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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
October 18, 2004
CHEMED CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-8351 31-0791746
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification
incorporation) Number)
2600 Chemed Center, 255 East 5th Street, Cincinnati, OH 45202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(513) 762-6900
Page 1 of 2
Item 2.02 Results of Operations and Financial Condition
October 18, 2004 Chemed Corporation issued a press release
updating previous earnings estimates for the third quarter
ended September 30, 2004. A copy of the release is furnished
herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
c) Exhibit
(99.1) Registrant's press release dated
October 18, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
CHEMED CORPORATION
Dated: October 18, 2004 By: /s/ Arthur V. Tucker, Jr.
---------------- ---------------------------------
Arthur V. Tucker, Jr.
Vice President and Controller
Page 2 of 2
Exhibit 99.1
Chemed Increases EPS Guidance and Outlook for Third and Fourth Quarters of 2004
CINCINNATI--(BUSINESS WIRE)--Oct. 18, 2004--Chemed Corporation
("Chemed") (NYSE:CHE), which operates the nation's largest provider of
end-of-life care under the VITAS Healthcare Corporation (VITAS) brand
and commercial and residential plumbing and drain cleaning services
provider under the Roto-Rooter brand (Roto-Rooter), today confirmed
the company will be releasing earnings on Monday, October 25, 2004,
after the market closes and will hold a teleconference the following
day at 11 a.m., ET.
"Chemed Corporation continues to generate strong fundamental
performance," stated Kevin McNamara, Chemed president and chief
executive officer. "The expansion of the VITAS business model remains
on track. Our average ADC for the third quarter of 2004, although
preliminary, was 8,949, an increase of 17.1% over the prior-year
quarter and 4.3% above the second quarter of 2004. This was
accomplished with an average length of stay of 60.8 days and a median
length of stay of 13 days. In addition, Roto-Rooter continues to
generate strong revenue and profit growth consistent with the second
quarter of 2004. As a result, we anticipate exceeding the high end of
our diluted earnings-per-share guidance for the third quarter of 2004.
In addition, we are in the process of revising upwards our guidance
for the fourth quarter of 2004.
"We believe our hospice approach results in a very stable,
scalable business model which offers end-of-life care in a thoughtful,
compassionate manner. This model is built on a platform of strong
internal systems that allows for careful monitoring and documentation
of plans of care provided to all of our patients," stated McNamara.
"It is our goal to have these systems track every relevant metric to
ensure every concerned stakeholder that VITAS provides outstanding
care in a manner that is consistent with both the literal
interpretation as well as the intent of the Medicare Hospice Benefit.
In our opinion, the hospice industry continues to be roiled in
speculation and concern which appear to be company specific and not
reflective of VITAS.
"We look forward to providing more specific information on
Chemed's third quarter operating results in our teleconference call on
Tuesday, October 26, 2004."
Chemed will host a conference call and webcast at 11 a.m., ET, on
Tuesday, October 26, 2004. The dial-in number for the conference call
is 800-945-0061 for U.S. and Canadian participants and 706-679-7146
for international participants. A live webcast of the call can be
accessed on Chemed's website at www.chemed.com by clicking on Investor
Relations Home.
A taped replay of the conference call will be available beginning
approximately two hours after the call's conclusion. It can be
accessed by dialing 800-642-1687 for U.S. and Canadian callers and
706-645-9291 for international callers and will be available for a
week following the live call. The conference ID number is 1034741. An
archived webcast will also be available at www.chemed.com and will
remain available for 14 days following the live call.
Listed on the New York Stock Exchange and headquartered in
Cincinnati, Ohio, Chemed Corporation (www.chemed.com) is the nation's
largest provider of end-of-life hospice care services through its
VITAS Healthcare Corporation subsidiary. Chemed also maintains a
presence in the residential and commercial repair-and-maintenance
industry through two subsidiaries. Roto-Rooter is North America's
largest provider of plumbing and drain cleaning services. Service
America Network Inc. provides major-appliance and
heating/air-conditioning repair, maintenance, and replacement
services.
Certain statements contained in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The words "believe,"
"expect," "hope," "anticipate," "plan" and similar expressions
identify forward-looking statements, which speak only as of the date
the statement was made. Chemed does not undertake and specifically
disclaims any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. These statements are based on current
expectations and assumptions and involve various risks and
uncertainties, which could cause Chemed's actual results to differ
from those expressed in such forward-looking statements. These risks
and uncertainties arise from, among other things, possible changes in
regulations governing the hospice care, plumbing, drain cleaning and
HVAC industries; periodic changes in reimbursement levels and
procedures under Medicare and Medicaid programs; difficulties
predicting patient length of stay and estimating potential Medicare
reimbursement obligations; challenges inherent in Chemed's growth
strategy; the current shortage of qualified nurses, other healthcare
professionals and licensed plumbing and drain cleaning technicians;
Chemed's dependence on patient referral sources; and other factors
detailed under the caption "Description of Business by Segment" or
"Risk Factors" in Chemed's most recent report on form 10-Q or 10-K and
its other filings with the Securities and Exchange Commission. You are
cautioned not to place undue reliance on such forward-looking
statements and there are no assurances that the matters contained in
such statements will be achieved.
CONTACT: Chemed Corporation
David P. Williams, 513-762-6901