Catamaran Q2 Profit Up; To Buy Privately Held Pharmacy Benefit Manager

(RTTNews) - Catamaran Corporation (CTRX, CCT.TO), Thursday reported an increase in second-quarter net income, helped by pharmacy benefit management segment, due to increased prescription claim volume following merger with Catalyst.

Separately, Catamaran said it entered into a definitive agreement to acquire privately held pharmacy benefit manager, Restat, LLC for $409.5 million in cash. Catamaran expects to generate $20 million in annualized synergies once Restat is fully integrated, which is expected to take 18 months following completion of the transaction. Catamaran expects the transaction to close in the fourth quarter of 2013.

Net income attributable to the Company for the second quarter was $63.4 million or $0.31 per share compared with $27.3 million or $0.20 per share during the same quarter last year.

Adjusted earnings per share for the three-month period was $0.49 per share compared with $0.25 per share last year.

On average, twenty three analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 101 percent to $3.4 billion in the tri-monthly period, compared with $1.7 billion during the same quarter last year. Analysts expected the company to generate revenues of $3.47 billion.