Companies in the News
Companies in the News
Allied sells hospital division
Allied Healthcare Products (St. Louis) has sold its Hospital Systems (Oakland, CA) division to the group’s management team. Financial details were not released, and the sale is not expected to impact Allied’s financial results.
Chad reports net loss for FY98
Chad Therapeutics (Chatsworth, CA) recorded a net loss in FY98 ended March 31 of $1.5 million, 15 cents per share, compared to a net income in FY97 ended March 31 of $797,000, 8 cents per share. The company’s sales declined 15% to $14.1 million from FY97 sales of $16.6 million.
In 4Q98, the company saw sales of $3 million, compared to 4Q97 sales of $3.5 million. Chad posted a 4Q98 net loss of $679,000, 7 cents per share, compared to a net loss in 4Q97 of $10,000, less than I cent per share.
Chad’s CEO, Thomas Jones, said that sales of the company’s Oxymatic conserver and related products continue to be affected by previously reported factors, "primarily a highly competitive environment and 30% in reimbursement cuts over the past two years."
Flagship finalizes acquisition of Shands’ branches
Flagship Healthcare (Miami Lakes, FL) has finalized its acquisition of 10 Shands HomeCare branches. The 10 branches serve more than 1,000 patients throughout Florida, providing home infusion and home nursing services.
HCR offers software for home health operations
HCR Manor Care (Toledo, OH) has selected the Dial-n-Document (Cincinnati) clinical documentation system as the foundation of its new integrated information system for its home care division, Heartland Home Health and Hospice. In the agreement, Dial-n-Document and Provider Solutions Corp. (Tampa, FL), a healthcare software development company, will work in partnership with HCR to create a custom interface, combining Dial-n-Document’s voice-response clinical documentation system with provider Solution’s ProviderFirst software suite. The software will offer scheduling, clinical documentation, billing, and other financial management systems modules. When fully operational, the software will be implemented across all HCR home health operations.
HHCA asks for more time for reorganization plan
Home Health Corp. of America (King of Prussia, PA) is requesting its first extension to its exclusive periods to file a reorganization plan and solicit plan acceptances to Sept. 16 and Nov. 15, respectively, according to Federal Filings Newswires. The May 24 motion filed in U.S. Bankruptcy Court in Wilmington, DE, stated: "In light of the size and complexity of the debtors’ 35 cases and the progress that they have already made in laying a foundation for the formulation of a consensual plan of reorganization as set forth hereafter, the debtors believe that the requisite cause exists for a grant of the requested extensions."
Invacare receives EDI Innovation Award
Invacare (Elyria, OH) received its fourth EDI Innovation Award from Enterprise Development for its Gearless-Brushless GB motor for its Arrow Storm Series power chairs. The award recognizes for-profit, non-profit, and government entities in northeast Ohio that have successfully created a product or service. The motor took about seven years of research and development before it was realized, said Invacare Chairman/CEO A. Malachi Mixon III. The motor features a 7.25 mph speed with a 300-pound capacity and a two-year warranty.
McKesson expects deeper revision to FY98 results
McKesson HBOC (San Francisco) expects a further downward revision of FY98 ended March 31 results. The company previously announced it would be restating results due to the discovery of certain improper revenue recognition relating to software sales at its Healthcare Information Technology Business unit, formerly HBO & Company. Since that discovery, additional instances of improper revenue recognition were found. It is also possible that the results for prior years may have to be restated as well, the company said. It is working with its auditors, Deloitte & Touche to resolve the situation quickly. Once the audit is finished, the company will issue its results for FY98.
PGA to look for FY99 revenues of $1B
Personnel Group of America (PGA; Charlotte, NC) Chairman Edward Drudge, speaking at the company’s annual shareholders meeting last week, said PGA is on target to reach $1 billion in revenues by the end of FY99, one year ahead of schedule, and $2 billion in revenues by the end of 2003. "Our business plan," he said, "calls for us to grow our company 25% a year through the year 2003, in terms of earnings per share and shareholder value. We also want to improve our operating margin to 11% in 2002 and 12% in 2003."
At the meeting last week, shareholders re-elected Ken Bramlett, senior vice president/general counsel/corporate secretary, and James Hunt, senior vice president/CFO/treasurer, to the board for terms of three years.
VNAA partners with CVS Pharmacy
The Visiting Nurses Association of America (VNAA) has partnered with CVS Pharmacy to offer low cost flu immunizations in the fall. The two will offer influenza clinics in more than 2,000 locations, focusing on immunizing working adults and seniors who might not normally have access to low cost flu immunizations.
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