July 17, 1999 |
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.
July 15, 1999 |
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.
June 22, 1999 |
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.
April 30, 1999 |
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%.
April 29, 1999 |
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.
January 29, 1999 |
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.