Friday, May 10, 2002

Tristate Summary

Chemed sells Patient Care unit

        Cincinnati's Chemed Corp. Thursday said it agreed to sell its Patient Care unit to an investment group led by Schroder Ventures Life Sciences Group for $70 million in cash.

        Patient Care, which has 20 offices in eight states, sells home health-care services and had revenues last year of $139 million. It employs 7,000 but has no operations in Greater Cincinnati, a company spokesman said.

        Chemed said it would reinvest sale proceeds into its flagship Roto-Rooter plumbing and drain cleaning business.

        Chemed acquired Patient Care in 1994.

Hillenbrand's earnings increase

        Hillenbrand Industries Inc., the Batesville, Ind., hospital and funeral products company, reported sharply higher second-quarter earnings on a slight gain in revenues.

        For the three months ended March 31, Hillenbrand said net income increased 83 percent to $53 million, or 85 cents a share, compared with net income of $29 million, or 46 cents a share. a year ago.

        The average estimate among analysts surveyed by Thomson Financial/First Call was 85 cents a share.

        Revenues increased to $533 million from $531 million a year ago, as growth in health-care capital sales was offset by losses in its insurance portfolio and restructuring within health-care products, the company said.

        Hillenbrand expects earnings of $3.30 to $3.35 a share for the fiscal year ending Sept. 30. Health-care product sales rose 5 percent while funeral services sales were flat compared to a year ago.

— From staff reports


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