Caremark Posts Record Revenue, Income

Caremark Inc. said net income for its fiscal 1987 first quarter ended Sept. 30 was a record $3 million, a 38% increase from net income of $2.2 million for the comparable period a year earlier. The Newport Beach-based health-care company said revenue for the quarter also set a record, rising 56% to $42 million from $27 million.

Caremark said it believes its rapid growth will continue "throughout 1987 and in the years to come" because of expanding demand for its home health care services and because of growth in its partnerships with health maintenance organizations, insurers, large hospitals and hospital chains.

In addition, new treatments for certain diseases increasingly can be administered at home, the company said, thus potentially boosting demand for its services.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World