Genesis Health Ventures Reports Third Quarter Results.KENNETT SQUARE, Pa.--(BUSINESS WIRE)--Aug. 1, 1996--Genesis Health Ventures, Inc. (NYSE NYSE See: New York Stock Exchange : GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ) today announced results for the third quarter of fiscal year 1996. Revenues for the third quarter ended June 30, 1996 were $172.8 million, representing an increase of 37% over revenues of $126.0 million during the corresponding period of 1995. Net income excluding debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. conversion expense and extraordinary item increased 48% to $10.2 million or $0.35 per share on 31.1 million fully-diluted, weighted average shares outstanding, compared with $6.9 million or $0.28 per share on 28.4 million fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. weighted average shares outstanding in the corresponding period last year. In May 1996, Genesis completed an equity offering for 6,500,000 shares of common stock resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $202.3 million which was used to repay indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. and for working capital purposes. Revenues for the nine-month period ended June 30, 1996 were $460.4 million, representing an increase of 30% over revenues of $354.5 million for the same period in fiscal 1995. Net income excluding debenture conversion expense and extraordinary item for the nine-month period increased 40% to $24.5 million or $0.91 per share on 29.4 million fully diluted weighted average shares outstanding, compared with $17.5 million or $0.72 per share on 28.3 million fully diluted weighted average shares outstanding in the corresponding period last year. Increased revenues were primarily attributed to the continued growth in specialty medical services. Specialty medical service revenue accounted for 45% of consolidated revenues in the third quarter, increasing 63% to $78.3 million from $48.2 million in the corresponding period of 1995 primarily due to continued growth in institutional pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. and contract therapy lines of business as well as the consolidation of NeighborCare Pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major beginning in May 1996. NeighborCare contributed approximately $13.3 million of revenue in the quarter. Additionally, Genesis management fees and other revenues increased 6% in the third quarter to $8.6 million as compared to $8.1 million in the corresponding period in the prior year. Transactional and other net revenues, including a gain on the sale of an investment, totaled $2.4 million in the quarter ended June 30, 1996 versus $1.5 million in the corresponding prior year period. "Our strong third quarter results reflect the growing presence and capabilities of the Genesis ElderCare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. (SM) Network in each of our regional market concentrations and increased recognition of our coordinated approach to helping older people achieve their full potential and maintain their independence as they age," commented Michael R. Walker, chairman and chief executive officer. "During the third quarter we closed the acquisition of NeighborCare Pharmacies and completed a successful equity offering. Subsequent to the third quarter we closed the acquisition of National Health Care Affiliates. In addition, our recently announced merger with Geriatric geriatric /ger·i·at·ric/ (jer?e-at´rik) 1. pertaining to elderly persons or to the aging process. 2. pertaining to geriatrics. ger·i·at·ric adj. 1. & Medical Companies, Inc. ("Geri-Med") will provide us with an expanded presence and service capability throughout the Delaware Valley The Delaware Valley is the name of the metropolitan area centered on the city of Philadelphia in the United States. The region is named for the Delaware River which flows through it. region, particularly in the Philadelphia metropolitan marketplace", Walker added. A leader in the healthcare industry, Genesis Health Ventures was founded in 1985 to redefine Verb 1. redefine - give a new or different definition to; "She redefined his duties" define, delimit, delimitate, delineate, specify - determine the essential quality of 2. how America cares for the elderly, utilizing a coordinated, comprehensive approach that helps older people define and live a full life. The company has established Genesis ElderCare(SM) Networks in five major metropolitan markets in the eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and currently serves more than 70,000 customers. -0-
GENESIS HEALTH VENTURES, INC.
Financial Highlights
(In thousands, except per share amounts)
Three Months
Ended
June 30,
1996 1995
Net revenues $125,959 $172,836 Net income excluding debenture conversion expense and extraordinary item 10,189 6,885 Net income 10,091 4,962 Net income excluding debenture conversion expense and extraordinary items per share, fully diluted 0.35 0.28 Net income per share, fully diluted 0.35 0.21 Weighted average shares outstanding 31,108 28,388
Nine Months Ended
June 30,
1996 1995
Net revenues $460,354 $354,465 Net income excluding debenture conversion expense and extraordinary item 24,544 17,508 Net income 23,759 15,585 Net income excluding debenture conversion expense and extraordinary item per share, fully diluted 0.91 0.72 Net income per share, fully diluted 0.88 0.66 Fully-diluted, weighted average shares outstanding 29,358 28,265 CONTACT: Genesis Health Ventures George V George V, king of Great Britain and Ireland George V (George Frederick Ernest Albert), 1865–1936, king of Great Britain and Ireland (1910–36), second son and successor of Edward VII. . Hager Jr., 610/444-6350 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion