Business Services Industry
Orange, Calif., Drug Distributor Takes Write-off on Underperforming Units.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, July, 2000 by Wolfson, Bernard J.
Jul. 27--ORANGE, Calif.--Drug distributor Bergen Brunswig Corp. stepped out from under the financial shadow of two poorly performing divisions Tuesday by taking a $251 million write-off on the units, which it has announced it will sell.
Bergen said it lost $239.4 million in its third fiscal quarter, which ended June 30, due entirely to the one-time charge on Bergen Brunswig Medical Corp., its medical supply subsidiary, and money-losing Stadtlander Drug Co., a specialty pharmaceutical retailer. The company had earned $32.8 million in the same quarter last year.
By taking the write-off and classifying the soon-to-be-sold units as discontinued operations, Bergen was able to shine a light on its core drug wholesaling business, which was profitable but...
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