Caremark Reports Record $3.3-Million Net in 2nd Quarter

Boosted by increased patient referrals, Caremark said that it posted record net earnings of $3.3 million for its fiscal 1987 second quarter, up 32% from $2.5 million. Revenue for the period ended Dec. 31 was $49 million, up 53% from $32 million a year earlier.

For the first six months, the Newport Beach-based provider of home-based health care said, net income rose 34% to $6.3 million from $4.7 million. Revenues climbed 52% to $91 million from $60 million a year before.

Larry Watts, a Caremark spokesman, said the increase in the number of patients being referred to the company by hospitals, insurers and health maintainence organizations is the primary reason for the gains.

Caremark’s mail-order pharmacy unit continues to lose money but will be profitable by the end of the current fiscal year, said James Sweeney, Caremark’s chairman and chief executive. The loss, Sweeney said, totals “less than $1 million.”