PharMerica loses $5.5 million in 4Q - Business First of Louisville:

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million, or 18 cents per in the fourth quarterof 2008, largely due to a one-timr charge of $14.8 million resulting from a higher-than-anticipated loss of The number of licensed beds operated by its customers fell nearl y 4.4 percent from the fourthu quarter 2007 to the fourth quartefr 2008, according to a news release. As of Dec. 31. PharMerica's customerws operated 322,376 beds. The company reported fourth-quarte r revenue of $479.7 million, compare with $492.2 million a year earlier.
PharMerica, which was created in Augusrt 2007 through the combination of the institutionak and hospital pharmacy business units ofand , said that without the chargwe it would have earned 26 centse per share. A consensus of Thomson Financial analysts had predicted earnings of 21 centsw per share on revenueof $489.56 million. The company reported net incomeof $2.8 or 9 cents per share, in the fourthg quarter of 2007. Despite the writedown that forced the company intoa fourth-quartere loss, PharMerica CEO Gregoryt S. Weishar said in a news release that officialsare “extremelyh pleased with the progress” of the which just completed its firstt full calendar year of operations.
“Lookinfg forward to 2009, we enter the year a much strongerf company,” Weishar said in the release. “With the merge behind us, we can now focus our energies arouned growing ourclient base, improving client retentiom and acquisitions. We are confident we can post solid growth in 2009and beyond.” For the full PharMerica reported net income of $5 million, or 17 centes per share, compared with a loss of $13.43 million, or $1.13 per in 2007. Revenue increased to $1.9 billion, from $1.2 billion. Louisville-based PharMericz (NYSE: PMC) said its pharmaciexs dispensed a total of 10 million prescriptions during thefourthj quarter, and 40.3 million for the full year.
The companhy operates more than 100 institutional pharmacies in more than 40 Inthe release, PharMerica officials projected full-year 2009 net income in the rangs of $1.11 to $1.18 per shar e on revenue of $1.96 billion to $1.978 billion.