PharMerica Reports In-line Earnings, Will Be Acquired And Taken Private

PharMerica shares were halted in pre-market trading Wednesday on news the company would be acquired. The hospital and pharmacy services company reported net income of $4.7 million, or 15 cents per share, in the second quarter, compared to $2.5 million or 8 cents per share, in the year-ago period. Adjusted per-share earnings were 47 cents, the same as a year ago, and matching the FactSet consensus. The stock, which is flat for the year compared to a 10.6% gain for the S&P 500 [s:spx], was halted after the announcement. A newly-formed company controlled by KKR [s:kkr] and with a minority investment from Walgreens Boots Alliance [S: WBA], will take PharMerica private. The company has cancelled all upcoming earnings conference calls and will no longer issue guidance.

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