Companies in the News
Companies in the News
Beverly stockholders elect board and auditors
Beverly Enterprises (Fort Smith, AR) held its annual meeting last week, when stockholders elected all nominees to the company’s board and ratified the appointment of Ernst and Young as the company’s independent auditors for the year. The company scheduled next year’s annual meeting for Thursday, May 25.
Invacare declares dividend
Invacare Corp. (Elyria, OH) has declared a cash dividend of .0125 cents per share on its common shares, and .011364 per share on its Class B common shares, payable July 15 to shareholders of record on July 1. The company has also applied for listing of its common shares on the New York Stock Exchange under the ticker symbol "IVC." Shares should begin trading on the exchange by the end of June. At that time, Invacare will delist its shares on the Nasdaq market.
In other news, Invacare is expanding upon its electronic commerce capabilities with its new Web site and a "provider-locator" search engine, offering consumers the ability to search by ZIP code for an Invacare dealer or provider location where they may purchase products.
Matria launches Internet service
Matria Healthcare (Marietta, GA) has launched NetNurse, a 24-hour, 365-day-a-year service that offers healthcare information and an opportunity to ask questions and receive immediate responses from a nurse, who will call on the telephone within one hour. The nurse will specialize in the area of interest, and the service will be provided for a moderate fee. NetNurse will initially focus on pregnancy-related issues, but will later include women’s health, pediatrics, diabetes, and respiratory-related issues. The Web site is www.netnurse.com. It is also available through WebMD Inc. at www.webmd.com.
Matria shares rose as much as 29% to a 52-week high last week after CIBC World Markets initiated coverage with a buy rating. A Matria spokeswoman attributed the rise to the new contract with WebMD. CIBC analyst Lori Price set a 12-month price target of between $8 and $10 a share for Matria stock.
McKesson HBOC contracts with Advocate
McKesson HBOC (San Francisco) has signed a new five-year agreement with Advocate Health Care (Oak Brook, IL) to designate McKesson the primary supplier of pharmaceuticals to Advocate’s hospital pharmacies. The agreement should generate about $230 million in incremental revenues for McKesson over the five-year term. Advocate was recently rated number one in the ranking of the nation’s top 100 Integrated Healthcare Networks, according to SMG Marketing Group. Through a separate agreement, McKesson will provide Advocate its CoSource supply management program in exchange for service fees. The program includes two Robot-RX units for automated pharmacy-dispensing and tracking systems, and management of the Robot-RX units, pharmacy information management software, cost management analyses through SupplyNET Diagnostic Service, pharmacy consulting services, and EconoLink inventory and asset management services.
Value America and MIM enter marketing alliance
Value America (Charlottesville, VA) and MIM Corp. (Elmsford, NY) have entered into a new marketing alliance. Under the terms of the agreement, MIM will exclusively provide certain home medical products, as well as all prescription pharmaceuticals and diabetic supplies, to Value America’s on-line superstore.
Olsten board declares quarterly dividend
Olsten Corporation’s (Melville, NY) board declared a regular quarterly dividend of 4 cents per share on the company’s common stock and Class B common stock. The dividend is payable June 15 on common shares and Class B common shares for all shareholders of record at the close of business on June 1.
Star Multi Care offices receive accreditation
Five Star Multi Care Services (Huntington Station, NY) offices received accreditation with commendation from the Joint Commission on Accreditation of Healthcare Organizations. Star’s offices receiving the accreditation are Extended Family Care (Allentown, PA), and Star Multi Care in Brooklyn, NY; Hicksville, NY; Long Beach, NY; and Huntington, NY.
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