Business Services Industry
Earnings at Lake Mary, Fla., Pharmaceuticals Distributor Dip after Write-off.
Knight Ridder/Tribune Business News, February, 2001
By Richard Burnett, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Feb. 23--Hit by a $2.2 million write-off, Priority Healthcare Corp. reported lower fourth-quarter earnings Thursday. It was the only blot on an otherwise stellar year for the Lake Mary pharmaceuticals distributor.
Although Priority still beat analysts' adjusted earnings-per-share estimates, the company took its lumps Thursday on Wall Street along with the rest of the biotechnology sector.
Priority shares closed at $38 on the Nasdaq, down $2.87 -- more than 7 percent -- for the day. Biotech stocks overall were down 3.4 percent as investors continued taking profits in the sector. For the week, the sector is down almost 11 percent.
Priority's write-off...
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