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Omnicare Swings To 4Q Loss On Charges; Issues Weak Fiscal-Year Outlook

DOW JONES NEWSWIRES Omnicare Inc. (OCR) swung to a fourth-quarter loss on a litigation settlement charge and other expenses, although results excluding those items met Wall Street's expectations. The company projected full-year earnings from continuing operations of $2.05 to $2.15 a share on revenue of $6 billion to $6.1 billion. Analysts polled by Thomson Reuters expected $2.2 a share and $6.28 billion in revenue. The provider of drugs to nursing homes and assisted-living centers struggled with falling earnings in the second and third quarters and the unsealing of a lawsuit alleging the company defrauded government health programs by submitting false claims. The company said those allegations were "without merit." In August, Moody's Investors Service cut its outlook on Omnicare to negative in the wake of the sudden departure of the company's then-chief executive, Joel Gemunder, earlier that month. The company in December named McKesson Corp. (MCK) pharmaceutical unit president John Figueroa to the post. Omnicare reported a fourth-quarter loss of $65.3 million, or 57 cents a share, compared with a year-earlier profit of $79.8 million, or 68 cents a share. Excluding litigation settlement charges and other effects, adjusted earnings from continuing operations fell to 51 cents a share from 74 cents. Revenue rose 1.2% to $1.56 billion. Analysts expected per-share earnings of 51 cents a share on revenue of $1.56 billion. Gross margin narrowed to 22% from 23.9%. Omnicare shares closed at $25.91 Wednesday and weren't active premarket. -By Drew FitzGerald and John Kell, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com;

Stock News for Omnicare (OCR)
DateTimeHeadline
07/24/201508:10:40Quarterly Report (10-q)
07/24/201508:05:52Current Report Filing (8-k)
07/24/201508:00:24Omnicare Reports Second-Quarter 2015 Financial Results
07/21/201506:02:14Proxy Statement - Merger or Acquistion (definitive) (defm14a)
07/10/201509:00:42Omnicare to Report Second-Quarter 2015 Financial Results on Friday...
07/06/201515:41:47Additional Proxy Soliciting Materials (definitive) (defa14a)
07/02/201516:37:35Statement of Changes in Beneficial Ownership (4)
06/26/201517:16:54Proxy Statement - Merger or Acquistion (preliminary) (prem14a)
06/19/201516:15:00Omnicare's Series A and Series B Trust PIERS to Accrue Contingent...
06/16/201516:44:21Statement of Changes in Beneficial Ownership (4)
06/15/201508:20:08CVS to Buy Target Pharmacy Business
06/05/201516:20:30Current Report Filing (8-k)
05/29/201517:15:49Initial Statement of Beneficial Ownership (3)
05/29/201517:14:58Initial Statement of Beneficial Ownership (3)
05/29/201517:14:05Initial Statement of Beneficial Ownership (3)
05/29/201510:01:03What You Need to Know About CVS's $12.7 Billion Acquisition of...
05/27/201522:00:00SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into...
05/27/201517:42:13Statement of Changes in Beneficial Ownership (4)
05/27/201517:41:21Statement of Changes in Beneficial Ownership (4)
05/27/201517:39:25Statement of Changes in Beneficial Ownership (4)

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