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Omnicare Swings To 2Q Loss On Charges, Discontinued Operations

DOW JONES NEWSWIRES Omnicare Inc. (OCR) swung to a second-quarter loss on litigation-related charges and a sharply wider loss at its discontinued operations, which included the contract-service business that the company sold in April. Adjusted profit from continuing operations and revenue beat analysts' expectations. The provider of drugs to nursing homes and assisted-living centers has seen its bottom line hurt by litigation charges and other expenses in recent quarters. Omnicare has been working to recover from turmoil that apparently led to a management upheaval last year. The company has been trying to build up its drug-distribution business and shed noncore operations. Omnicare reported a loss of $1.5 million, or a penny a share, from a year-earlier profit of $11.6 million, or 10 cents a share. Excluding litigation-related charges, earnings from continuing operations were up at 50 cents from 49 cents. Revenue increased 4.3% to $1.56 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 49 cents on revenue of $1.53 billion. Gross margin edged down to 21.6% from 21.9%. Shares of Omincare, which affirmed its 2011 guidance, closed Monday at $30.39 and were inactive premarket. The stock is up 59% from a two-year low in August following the abrupt departure of its management team. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Omnicare (OCR)
DateTimeHeadline
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
05/21/201510:12:00OMNICARE SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Announces the...
05/21/201509:57:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders...
05/21/201509:02:56CVS to Buy Omnicare For $12.7 Billion--4th Update
05/21/201509:00:10U.S. Stock Futures Edge Lower
05/21/201508:22:00OMNICARE ALERT: Johnson & Weaver, LLP Investigates the Fairness...
05/21/201508:16:25CVS to Buy Omnicare For $12.7 Billion--3rd Update
05/21/201508:10:09CVS Health to Buy Omnicare for $12.7 Billion

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