Friday, February 08, 2002

Chemed reports '01 loss




The Cincinnati Enquirer

        Chemed Corp., the Cincinnati-based parent of Roto-Rooter, reported a loss for the fourth quarter and full year in the wake of the slowing economy and related restructuring charges.

        For the three months ended Dec. 31, Chemed reported a net loss of $16.4 million, or $1.70 a share, versus a profit of $4.9 million, or 50 cents a share, a year ago.

        The latest quarter includes restructuring and other charges of $16.6 million, or $1.71 a share, and a loss of 18 cents a share from debt prepayment penalties. The year-ago period included a loss from discontinued operations of 2 cents a share and capital gains from investment sales of 5 cents a share. Chemed said pro forma earnings for the fourth quarter were 19 cents a share compared with 48 cents a year ago.

        Fourth-quarter revenues declined to $117.6 million from $128.4 million a year ago.

        For the year, Chemed, which also operates Service America, a major appliance repair service, and Patient Care, a home health care service, reported a loss of $10.4 million, or $1.07 a share, after one-time charges, down from a profit of $20.5 million, or $2.07 a share, in the prior year. Annual revenues slipped to $477 million from $492 million in 2000.

        Chemed said the debt and other restructuring moves are expected to generate after-tax savings of up to $5 million annually.

        In another report:

        NS Group Inc.: The parent of Newport Steel in Wilder reported a loss of $9.9 million, or 48 cents a share, in the fourth quarter on revenues of $51.7 million. In the same period last year, the tubular steel maker reported a profit of $7.8 million, or 37 cents a share, on revenues of $73.4 million.

        For the year ended Dec. 31, NS Group reported a net loss of $55.9 million, or $2.68 a share, compared with a loss of $2.2 million, or 10 cents a share, in the prior year. Annual revenues declined to $315.5 million from $355.9 million in the prior year.

        The company said it expects a loss of about 55 cents a share in the current quarter but anticipates improvement over the rest of the year.

       



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