Rotech Healthcare looks to delay 10-K, provides preliminary results

By Caroline Salls

Pittsburgh, March 27 - Rotech Healthcare Inc. said it has substantially completed the preparation of financial statements for the year ended Dec. 31 but plans to file a notification of late filing of its 10-K for the year with the Securities and Exchange Commission, according to an 8-K filed Wednesday with the SEC.

The company said it wants more time to complete additional internal review procedures as a result of the government's execution of search warrants on March 13.

Rotech said it expects to complete and file the 10-K by April 16.

According to preliminary information provided to the company's noteholders, which was released as part of Wednesday's 8-K, Rotech had a $1.9 million operating loss for the quarter ended Dec. 31 on $114.9 million in net revenues, compared with $6.1 million of operating income for the quarter ended Dec. 31, 2011 on $116.6 million in net revenues.

The net loss for the fourth quarter of 2012 was $17.2 million, widening from an $8.8 million net loss for the same period of 2011.

For the full year ended Dec. 31, the company posted a $700,000 operating loss on $462.2 million in net revenues, compared with $44 million of operating income for the year ended Dec. 31, 2011 on $482 million in net revenues.

The net loss for 2012 was $61 million, compared to a $16.5 million 2011 net loss.

The company had $15.9 million in cash and cash equivalents at Dec. 31, down from $30.5 million at Dec. 31, 2011.

Rotech is an Orlando-based provider of home medical equipment and related products and services.

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