Coram Healthcare Corp., a Denver-based home infusion provider, reported a net loss of $14.6 million, or 34 cents per share, for the first quarter ended March 31, compared with a net loss of $17.9 million, or 44 cents per share, in the year-ago quarter. Revenues fell 7.5% to $121.7 million from $131.6 million.
The company said earnings were affected by interest expenses on $21.5 million in debt owed to bridge noteholders and to Caremark International.
Coram said the company has until March 1998 to pay the noteholders and it plans to challenge the payments to Caremark in court beginning May 29.
Coram recently received $21 million in breakup fees from Integrated Health Services, an Owings Mills, Md.-based post-acute services company, which terminated its merger agreement with the company in April.
Coram said it used $7.7 million of the breakup fees to pay down company debt. Coram said it now plans to focus on securing contracts with managed-care plans and physician groups.