National Medical swings to 1Q loss |
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Fri, 23 Feb 2007 23:24
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PORT WASHINGTON, N.Y. (AP) - National Medical Health Card Systems Inc., a pharmacy benefits manager, said Friday it swung to a fiscal first-quarter loss on a drop in revenue.After the payment of preferred dividends and the accretion of transaction expenses, National Medical posted a loss of $121,000, or 2 cents per share, compared with a profit of $1.3 million, or 24 cents per share, for the same quarter in 2006.The 2006 quarter's results included a net gain of $245,000 resulting from a review of the company's financial statements.For the quarter ended Sept. 30, revenue dropped 12 percent to $188.7 million from $214.7 million in the year-ago period.Analysts polled by Thomson Financial had expected a profit of 13 cents per share on $212.7 million in revenue.National Medical said in November that would be unable to file its fiscal first-quarter report on time, because it needed additional time to complete its analysis of some rebates and finalize its financial statements.Shares of National Medical Health Card Systems added 15 cents to close at $13.85 on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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