Sunrise Medical Proposes Buyout Sunrise Medical, Carlsbad, Calif, announced a proposed buyout of the company by an investor group including President and CEO Michael N. Hammes and other members of senior management. The investor group also includes affiliates of Park Avenue Equity Partners and Vestar Capital Partners. The group would pay investors $10 per share, which, Sunrise Medical reports, is 79% over the average per share closing price of the company's common stock during the past 2 months. Sunrise Medical reported a net income of $856,000 for the first quarter of fiscal 2001 ended September 29, 2000, compared to $1.5 million in the same quarter last year. The proposed buyout generated approximately $0.4 million in related costs. The company also cites a $1.5 million loss on the sale of subsidiary Parker Bath to Getinge Industries at the end of the quarter and an estimated $0.5 million in restructuring costs. Excluding these amounts, Sunrise Medical earned $2.3 million. UsPT Reports record Revenues US Physical Therapy, Houston, announced fiscal results for the third quarter and 9-month period ended September 30, 2000. Net income for the quarter rose 59.3% to $1,067,000 from $670,000 in the comparable period in 1999. For the 9 months ended September 30, 2000, net income totaled $2,676,000, a 52.9% increase from $1,750,000 in 1999. Net revenues for the 2000 third quarter increased 21.8% to $16,129,000 from $13,240,000 in the same period the previous year. For the 9-month period ended September 30, 2000, net revenues rose 23.0% to $46,776,000 from $38,017,000 in 1999. Goodwill.com Auctions Celebrity Memorabilia Goodwill Industries International, Bethesda, Md, recently held a celebrity memorabilia auction on shopgoodwill.com, the first online auction site run by a nonprofit organization. The Web site, launched in August 1999, has raised more than $730,000 to help fund programs for education, job training, and job placements for individuals living with disabilities. PTPN and Pacificare Sign Agreement Outpatient rehabilitation network PTPN, Calabasas, Calif, and health maintenance organization (HMO) PacifiCare of California, Cypress, signed an agreement allowing PTPN to provide outpatient rehabilitation services for physical therapy, occupational therapy, and speech therapy to members of the HMO. PacifiCare is the third largest health plan in the state, and one of the nation's largest managed health care service companies. Znetix Purchases TBG Development Znetix, Seattle, acquired TBG Development, St Louis, as a wholly owned subsidiary. Znetix, which acquires, develops, and implements preventive health and fitness technologies and services, will introduce its products and services to TBG Development's hospital-affiliated, medically based fitness centers. FitLinxx Recognizes Star Trac Star Trac®, Irvine, Calif, which specializes in cardiovascular fitness equipment, was recognized as a Premier Partner in the FitLinxx Equipment Partner program. To increase health and fitness facility success, the program raises the standard for interactive workout tracking, member feedback, and equipment operability. FitLinxx and Star Trac have signed cooperative marketing, sales, and product development agreements as part of the program. MedGrup Announces Fiscal Results MedGrup Corporation, Monument, Colo, achieved sales of $1,026,184 in the third quarter ended September 30, 2000, compared to sales of $602,280 for the same period in 1999. Revenue doubled from $1,423,982 for the 9 months ended September 30, 1999, to $2,861,594 for the same period in 2000. Net income for this period increased from $241,662 in 1999 to $380,718 in 2000. The company cites internal growth in its core business as the reason for increased revenue. NSM Purchases Atlantic Rehab National Seating & Mobility (NSM), Franklin, Tenn, acquired Atlantic Rehab, Boston. Both sides expressed excitement about the transaction. NSM includes more than 50 branch offices throughout the United States. Invacare Declares Cash Dividend The board of directors of Invacare Corporation, Elyria, Ohio, declared a cash dividend of $0.0125 per share on its common shares and $0.011364 per share on its Class B common shares. The dividends are payable on January 12, 2001, to shareholders of record on January 2, 2001. Rehabilicare Reports Financial Results Rehabilicare Inc, New Brighton, Minn, reported a 9% increase in total revenue for the first quarter of fiscal year 2001 ended September 30, 2000, from $13.9 million in 2000 to $15.1 million. Net income was $1.1 million, compared to $1.4 million, including a one-time gain of $1.1 million last year related to the sale of the Staodyn facility in Longmont, Colo. Rehabilicare estimates that the strong US dollar impacted net income by approximately $60,000, and that had the exchange rate remained unchanged, net income would have been essentially unchanged from the prior year before one-time items. Immunex Announces Third Quarter Results Immunex Corporation, Seattle, reported net income of $31.5 million on total revenue of $219.0 million for the third quarter of 2000. These results compare to a net income of $21.0 million on revenues of $152.4 million in the third quarter of 1999. For the first 9 months of 2000, Immunex reported net income of $105.2 million compared to a net income of $28.1 million for the same period in 1999. Revenues for the first 9 months of 2000 were $611.2 million, a 61% increase over the same period last year. Encore Medical Achieves Record Sales Encore Medical Corporation, Austin, Tex, reported record sales of $22,689,000 for the 9 months ended September 29, 2000, a 15% gain over the same period of 1999. Sales outside of the United States increased 43% to $8,063,000, while sales in the United States rose 4% to $14,626,000 compared to the first 9 months of 1999. In the third quarter of 2000, sales increased 12% over third quarter 1999 to $6,993,000.
