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Cover Story

Benchmarking HME

Do you know whether your home medical equipment business is being run efficiently and profitably?

HomeCareXtra

Cover Story

Getting Back To Business

The effects of Medicare's competitive bidding delay are a complicated matter.

Marketplace

Bergen Brunswig Ousts CEO

Orange, Calif. Bergen Brunswig removed Donald Roden as president and chief executive officer in November, replacing him with Robert Martini, chairman and former CEO, until a successor can be found. No reason was given.

The news accompanied announcement of the company's fourth-quarter and fiscal 1999 results. For the fiscal year ended Sept. 30, net earnings were $70.6 million, or 59 cents a share, compared with $3.1 million, or 3 cents a share, in fiscal 1998. The company recorded a fourth-quarter net loss of $28.5 million, or 21 cents a share, compared with a loss of $64.2 million, or 63 cents a share, the previous year. Officials said earnings were affected by lower-than-expected results at the Stadtlander and PharMerica subsidiaries and by a reserve provision for Bergen Brunswig Drug Co. of $15.7 million in the fourth quarter and of $18.2 million for the fiscal year. The company took a $53.7 million charge related to receivables at the two subsidiaries. Bergen has also been hit with several class-action lawsuits accusing it and some of its officers of misrepresentation in the acquisitions of the subsidiaries.

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