CHMD low risk below 15: Potential 50 Message Board

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Non-Tech : CHMD low risk below 15: Potential 50

CHMD 0.00

Jun 29 5:00 PM EST

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To: david wills who wrote (239)	6/15/2001 12:32:43 AM
From: long-gone	Read Replies (1) of 241

Simply screwed up - but did they really make any money? Thursday June 14, 10:31 pm Eastern Time Chronimed to Adjust Financial Data Nasdaq Halts Trade of Chronimed As Drug Distributor Says It Overstated Sales for 2 Years MINNETONKA, Minn. (AP) -- The Nasdaq Stock Market halted trading of Chronimed Inc. (NasdaqNM:CHMD - news) shares Thursday after the drug distribution company said it had overstated sales, earnings and receivables for nearly two years. Chronimed said it would adjust reported revenue, earnings and accounts receivable for the fiscal year that ended June 30, 2000 and the three quarters that ended March 30, 2001. Trading in Chronimed shares will remain halted until the company has fully satisfied Nasdaq's request for additional information. The shares were trading at $9.35 when Nasdaq stepped in. The company said it recently determined that accounting problems at its StatScript subsidiary resulted in some prescriptions being ``inadvertently recorded as revenue more than once.'' The company said there did not appear to be any duplicate billings. Because the StatScript retail accounting system was installed in June, 1999, Chronimed believes the problem is limited to fiscal years 2000 and 2001. The company said it is working to modify its retail accounting systems and has improved staff protocols and oversight. Chronimed's mail service pharmacy operations use a different accounting system and those results do not require adjustment, the company said. biz.yahoo.com

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