PharMerica Corporation Acquires Amerita, Inc.
LOUISVILLE, Ky.–(BUSINESS WIRE)–Dec. 13, 2012– Louisville-based PharMerica Corp. (NYSE: PMC), a national provider of institutional pharmacy and hospital pharmacy management services, today announced that it has acquired Amerita Inc. in an all cash transaction.
Amerita is a provider of specialty home infusion services with operations in Tennessee, Texas, Oklahoma, Colorado and Utah. This transaction is expected to be moderately accretive to the company in 2013.
“Amerita is a leading provider of specialty infusion services, and represents an opportunity for PharMerica to leverage existing pharmacies and broaden our product offerings,” Gregory S. Weishar, PharMerica Corp. CEO, said. Strategically, we believe the ability to serve patients in their home will support the efforts of our long-term care clients as they adapt to the changing healthcare landscape.”
In its third quarter earnings statement, Pharmerica reported net income for the nine months ended September 30, 2012, of $19.2 million, or $0.64 diluted earnings per share, which compared favorably with $15.5 million, or $0.53 diluted earnings per share, for the same period in 2011. Adjusted diluted earnings per share were $0.93 during the first nine months of 2012 compared with $0.85 diluted earnings per share in the same period in 2011, an increase of 9.4 percent.
It also reported adjusted EBITDA for the nine months ended September 30, 2012, of $76.7 million compared with $70.9 million for the same period in 2011, an increase of 8.2 percent.
Gross profit for the nine months ended September 30, 2012, was $224.3 million compared with $218.8 million in the same period of 2011.
Revenues for the nine months ended September 30, 2012, were $1.4 billion compared with $1.58 billion for the same period of 2011, a decrease of 11.7%, driven in part by higher generic dispensing.
Cash flows provided by operating activities were $103.2 million compared with $12.3 million in the same period of 2011.
PharMerica Corp. is a leading institutional pharmacy services company servicing healthcare facilities in the United States. PharMerica operates institutional pharmacies in 44 states. PharMerica’s customers are institutional healthcare providers, such as nursing centers, assisted living facilities, hospitals and other long-term care providers. The Company also provides pharmacy management services to long-term care hospitals.
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