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