DALLAS – Affiliated Computer Services Inc., a business process and information technology outsourcing company with expertise in state health care programs, has signed an $11.6-million, three-year contract with the Rhode Island Department of Human Services to help DHS further develop and manage its RIte Care Medicaid program for children and families.
ACS will provide services in support of RIte Care including program design, development and implementation planning, program startup and stabilization, delivery system operations and management, quality improvement, and program oversight and monitoring.
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ACS has had a four-year relationship with DHS and uses an integrated staffing model, with ACS and state staff working side by side on a daily basis.
“Over the past 10 years, RIte Care has become a national model for success and innovation in achieving comprehensive health coverage for children and families,” said Harvey V. Braswell, group president of ACS State Healthcare Solutions. “We are confident that this kind of successful partnership will continue under the new contract.”
GTECH reports ‘strong’ third-quarter results
WEST GREENWICH – The GTECH Holdings Corp. says its revenues for the quarter ending Nov. 27 were $315.6 million, up 23.8 percent over the same quarter last year. Net income was $45.9 million, or 35 cents per diluted share, comparable to the same period last year.
“GTECH enjoyed a solid and productive third quarter. We met both our revenue and earnings targets, and we made significant progress toward ensuring our continued long-term growth,” president and CEO W. Bruce Turner said in a news release. “Our business was strong, leading to a number of key wins around the world. On the operational side, we continued to improve the efficiency of our business, and we furthered our strategic progress in both commercial services and gaming solutions with the announcements of two solid acquisitions.”
Revenues for the nine months ending Nov. 27 were $919.4 million, up 19.1 percent over the previous year. Net income was $152.6 million, or $1.16 per diluted share, up 12.7 percent from last year. The company says it expects total revenue growth of about 19 percent for the year ending Feb. 25, with service revenue growth in the range of 6 percent to 7 percent. The company expects product sales to be in the range of $240 million to $250 million.
Based on the current operational outlook, GTECH now expects earnings per share for fiscal year 2005 to be in the range of $1.46 to $1.48 on a fully diluted basis, rather than the previously announced $1.43 to $1.48 per share.
R.I. gets $330K in drug antitrust suit settlement
PROVIDENCE – Rhode Island is getting $330,078 as a final settlement in a federal antitrust suit brought against Bristol-Myers Squibb Company, Watson Pharma Inc. and Danbury Pharmacal Inc., for preventing a generic form of the anti-anxiety drug BuSpar from entering the market, Attorney General Patrick C. Lynch said.
Rhode Island, which litigated the suit along with 34 other states, the District of Columbia and Puerto Rico, alleged that Bristol-Myers Squibb and the other defendants violated the Sherman Act, and/or consumer protection laws, in blocking the marketing of generic forms of BuSpar.
Under the terms of the settlement, Bristol-Myers and the other defendants can’t try to re-list the patent for BuSpar or try to list certain other types of patents if they would unreasonably delay the availability of generic versions of drugs. They are also barred from settling patent infringement suits with generic drug makers if they could negatively affect competition.
Consumers in the plaintiff states, including 202 people in Rhode Island, have already been repaid for damages during the court-allowed period, January 1998 through December 2002. Michael Healy, a spokesman for Lynch, said local consumers had received $106,950.
Mellon completes deal for Providence Group
PROVIDENCE – The Mellon Financial Corp. has completed its previously announced acquisition of The Providence Group Investment Advisory Company, a privately held, Providence-based firm specializing in the investment needs of high-net worth individuals and families.
Terms of the deal, first announced Sept. 7, were not disclosed.
The Providence Group, which adds more than $800 million in client assets to Mellon, is one of three acquisitions made by Mellon’s Private Wealth Management group this year, and the seventh in four years, the company said. Mellon acquired Las Vegas-based Paragon Asset Management in September and Seattle-based Safeco Trust Company in April.
Mellon is a global financial services company based in Pittsburgh. It provides financial services to institutions, corporations and high-net worth individuals, including institutional asset management, mutual funds, private wealth management, asset servicing, human resources services and treasury services.
Bay State ranks among least business-friendly
BOSTON – Massachusetts is one of the country’s least business-friendly states, according to a survey by Chief Executive Magazine.
California and New York are the least attractive states for business, while Texas, Nevada and Florida are the most friendly to corporate interests, according to a poll of 458 U.S. chief executive officers. Massachusetts, Washington and Hawaii rounded out the list of top five states viewed as unappealing in the new survey.
Taxation, labor laws and regulations were among factors considered, the survey found.
CEOs liked best Arizona, North Carolina, Georgia, Tennessee, South Carolina and Virginia, according to the poll taken last month. Corporate leaders also said they are more upbeat about the economy after President George W. Bush’s re-election. The magazine’s CEO confidence index rose 6 percent in December, the first such survey since the Nov. 2 election.
U.S. corporate leaders polled in November by the Business Roundtable also said they were more optimistic about the economy. The outlook index, determined by a poll of 131 of the Washington-based Business Roundtable’s members, was 98.9 for the fourth quarter, the second-highest mark after a record of 101.7 in the third quarter this year. (Bloomberg News)
