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Omnicare Swings To 3Q Loss On Charges; Revenue Flat

DOW JONES NEWSWIRES Omnicare Inc. (OCR) swung to a third-quarter loss, with adjusted results topping analysts' estimates, as the provider of drugs to nursing homes and assisted-living centers booked more charges than a year earlier and revenue was flat. "During the quarter, prescription volumes increased, driven by growth in the average number of beds served as well as the benefit of one additional calendar day," said Chief Financial Officer John L. Workman. Omnicare's results have fallen of late, hurt by lower selling volumes and fewer beds served. In August, Moody's Investors Service cut its outlook on Omnicare to negative, in the wake of weakened second-quarter results and the sudden departure of the company's chief executive, Joel Gemunder, earlier that month. Moody's said its lowered outlook reflected a declining bed count as well as lower census at nursing homes, among other factors. Omnicare reported a loss of $103.3 million, or 89 cents a share, from a profit of $11.6 million, or 10 cents, a year earlier. Excluding items such as accounting changes and restructuring charges, earnings from continuing operations fell to 51 cents from 71 cents as revenue was flat at $1.54 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 49 cents on $1.54 billion in revenue. Gross margin edged lower to 22% from 22.1%. Also hurting the bottom line was higher legal and overhead costs. Shares closed at $22.77 Wednesday and were inactive premarket. The stock has fallen 5.8% this year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Omnicare (OCR)
DateTimeHeadline
05/22/201520:00:00SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into...
05/22/201517:28:30Current Report Filing (8-k)
05/22/201517:26:20Additional Proxy Soliciting Materials (definitive) (defa14a)
05/22/201517:10:19Additional Proxy Soliciting Materials (definitive) (defa14a)
05/22/201510:57:00SHAREHOLDER ALERT: Brodsky & Smith, LLC Announces Investigation...
05/22/201510:27:00Finkelstein Thompson LLP Investigates Potentially Unfair Buyout...
05/22/201510:08:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders...
05/21/201520:30:46For CVS, Big Bet On Pricey Medicines
05/21/201517:10:00WeissLaw LLP: Omnicare, Inc. Sale Under Legal Investigation
05/21/201516:49:40Additional Proxy Soliciting Materials (definitive) (defa14a)
05/21/201516:45:20Additional Proxy Soliciting Materials (definitive) (defa14a)
05/21/201516:43:07Current Report Filing (8-k)
05/21/201516:39:40Additional Proxy Soliciting Materials (definitive) (defa14a)
05/21/201516:05:43Omnicare Declares Quarterly Cash Dividend
05/21/201514:40:00Robbins Arroyo LLP: Acquisition of Omnicare Inc. (OCR) by CVS...
05/21/201514:09:00Harwood Feffer LLP Announces Investigation of Omnicare, Inc.
05/21/201513:52:00OMNICARE, INC. SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces...
05/21/201513:22:00INVESTOR ALERT: The Law Offices of Vincent Wong Launches an Investigation...
05/21/201512:56:00OMNICARE INC. SHAREHOLDER ALERT: Former SEC Attorney Willie Briscoe...
05/21/201510:23:08CVS to Buy Omnicare For $12.7 Billion--5th Update

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