Mckesson Hboc Company

McKesson HBOC Inc., whose share price dropped 47% Wednesday after it announced accounting problems in its software unit, said Thursday it hopes to complete an audit and corrections by mid-June. McKesson, the largest U.S. drug wholesaler, wants the audit by outside accountants, Deloitte & Touche, to be completed in time to mail the results to shareholders with its proxy statement, spokesman Larry Kurtz said. McKesson on Wednesday restated earnings, reducing fiscal 1999 profit by 4.4%.

McKesson HBOC Inc. on Monday named co-chief executive John Hammergren as sole president and CEO and said it was restructuring its money-losing Internet unit, led by co-CEO David Mahoney, who will leave the company. The largest U.S. drug wholesaler said it will take a fiscal fourth-quarter charge of an undetermined amount for restructuring. The changes are effective April 1.

PG&E Corp., owner of California's largest utility, said third-quarter earnings rose a better-than-expected 26% as it sold more electricity across the U.S. and shed unprofitable businesses. Profit from continuing operations increased to $248 million, or 68 cents a share, from $197 million, or 53 cents, a year earlier, as sales rose 21% to $7.5 billion. The average estimate of analysts surveyed by First Call/Thomson Financial was 60 cents.

PG&E Corp., owner of California's largest utility, said third-quarter earnings rose a better-than-expected 26% as it sold more electricity across the U.S. and shed unprofitable businesses. Profit from continuing operations increased to $248 million, or 68 cents a share, from $197 million, or 53 cents, a year earlier, as sales rose 21% to $7.5 billion. The average estimate of analysts surveyed by First Call/Thomson Financial was 60 cents.

McKesson HBOC Inc. shares fell 9% amid concern about sales of the No. 1 drug wholesaler's newly acquired medical software unit, HBO & Co. after the company released earnings late Monday. McKesson fell $7.63 to close at $74.39 on the NYSE. Earlier, shares fell as low as $72.50. While San Francisco-based McKesson's fiscal third-quarter earnings matched analysts' estimates, investors were concerned that HBO's revenue fell short of expectations.

Pharmaceutical supply giant McKesson HBOC Inc. stunned investors Wednesday by revising downward its latest quarterly earnings and projecting lower profit through early 2000. The company's stock plummeted nearly 50%, losing $31.25 to close at $34.50 on the New York Stock Exchange. San Francisco-based McKesson, which acquired health-care information management firm HBO & Co.

McKesson HBOC Inc., the largest U.S. drug wholesaler, said Wednesday that it will lower its fiscal 1999 earnings by $152.2 million, or 53 cents a share, as it fixes accounting improprieties at its software unit that caused its stock to lose more than half its value since January. San Francisco-based McKesson said the problems at its HBOC software unit caused it to slash $327.4 million off revenue for three fiscal years. It cut earnings for fiscal 1998 by $25.

Bergen Brunswig Corp., said Thursday that it has won a seven-year contract valued at $6.3 billion to be the sole supplier of drugs, health and beauty aids, and over-the-counter medical products to Longs Drug Stores Corp., the sixth largest drug store operator in the United States. The contract is currently split between Bergen and No. 1 U.S. wholesaler McKesson HBOC Inc. Bergen said about 50% of the $900 million annual revenue will be new business. Orange-based Bergen, the third largest U.S.

Executives at McKesson HBOC Inc. borrowed almost $100 million to buy company stock, only to see the shares lose about half their value after the disclosure of accounting improprieties at the largest U.S. drug wholesaler. The borrowers include former Chief Executive Mark Pulido, who owed McKesson $17.8 million as of June 30, according to a proxy statement filed with the Securities and Exchange Commission.

McKesson HBOC Inc. on Monday named co-chief executive John Hammergren as sole president and CEO and said it was restructuring its money-losing Internet unit, led by co-CEO David Mahoney, who will leave the company. The largest U.S. drug wholesaler said it will take a fiscal fourth-quarter charge of an undetermined amount for restructuring. The changes are effective April 1.

A federal grand jury indicted two former HBO & Co. executives Thursday for an alleged stock scheme that cost shareholders $9 billion and began shortly before the software firm's 1999 merger with medical products supplier McKesson Inc.

McKesson HBOC Inc., the largest U.S. drug wholesaler and a leading health-care software designer, said Tuesday it has sued rival W3Health Corp. and 12 former McKesson HBOC employees, accusing them of stealing software trade secrets. W3Health denied the allegations, saying in a news release that McKesson is bullying a rival that's created a superior product and is trying to discourage McKesson workers from leaving for better jobs.

McKesson HBOC (MCK) Jim: Don't buy Mike: Don't buy Jim: This outfit is known on Wall Street for all the wrong reasons, because lots of McKesson HBOC stockholders got bloodied after too many people ignored too many red flags about this company. Mike: That's right. But first explain to our readers what this company does. Jim: McKesson HBOC is mainly a wholesaler of drugs and other medical supplies. It also used to own Sparkletts, but sold that business this year.

Striving to focus on its core health-care businesses after a year of financial missteps, drug wholesaler McKesson HBOC Inc. on Tuesday agreed to sell its Pasadena-based Sparkletts water division to French food giant Groupe Danone for $1.1 billion in cash. For Danone, buying McKesson Water Products Co. will make the French company the second-largest distributor in the U.S. market for home- and office-delivered bottled water.

Executives at McKesson HBOC Inc. borrowed almost $100 million to buy company stock, only to see the shares lose about half their value after the disclosure of accounting improprieties at the largest U.S. drug wholesaler. The borrowers include former Chief Executive Mark Pulido, who owed McKesson $17.8 million as of June 30, according to a proxy statement filed with the Securities and Exchange Commission.

McKesson HBOC Inc., the largest U.S. drug wholesaler, said Wednesday that it will lower its fiscal 1999 earnings by $152.2 million, or 53 cents a share, as it fixes accounting improprieties at its software unit that caused its stock to lose more than half its value since January. San Francisco-based McKesson said the problems at its HBOC software unit caused it to slash $327.4 million off revenue for three fiscal years. It cut earnings for fiscal 1998 by $25.

A growing controversy over suspected accounting abuses at McKesson HBOC Inc., the world's largest drug wholesaler, led Monday to the firing of the company's chairman and the abrupt departure of six other executives. San Francisco-based McKesson lost its top three executives in the purge, along with four high-ranking officials at its information technology unit. The shake-up stems from the company's continuing investigation into the information technology business, which was known as HBO & Co.

McKesson HBOC Inc., the largest U.S. drug wholesaler, said Tuesday it found more improperly recorded sales from a software business purchased in January, forcing it for the second time in a month to reduce previously reported profit. McKesson shares fell as much as 12% after the company said it will reduce earnings by an undisclosed amount for the four quarters through March 31.

A growing controversy over suspected accounting abuses at McKesson HBOC Inc., the world's largest drug wholesaler, led Monday to the firing of the company's chairman and the abrupt departure of six other executives. San Francisco-based McKesson lost its top three executives in the purge, along with four high-ranking officials at its information technology unit. The shake-up stems from the company's continuing investigation into the information technology business, which was known as HBO & Co.

McKesson HBOC Inc., the largest U.S. drug wholesaler, said Tuesday it found more improperly recorded sales from a software business purchased in January, forcing it for the second time in a month to reduce previously reported profit. McKesson shares fell as much as 12% after the company said it will reduce earnings by an undisclosed amount for the four quarters through March 31.