Re: 8/15/00 - [PHYC] PhyCor reports big loss, to be delisted from Nasdaq
Recall in May of '99 PhyCor sued 50 John Does for libel for calling attention to problems at the company on its Yahoo message board (see referenced post). Looks like the John Does were right.
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PhyCor reports big loss, to be delisted from Nasdaq
NEW YORK, Aug 15 (Reuters) - Medical clinics and physician networks manager PhyCor Inc. (NASDAQ: PHYC) reported a $426.8 million loss on Tuesday after writing off assets worth more than $400 million, and said its shares would be delisted from the Nasdaq stock market, effective August 25.
The company's loss amounted to $5.80 per share, compared to a profit of $15.3 million, or 1 cent a share, in the same quarter a year earlier. For the first six months, the loss totaled $452.4 million, or $6.15 per share, compared to a profit of $3.7 million, or 5 cents a share, in the first half of 1999.
Nashville, Tenn.-based PhyCor said it is talking almost all its multi-specialty clinics to restructure or terminate its service agreements and reduce its investment in the assets of the clinics. It said most of the clinics will probably repurchase some of the related assets.
PhyCor said it expects to record additional restructuring charges as it ceases operations in certain markets and restructures more of its operations.
After the restructuring, the company said it will no longer satisfy the minimum net tangible asset listing requirements of the Nasdaq stock market.
The company said it has been informed its common stock will be delisted as of August 25 and it expects that the common stock will begin trading on the OTC Bulletin Board.
Shares of the company fell 1/32 to 7/32 on Tuesday, off a 52-week high of 5-1/8 and up from a year-low of 5/16. PhyCor had warned investors about the restructuring and possible delisting at the end of last month.
siliconinvestor.com
(Thanks to Les French at johndoes.org for pointing this out) |
