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Mckesson Hboc Company

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BUSINESS
April 30, 1999 | From Bloomberg News
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%.
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BUSINESS
February 27, 2001 | From Bloomberg News
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.
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BUSINESS
October 25, 2000 | From Bloomberg News and Reuters
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.
BUSINESS
October 25, 2000 | From Bloomberg News and Reuters
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.
BUSINESS
April 29, 1999 | From Reuters
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.
BUSINESS
July 15, 1999 | From Bloomberg News
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.
BUSINESS
January 29, 1999 | From Bloomberg News
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.
BUSINESS
July 17, 1999 | Bloomberg News
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.
BUSINESS
February 27, 2001 | From Bloomberg News
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.
BUSINESS
June 22, 1999 | STUART SILVERSTEIN, TIMES STAFF WRITER
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.
BUSINESS
July 17, 1999 | Bloomberg News
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.
BUSINESS
July 15, 1999 | From Bloomberg News
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.
BUSINESS
June 22, 1999 | STUART SILVERSTEIN, TIMES STAFF WRITER
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.
BUSINESS
April 30, 1999 | From Bloomberg News
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%.
BUSINESS
April 29, 1999 | From Reuters
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.
BUSINESS
January 29, 1999 | From Bloomberg News
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.
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