NeighborCare Completes Acquisition of Quest Total Care Pharmacy
November 02 2004 - 8:00AM
PR Newswire (US)
NeighborCare Completes Acquisition of Quest Total Care Pharmacy
BALTIMORE, Nov. 2 /PRNewswire-FirstCall/ -- NeighborCare, Inc.
(NASDAQ:NCRX) announced today that it has closed the acquisition of
Quest Total Care Pharmacy of Longview, Texas. Quest Pharmacy is a
growing, long term care (LTC) pharmacy serving skilled nursing and
assisted living facilities in Texas. The business being acquired
currently generates revenue of approximately $16 million on an
annualized basis and serves approximately 4,000 beds. Financial
terms of the transaction were not disclosed. Charles W. Putnam,
Chief Executive Officer of Quest Pharmacy said, "We are very
pleased to be part of the NeighborCare family. When we evaluated
various options for our business we quickly discovered that
NeighborCare's outstanding reputation and unique approach to the
institutional pharmacy market made them our clear choice for a
partner. In addition, we were particularly impressed with
NeighborCare's passion and commitment to customer service and
support, a core value at Quest, and one that will continue with
NeighborCare." Putnam added, "As part of the NeighborCare
organization, we know that our customers will have best in class
services and programs to serve their residents and achieve their
business objectives." John J. Arlotta, NeighborCare's Chairman,
President and Chief Executive Officer said, "I am very happy to
welcome Quest Pharmacy into the NeighborCare family. Their
facilities in Texas are a natural complement to our recent
acquisition in Tyler, Texas, and meet our business objective of
acquiring companies in highly desirable markets. This acquisition
is part of our previously announced plans to grow our business both
organically and through strategic acquisitions." About
NeighborCare, Inc. NeighborCare, Inc. (NASDAQ:NCRX) is one of the
nation's leading institutional pharmacy providers serving long term
care and skilled nursing facilities, specialty hospitals, assisted
and independent living communities, and other assorted group
settings. NeighborCare also provides infusion therapy services,
home medical equipment, respiratory therapy services,
community-based retail pharmacies and group purchasing. In total,
NeighborCare's operations span the nation, providing pharmaceutical
services in 32 states and the District of Columbia. Visit our
website at http://www.neighborcare.com/. Statements made in this
document, our website and in our other public filings and releases,
which are not historical facts contain "forward-looking" statements
(as defined in the federal securities laws) that involve risks and
uncertainties and are subject to change at any time. These
forward-looking statements may include, but are not limited to,
statements containing words such as "anticipate," "believe,"
"plan," "estimate," "expect," "intend," "may," "target" and similar
expressions. Such forward looking statements include, without
limitation, statements regarding the effect of the spin-off on our
operations, expected changes in reimbursement rates and
inflationary increases in state Medicaid rates, expected bed count,
expected SG&A expense, anticipated restructuring charges and
estimates of timing and costs savings related to cost improvement
initiatives. Factors that could cause actual results to differ
materially include, but are not limited to, the following: costs,
changes in the reimbursement rates or methods of payment from
Medicare or Medicaid, or the implementation of other measures to
reduce reimbursement for our services; changes in pharmacy
legislation and payment formulas; the expiration of enactments
providing for additional government funding; efforts of third party
payors to control costs; the impact of federal and state
regulations; changes in payor mix and payment methodologies;
further consolidation of managed care organizations and other third
party payors; competition in our business; an increase in insurance
costs and potential liability for losses not covered by, or in
excess of, our insurance; competition for qualified staff in the
healthcare industry; our ability to control operating costs, and
generate sufficient cash flow to meet operational and financial
requirements; and an economic downturn or changes in the laws
affecting our business in those markets in which NeighborCare
operates. Our Business, operations or results could also be
affected by and the effects of Omnicare's tender offer or its
pendency on the company and its business, employees, customers and
suppliers. The forward-looking statements involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond our control. We caution investors that any forward-looking
statements made by us are not guarantees of future performance. We
disclaim any obligation to update any such factors or to announce
publicly the results of any revisions to any of the forward-looking
statements to reflect future events or developments. DATASOURCE:
NeighborCare, Inc. CONTACT: Investor: Tania Almond, Investor
Relations, +1-410-528-7555; Media: Dan Gagnier or Alex Eule, both
of Citigate Sard Verbinnen, +1-212-687-8080, for NeighborCare, Inc.
Web site: http://www.neighborcare.com/
Copyright
Neighborcare (NASDAQ:NCRX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Neighborcare (NASDAQ:NCRX)
Historical Stock Chart
From Sep 2023 to Sep 2024