Medical Care America's net income for the fourth quarter ended Dec. 31, 1993, jumped 70% to $16.5 million, or 45 cents per share, from net income of $9.7 million, or 27 cents per share, during the year-ago period. Revenues rose 10% to $114 million.
For the year, Medical Care reported a net loss of $96 million, or $2.62 per share, compared with net income of $41 million, or $1.10 per share, in the previous year.
Medical Care attributed the results to a restructuring charge of $106 million to its year-end earnings. In late December, Medical Care sold its struggling home infusion firm, Critical Care America, to Northbrook, Ill.-based Caremark International for $175 million.
Because of the pending sale, Critical Care's revenues and expenses have been combined and separately presented as discontinued operations, the firm said.
The company also announced that it has filed documents with the Securities and Exchange Commission related to its modified Dutch auction tender offer. Under the plan, Medical Care will use proceeds from the sale of Critical Care to repurchase as many as 7 million of its 36.7 million outstanding shares for $26 to $29 per share.
The offer is contingent upon completion of the Critical Care deal as well as other factors.