Healthdyne and Tokos Medical Corp. have completed their merger, forming Matria Healthcare, a provider of obstetrical home-care and maternity wellness services. Each outstanding share of common stock of Tokos and Healthdyne was exchanged for one share of Matria common stock in a tax-free merger announced last October. The new company, which has approximately 34 million shares of common stock outstanding, began trading March 11 on the NASDAQ system. Tokos, based in Santa Ana, Calif., reported 1995 revenues of $87.5 million, and Healthdyne, based in Marietta, Ga., posted 1995 revenues of $69.6 million for its maternity management division. The new company, which expects 1996 revenues of about $150 million, will locate its headquarters in Marietta.
Shareholders of Morrison Restaurants voted March 7 to divide the company into three independent units. One of those units, Morrison Health Care, will be the only national, publicly traded company exclusively in the healthcare food and nutrition business, the company said. The other two new companies are Morrison Fresh Cooking and Ruby Tuesday restaurants. Atlanta-based Morrison Health Care handles food and nutrition for 300 healthcare facilities. It managed $400 million in volume in its fiscal year ended May 31, 1995. Revenues were $225 million, and earnings before interest and taxes totaled $17.5 million. Morrison Health Care's shares began trading March 11 on the New York Stock Exchange under the symbol MHI.
Physicians Resource Group acquired the assets of 10 eye-care practices in Arizona, Ohio, Oklahoma, Nevada and Texas for $39.4 million. The Dallas-based company paid $7.7 million in cash and $31.7 million in stock for the practices. Of the 1.44 million shares issued, 1.1 million will be restricted for resale for two years; the remaining shares may be sold at various times through 1996. The company also filed a shelf registration for 3 million new shares, which will be issued as the company makes additional acquisitions. Physicians Resource also is in the process of merging with Memphis, Tenn.-based EyeCorp, which manages 53 eye-care practices and five ambulatory surgery centers.