Priority Healthcare Corporation Issues 3rd Quarter Update
September 08 2004 - 7:00AM
PR Newswire (US)
Priority Healthcare Corporation Issues 3rd Quarter Update LAKE
MARY, Fla., Sept. 8 /PRNewswire-FirstCall/ -- Priority Healthcare
Corporation (NASDAQ:PHCC) announced today that it is adjusting its
sales guidance for the third quarter ending on October 2, 2004 due
to the delays in shipment and the release of Fluvirin(R), its
primary flu vaccine product, and the negative impact due to
Hurricanes Charley and Frances. Specific to the delays in vaccine
shipments, Chiron Corporation announced on August 26, 2004 its
delay in releasing any Fluvirin until early October, after
additional quality checks could be conducted. The Company is also
adjusting earnings guidance down by $.01 to $.02 per share for the
third quarter due to the lower sales guidance and start up costs
related to its new agreement with Aetna. Based on the above, third
quarter sales guidance has been adjusted to $436 million to $446
million and earnings guidance has been adjusted to $.29 to $.30 per
share. Steve Cosler, Priority Healthcare President and CEO
commented, "Although the change in our third quarter guidance is
minimal, and essentially isolated to the third quarter, we believe
it is appropriate to provide this update. The largest single
component of the anticipated earnings shortfall, the delay in
Fluvirin, should shift entirely to the fourth quarter, as this
inventory is presold and awaiting clearance for shipment. Even with
the adjusted sales outlook for the quarter, revenues should
increase 20% to 23% over the third quarter of 2003, continuing our
solid growth." Mr. Cosler concluded, "We are very pleased with the
execution of our disaster contingency plans that were implemented
in response to the two hurricanes, as we were able to meet the
needs of our customers that required immediate access to our
services. Nonetheless, quarter to date, we have lost the equivalent
of approximately five workdays at our Florida locations, which
impacts our sales volumes given the vast majority of our inside
sales force is located in our Lake Mary facility." About Priority
Healthcare Corporation Priority Healthcare Corporation is a
national specialty pharmacy and distributor that provides
biopharmaceuticals, complex therapies, and related disease
treatment services. Priority Healthcare provides comprehensive
programs for patients, payors, physicians, and pharmaceutical
manufacturers for a growing number of disease states including
cancer, hepatitis C, respiratory and pulmonary conditions,
infertility, rheumatoid arthritis, hemophilia, multiple sclerosis,
Parkinson's disease, and macular degeneration Certain statements
included in this press release, which are not historical facts, are
forward-looking statements. Such forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent our expectations or beliefs and involve
certain risks and uncertainties, including those described in our
public filings with the United States Securities and Exchange
Commission; also including, but not limited to, changes in interest
rates, competitive pressures, changes in customer mix, changes in
third party reimbursement rates, financial stability of major
customers, changes in government regulations or the interpretation
of these regulations, changes in supplier relationships, growth
opportunities, cost savings, revenue enhancements, synergies and
other benefits anticipated from acquisition transactions,
difficulties relative to integrating acquired businesses, the
accounting and tax treatment of acquisitions, and asserted and
unasserted claims, which could cause actual results to differ from
those in the forward-looking statements. The forward-looking
statements by their nature involve substantial risks and
uncertainties, certain of which are beyond our control, and actual
results may differ materially depending on a variety of important
factors. You are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date herein.
http://www.newscom.com/cgi-bin/prnh/20030417/PHCLOGODATASOURCE:
Priority Healthcare Corporation CONTACT: Stephen Saft, Chief
Financial Officer of Priority Healthcare Corporation,
+1-407-804-6700 Web site: http://www.priorityhealthcare.com/
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