Omnicare Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 24 15
Omnicare Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, net sales were $1,733,317,000 against $1,610,584,000 last year. Operating income was $96,930,000 against $130,246,000 last year. Income from continuing operations before income taxes was $69,552,000 against $100,266,000 last year. Income from continuing operations was $33,970,000 or $0.32 per diluted share against $61,246,000 or $0.58 per diluted share last year. Net income was $33,970,000 or $0.32 per diluted share against $21,971,000 or $0.21 per diluted share last year. Adjusted cash earnings per diluted share from continuing operations were $1.02 against $0.91 last year. EBITDA from continuing operations was $126,906,000 against $157,393,000 last year. Adjusted EBITDA from continuing operations was $196,013,000 against $176,224,000 last year. Net cash flows from operating activities were $94,089,000 against $218,634,000 last year.
For the six months, net sales were $3,393,159,000 against $3,181,622,000 last year. Operating income was $248,910,000 against $262,998,000 last year. Income from continuing operations before income taxes was $193,883,000 against $203,577,000 last year. Income from continuing operations was $111,359,000 or $1.07 per diluted share against $124,884,000 or $1.17 per diluted share last year. Net income was $111,359,000 or $1.07 per diluted share against $85,745,000 or $0.80 per diluted share last year. Net cash flows from operating activities were $430,345,000 against $390,220,000 last year. Capital expenditures were $14,191,000 against $27,664,000 last year. Adjusted cash earnings per diluted share from continuing operations were $2.04 against $1.82 last year. EBITDA from continuing operations was $305,923,000 against $317,750,000 last year. Adjusted EBITDA from continuing operations was $385,899,000 against $353,909,000 last year.
Omnicare Inc. Agrees to Settle Federal Kickback Lawsuit
Jul 13 15
Omnicare Inc. has reached an agreement with the federal government over how much the company will pay to settle a lawsuit that alleges the firm sought and received tens of millions of dollars in kickbacks from Abbott Laboratories. A hearing on the proposed settlement and a motion to halt litigation is scheduled for July 20 before Magistrate Judge Pamela Meade Sargent of the U.S. District Court for the Western District of Virginia. The amount Omnicare agreed to pay wasn't specified in a court filing. The company previously reported that Omnicare had agreed to pay $120 million to the federal government to resolve a different case alleging kickbacks and false claims. The amount to be paid in the current case would have to be approved by officials with the U.S. Department of Health and Human Services, the U.S. Department of Justice and a state settlement team facilitated by the National Association of Medicaid Fraud Units. States involved in the case include Indiana and Kentucky. Two months ago, Omnicare officials agreed to sell the company to CVS Health Corp. The deal, valued at $12.7 billion, is to close by the end of this year 2015. The whistleblower suit, filed in December, claims Omnicare got kickbacks from 1998 through 2008 for buying and recommending the drug Depakote to control the behavior of dementia patients. The practice ended up costing taxpayers millions of dollars in payments made by federally funded health insurance programs, according to the suit.