Rotech controls costs, boost earnings
ORLANDO, Fla. — Rotech CEO Phil Carter absorbed a lot of criticism from disgruntled employees when he began cutting costs and jobs in 2003, but his efforts appear to be paying off, at least financially. In the fourth quarter of 2004, Rotech’s net earnings jumped to $10 million compared to $7.8 million during the same period in 2003, the company reported in its year-end financial statement released in late February. For the fiscal year that ended Dec. 31, 2004, net revenues were $534.5 million versus $581.2 million in 2003. The company reported 2004 net earnings, however, of $38.2 million for fiscal 2004 compared to $8.4 million in 2003. Rotech attributed its earnings improvements to continuing efforts to control costs and to the normalization of depreciation and amortization.