Companies in the News
Companies in the News
AmericanCareGiver.com focuses on home health
AmericanCareGiver.com (Atlanta), an on-line healthcare staffing company, has launched a new site exclusively for home healthcare issues. Consumers can locate all their needs, including caregivers, products, services, support, and information. Use of the site is free. The site is live, effective Feb. 15, the company said.
Beverly sees 4Q99, FY99 net loss
Beverly Enterprises (Fort Smith, AR) reported a 4Q99 ended Dec. 31 net loss of $32.6 million, 32 cents per share, compared to a net loss in 4Q98 of $87.5 million, 86 cents per share. The company saw total revenues in 4Q99 of $644 million, down from 4Q98 total revenues of $707.2 million. Beverly said unusual, pre-tax charges of $60 million and year 2000 remediation costs of $1.73 million recorded in 4Q99 caused the net loss for the quarter.
The company saw total revenues in FY99 of $2.6 million, down slightly from FY98 total revenues of $2.8 million. Beverly posted a FY99 net loss of $134.6 million, $1.31 per share, compared to a net loss in FY98 of $31 million, 30 cents per share.
Moody’s Investor Service (New York) downgraded the ratings of Beverly after the company released its earnings. The company’s $375 million senior credit facility due 2001 was downgraded from Ba3 from Ba2, its $180 million 9% senior notes due 2006 to B1 from Ba3, its $20 million 8.8% first mortgage bonds due 2008 from Ba1 to Ba2, and its $30 million 8.6% first mortgage bonds due 2008 from Ba1 to Ba2. In addition, Beverly’s senior implied rating was downgraded to Ba3 from Ba2, and it’s senior unsecured issuer rating was downgraded to B2 from B1. The rating outlook is stable, said Moody’s.
Extendicare to file 4Q99, FY99 results by March 31
Extendicare (Markham, Ontario) said it expects to report its 4Q99 and FY99 ended Dec. 31 by the end of March. The company said it is continuing to assess the valuation of its long-term receivables as of Dec. 31. Because the company has yet to report its earning, its Extendicare Health Services subsidiary expects to request and obtain from the Securities and Exchange Commission (Washington) an extension for the filing of its results.
IHHI chairman resigns
In Home Health (IHHI; Minnetonka, MN) Chairman Wolfgang von Maack resigned as chairman of the board, effective Feb. 23, the company said. von Maack will remain a member of the board. von Maack resigned as president/CEO of IHHI in December, but at the time said he would remain chairman.
IHHI has appointed Michael Ford chairman and interim president/CEO, effectively immediately. Ford will fulfill von Maack’s previous roles, said IHHI. He has served as an outside director of the company since 1998.
Option Care signs agreement with Pacific Health
Option Care (Bannockburn, IL) signed a Participating Ancillary Provider Agreement with Pacific Health Alliance, a California mutual benefit corporation. The agreement will service 300,000 members of Pacific Health throughout California, Option Care said.
In addition, Option Care signed a Participating Organizational Provider Agreement with Regence BlueShield in the state of Washington. Under the terms of the agreement, Option Care will join other providers in supplying alternate site and home IV services to more than 1 million members throughout Washington. Option Care operates five owned and franchised IV pharmacies in the state, the company said.
Sunrise sells two buildings to Bentley Forbes
Sunrise Medical (Carlsbad, CA) said it sold two of its industrial office, warehouse, and manufacturing buildings, one in Stevens Point, WI, and one in Fresno, CA, to The Bentley Forbes Group (Los Angleles). Bentley has simultaneously leased the properties back to Sunrise. A similar sale-leaseback deal for a third Sunrise facility, in the northeastern United States, is expected to close soon.
The total price of all three transactions, Bentley said, is in the $25 million range. La Salle Bank (Chicago) financed the deal through its correspondent bank, Rembrandt Capital (Atlanta).
Subscribe Now for Access
You have reached your article limit for the month. We hope you found our articles both enjoyable and insightful. For information on new subscriptions, product trials, alternative billing arrangements or group and site discounts please call 800-688-2421. We look forward to having you as a long-term member of the Relias Media community.