Saturday, May 04, 2002

Tristate Earnings Reports

Omnicare profits jump 59%

The Cincinnati Enquirer

        Covington-based nursing-home pharmacy manager and drug research company Omnicare Inc. has reported net profits of $28.8 million for the first quarter, a 59-percent jump from the same period last year, when the firm reported $18 million.

        The company said accounting changes that went into effect at the beginning of the year accounted for $5.1 million of the increase in reports issued Thursday.

        The results equated to earnings of 31 cents a share, compared with 20 cents last year.

        Omnicare also reported total sales of $632 million, compared with $523 million in the first quarter of 2001.

        Excluding special items, the company reported profits of $31.7 million, or 34 cents a share, ex ceeding the estimates of analysts surveyed by First Call/Thompson Financial, which had predicted earnings of 33 cents a share.

        • Ohio Casualty Corp.: Higher underwriting results and increased pricing helped the Fairfield-based property and casualty insurer post a substantial gain in first-quarter profit versus a loss a year ago.

        The insurer earned $26.9 million, or 44 cents a share, for the first three months of this year. In comparison, it had a loss of $4.1 million, or 7 cents a share, during last year's first quarter.

        It also had quarterly after-tax operating income of $12 million, or 20 cents a share, compared with an operating loss of $12.3 million, or 20 cents, a year ago.

        The higher earnings come after a major restructuring the past year.


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