Caremark Profits for Quarter Are Record

Caremark Inc., the Newport Beach-based home health care provider about to be acquired by Baxter Travenol Laboratories, on Wednesday announced record profits and earnings for the second quarter.

In the period ended June 30, the company had profits of $3.4 million, 19% above the $2.8 million posted the year before. Revenues were $59 million, up 44% from the $41 million recorded in the prior year. The second-quarter data this year did not include revenues from the company’s America’s Pharmacy subsidiary, which has been sold.

For the first half of the year, Caremark had profits of $6 million, up 11% from, the $5.5 million recorded last year. Revenues were $111 million, up 47% from $76 million in the year before.

In May, Caremark and Baxter Travenol announced that Baxter would acquire Caremark through an exchange of stock valued at approximately $528 million. Caremark shareholders will meet on July 31 to vote on the merger.