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Financial News
Transworld Healthcare, New York, has reported revenue for the fiscal year ended September 30, 1998, of $155.3 million, up 66 percent from $93.4 million for the 11-month fiscal year ended September 30, 1997. (Transworld changed its fiscal year in 1997 .) The increase is due to fiscal 1998's additional month and revenue fromm the company's United Kingdom subsidiary, officials said.
Net income for fiscal 1998 was about $1.2 million, or 7 cents a share, compared with a net loss of $32.7 million, or a loss of $2.56 a share, for fiscal 1997. The pre-tax gain of $2.5 million from the sale of Transworld's nursing division contributed to the improved financial results, officials said.
Star Multi Care Services, Hicksville, N.Y., a provider of home health and staffing services doing business as American Healthcare Services, has reported a 15.9 percent drop in revenue for the second quarter ended November 30, 1998, to $12.8 million, from $15.2 million the previous year. Officials attribute the decrease to costs of a restructuring plan to reduce Medicare dependence. Costs include $300,000 for the settlement of a lease at an abandoned facility and severance pay and payroll-related benefits of about $176,346.
Net loss for the quarter was $101,336, or a loss of 2 cents a share, compared with net income of $496,214, or a gain of 10 cents a share, for the same quarter the previous year.
Interwest Home Medical, Salt Lake City, reported a 15 percent increase in revenue for the year ended September 30, 1998, to $28.6 million, up from $24.8 million in fiscal 1997. Net income for fiscal 1998 was up 117 percent to $1.4 million, or 35 cents a share, compared with net income of $656,564, or 17 cents a share, for fiscal 1997.
Officials attribute the increases to the company's focus on respiratory therapy and elimination of marginal product lines.
HealthCor Holdings, Dallas, has secured a $6 million working capital loan as the first step in its previously announced recapitalization plan. The amount must be repaid by December 31, 1999.
National Home Health Care, Scarsdale, N.Y., has reported revenue of $9.2 million for the three months ended October 31, up from $9.1 million for the same quarter in 1997. A home health agency acquisition in Westchester County, N.Y., fueled the increase, officials said. Net income was $186,000, or 4 cents a share, compared with net income of $379,000, or 7 cents a share, in 1997.
Community Care Services, Mount Vernon, N.Y., has reported revenue of $4.4 million for the second quarter ended September 30, 1998, down from $5 million for the same period the previous year. Net income was $24,000, or less than 1 cent a share, down from $28,000, or less than 1 cent a share, for the same period a year earlier. Company officials cited Medicare reductions in oxygen reimbursement as a major factor in the flat financial results. HC
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