GRANCARE EXPANDS PHARMACY OPERATIONS
GRANCARE EXPANDS PHARMACY OPERATIONS CULVER CITY, Calif., Feb. 5 /PRNewswire/ -- GranCare Inc.
(NASDAQ: GRNC) announced today the expansion of its pharmacy operations with the acquisition of an existing pharmacy in Pasadena, Calif., serving 11 Southern California long-term nursing facilities owned by Abbey Pharmaceutical Services Inc.
The acquisition increases the number of beds serviced by GranCare's pharmacies to approximately 10,000 (an increase of more than 1,100 beds). In addition, this new pharmacy provides GranCare with a turnkey program that offers complete intravenous services for patients at more than 35 facilities in the Los Angeles area. The transaction brings the total number of GranCare pharmacies to four, located in California, Wisconsin and Colorado. "We are very excited about this opportunity to expand in Southern California and provide some services not previously offered. This expansion meets a key GranCare objective of building revenues with higher margins. In addition, adding drug therapy services also expands our operating base at virtually no incremental cost," stated Gene E. Burleson, GranCare president and chief executive officer. "This acquisition is the beginning of what we see as an active pharmacy expansion program in the months ahead," added Kerry Nielson, president of GCI Pharmacies Inc. GranCare operates 59 long-term health care facilities located in California, Wisconsin, Colorado, Arizona and Illinois, as well as four pharmacies. The company successfully completed its initial common stock offering of 2.7 million shares in October 1991. The company reported revenues of $111.0 million and net income of $1.8 million for the nine months ended Sept. 30, 1991. -0- 2/5/92 /CONTACT: Kerry Nielson of GCI Pharmacies Inc., 310-645-1555; or Craig Parsons or Kim Feazle of Rifkind Pondel & Parsons, 310-207-9300, for GranCare/ (GRNC) CO: GranCare Inc. ST: California IN: HEA SU:
EH-JL -- LA002 -- 7049 02/05/92 09:31 EST
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|Date:||Feb 5, 1992|
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