Wednesday, April 30, 2003

Apria board tells execs:
Put your money where your mouth is
COSTA MESA, Calif. — Under a new company requirement, Apria executives at the senior vp level and above must within the next five years acquire and hold shares of Apria common stock with a total value equivalent to one-and-one-half to three times base salary, depending on the officer’s position. Board Chairman Ralph Whitworth said “the investment community values stock ownership by senior management. By holding significant equity positions in the company, Apria’s senior officers will demonstrate their commitment to the long-term profitability of the company.”
Two killed in Lincare van accident
KINGMAN, Ariz. — Two passengers in a pick-up truck died when it smashed head-on into a Lincare supply van March 31. Bullhead witnesses told officers an eastbound Lincare oxygen supply van attempted to pass in a no-passing zone along the Bullhead Parkway near the Laughlin-Bullhead City International Airport. The van struck an oncoming westbound pickup, police said. The pickup’s passenger died at the scene. The driver died at Western Arizona Regional Medical Center in Bullhead City. The driver of the Lincare van, Harold Reese, 48, and a passenger were treated at the same hospital for minor injuries and released. The accident is under investigation.
Apria Helathcare acquires Hometech
STOCKTON, Calif. — Hometech Medical Services, a once high-flying roll-up that ended up in Chapter 11 bankruptcy, slipped into oblivion earlier this year when Apria acquired its remains for $11 million. Hometech formed in 1997 when five HMEs merged with dreams of forging a powerful statewide company and possibly even going public. Due to a number of problems, including a difficult statewide managed care contract, the company filed for Chapter 11 on Feb. 21, 2001. Once valued at between $30 million and $40 million, Hometech owed secured creditors $16.5 million when it filed for Chapter 11.