Caremark Posts Record Sales, Profit for the Year

As Caremark Inc. officials predicted last week, the company has posted record revenues and net earnings for the fiscal year and the fourth quarter.

The Newport Beach provider of in-home care reported net income of $10.2 million for the fiscal year ended June 30, 33% higher than the $7.6 million reported for 1985.

Revenues jumped to $135.3 million, 63% higher than last fiscal year’s revenues of $82.9 million. Caremark is cashing in on the shift toward home care as part of the ongoing trend to trim the nation’s health care bill.

For the fourth quarter, Caremark said its net income was $2.8 million, up 25% from the $2.3 million posted for the year-ago period. Revenues were $40.9 million, contrasted with $25.6 million recorded during the same three-month period in 1985.

Last week, Caremark officials predicted that the company would report record profit and revenue. The preliminary numbers mirrored almost exactly the figures released Friday.