Future HealthCare delisted from Nasdaq after delays in filing
CINCINNATI -- Future HealthCare Inc., plagued by accounting discrepancies, said its shares were delisted from the Nasdaq Stock Market effective yesterday.</br></br>Future HealthCare said it was not in compliance with "several" of Nasdaq's listing requirements because of previously announced delays in filing its 1993 and 1994 financial statements.</br></br>The company said recently that its revenues for 1993 and the first nine months of 1994 were overstated by about 50% because of discrepancies in its accounts receivable for the previous two years. The company also dismissed Price Waterhouse L.L.P. as its independent accountant and hired Kemper Securities Inc., a unit of Kemper Corp. as a financial adviser.</br></br>For the first nine months of 1994, the company reported net income of $3 million, or 37 cents a share, on $14.4 million in revenue. For all of 1993, it reported net income of $1.8 million, or 29 cents a share, on revenue of $10.3 million.</br></br>Future HealthCare said a Nasdaq listing committee rejected its request for a "temporary exception," citing doubts over the company's ability to comply with the requirements in the "near term."