HZP cleans up prescription pricing problem & returns to profitability:
Thursday April 15, 1:50 pm Eastern Time
Company Press Release
SOURCE: HORIZON Pharmacies, Inc.
HORIZON Pharmacies, Inc. Negotiates New Technology and
Supply Agreement With Primary Supplier
DENISON, Texas, April 15 /PRNewswire/ -- HORIZON Pharmacies, Inc. (Amex: HZP - news) announced today that a new technology and supply agreement has been negotiated with its primary supplier. This agreement will have a positive impact on first quarter 1999 earnings but will not affect the losses sustained by HORIZON in unexpected complications with daily prescription pricing communications technology which caused the company to not receive daily updates to average wholesales prices.
Ricky D. McCord, President and CEO of HORIZON Pharmacies, Inc., stated, ''First, this agreement will return our company to a state of profitability for the first quarter of 1999 by increasing income by the amount of the undisclosed cash allowance. Second, it improves our prospects for future earnings by reducing wholesale prescription costs and increasing future profit margins. Third, the agreement continues the effort to expand and improve our point of sale network. These essential elements address the current financial impact, the future profitability of the company and our ability to avoid problems such as these in the future.''
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