents per share.

Coram said its 4Q99 revenues totaled $134.3 million, unchanged from 4Q98 revenues. The company recorded a net loss in 4Q99 of $61.2 million, $1.24 per share, down from a 4Q98 net income of $800,000, 2 cents per share.

The FY99 net loss, Coram said, includes $79.3 million, $1.60 per share, in losses for the ongoing bankruptcy and liquidation of the company’s Resource Network subsidiariies, reserves for litigation, and various other balance sheet charges, including restructuring charges of $5.8 million and impaired assets of $9.1 million. In addition, 4Q99 charges of $5.5 million included $17.6 million related to Resource Network’s bankruptcy, Coram said.