Roto-Rooter Parent Sells HVAC Subsidiary
Net service revenues declined from $74.2 million for the year ended Dec. 31, 2000, to $48.1 million for the year ended Dec. 31, 2003. Revenues for 2004 are expected to be $39 million.
Chemed said it will take a $7.1 million pretax charge in the fourth quarter related to the sale, including $1.8 million for costs of employee terminations. Chemed also said that it expects about $14 million in tax benefits next year from the sale. The company is based in Cincinnati and owns subsidiary Roto-Rooter.