Financials

Lincare Posts Q3 Gains: Lincare, Clearwater, Fla., posted net income of $45.8 million, or 44 cents per share, for the third quarter 2002 ended Sept. 30, compared to a net income of $34.8 million, or 31 cents per share, for the same quarter a year ago. Revenue for the quarter was $244.2 million, an increase of 18 percent, compared to the $206.8 million in revenue the company posted for the same quarter a year ago.

“We are pleased with Lincare's financial performance during the third quarter and first nine months of 2002,” said John Byrnes, Lincare's chief executive officer. “Lincare again achieved significant growth in revenues, earnings and cash flows. Lincare added 61 new operating centers in the first nine months of 2002, bringing the total number of Lincare locations to 625. Of the new operating centers added, 43 were derived from internal expansion and 18 from acquisition.”

Matria Posts Loss in Q3, Secures New Credit Facility: Marietta, Ga.-based Matria Healthcare posted net income of $1.3 million, or 14 cents per share, for the third quarter ended Sept. 30, 2002, compared to $2.4 million, or 27 cents per share, posted for the same period a year ago. Net Revenues for the quarter were $71.4 million, a 5 percent increase from the $68.1 million posted for the same quarter a year ago.

In other Matria news, the company has secured a new $35 million revolving credit facility with Healthcare Finance Group. Company officials believe the credit facility will reduce the company's interest rate and increase the company's borrowing capacity.

Noteworthy

AAHomecare Chooses RESNA to Develop Rehab Company Standards: The Alexandria, Va.-based American Association for Homecare Oct. 29 announced it has chosen the Rehabilitation Engineering and Assistive Technology Society of North America to develop new industry standards for companies that provide rehabilitation technology. Spearheaded by AAHomecare's Rehabilitation and Assistive Technology Council, this initiative will help public and private payers select qualified providers, the association said.

“RATC believes that, in order to raise the bar for the rehab industry, it needs a rehab-specific accreditation program with standards developed from input from all stakeholders, including consumers, providers, manufacturers, clinicians and insurers,” said Gary Gilberti, the project's leader and president of Chesapeake Rehab Equipment.

People & Places

Matria Names COO: Marietta, Ga.-based Matria Healthcare has named Thomas Hall executive vice president and chief operating officer. Prior to joining Matria, Hall served as president of ADP TotalSource, which performs various human resources functions for small and medium-sized businesses. Hall will be directly responsible for Matria's women's health and health enhancement divisions.

The Med Group Names Networks VP: Lubbock, Texas-based The Med Group has named Donald Clayback its vice president of networks. A consultant for the past seven years, Clayback brings almost 25 years of home medical equipment and rehab experience to the position. As the vice president of networks, Clayback will be responsible for managing Med's National Rehab Network, Certified Repair Center Network and National Respiratory Network.

American Homecare Supply Names COO: Lehigh Valley, Pa.-based American Homecare Supply, a subsidiary of Air Products, has named David Johnson chief operating officer, responsible for operations at the company's six northeastern and mid-Atlantic divisions. Before joining American Homecare Supply, Johnson was a vice president of operations and supply chain at Elyria, Ohio-based Invacare.

Rehabilicare Appoints Board Members: Rehabilicare of New Brighton, Minn., has appointed William Floyd — chairman, president and chief executive officer of Beverly Enterprises — and Richard Nigon — director of equity corporate finance and capital markets for the investment banking firm Miller Johnson Steichen Kinnard — to Rehabilicare's board of directors. The two new board members will replace the company's founder, Robert Wingrove, who is retiring.

Walgreen Chairman Stepping Down: Daniel Jorndt is stepping down as chairman of Deerfield, Ill.-based Walgreen Co., effective Jan. 8, 2003. David Bernauer, Walgreen's president and chief executive officer, will replace Jorndt. Jeffrey Rein will replace Bernauer as president, and will assume the additional role of chief operating officer.

Cambridge Home Healthcare Receives Growth Award: For the fourth time, Akron, Ohio-based Cambridge Home Healthcare has been awarded the Cascade Capital Corporation Business Growth Award for 2002, which recognizes regional businesses that have increased sales by at least 100 percent, or $5 million, during the most recently completed five-year period. Cambridge also won the award in 1996, 1997 and 2001.