Caremark International last week reported that net income for its fourth quarter ended Dec. 31, 1993, was $22.2 million, or 30 cents per share, compared with a net loss of $15.2 million, or 22 cents per share, in the year-ago period.
Revenues climbed 19% to $460 million.
For the year, the company's net income skyrocketed 184% to $78 million, or $1.04 per share, compared with $27 million, or 39 cents per share, in 1992. Revenues increased 22% to $1.7 billion.
Caremark's chairman and chief executive officer, C.A. Lance Piccolo, attributed the strong growth to the company's strategic diversification and cost-control programs. Among the company's fourth-quarter acquisitions was the Regional Kidney Disease Program, a nephrology services business based in Minneapolis.
More recently, Caremark signed a definitive agreement to buy Critical Care America, a rival home infusion company, for $175 million in cash (Jan. 24, p. 6).
Caremark is the nation's largest provider of outpatient home infusion therapy, operating 125 branches nationwide.