J&J to buy Neutrogena Corp.Johnson & Johnson, the...

BUSINESS DIGEST

August 23, 1994

J&J to buy Neutrogena Corp.

Johnson & Johnson, the diversified health care and consumer products company, said yesterday that it will buy the skin care company Neutrogena Corp. for more than $924 million.

Under terms of the acquisition, which had been the subject of intense speculation on Wall Street earlier in the month, Johnson & Johnson will pay $35.25-a-share cash for all of Neutrogena's 25.7 million outstanding shares, minus adjustments.

News of the acquisition sent Neutrogena's stock soaring, gaining $6, to close at $34.75, in Nasdaq trading.

HomeCall posts loss for quarter

HomeCall Inc., the Frederick-based home health care firm, said yesterday that it lost $84,586 for the first quarter ended June 30, compared to a gain of $7,000 in the same period last year.

Artie R. Esworthy Jr., president and chief executive officer, blamed the drop on costs associated with the firm's proposed merger with Mid Atlantic Medical Services Inc., start-up costs associated with two branch offices opened in the quarter and continued losses from new branches opened in the third quarter of 1994.

Revenues for the first quarter rose 16.6 percent, to $4.4 million, compared with the same period last year.

General Mills fights health bills

General Mills Inc. is asking its 120,000 restaurant employees to urge Congress to defeat health care reform measures proposed by President Clinton and the House and Senate majority leaders.

General Mills joins major companies including IBM Corp., Eastman Kodak Co. and Du Pont Co. in calling on employees to push for defeat of various health care bills before Congress.

Micros earnings rise 29%

Micros Systems Inc.'s fourth-quarter earnings rose 29 percent, while revenue gained 30 percent, the Beltsville company reported yesterday.

Net income for the quarter that ended June 30 climbed to $2.8 million, or 36 cents a share, from $2.2 million or 28 cents, in the year-ago period. Revenue rose to $24.3 million, from $18.5 million.

For the fiscal year, the majority-owned unit of Westinghouse Electric Corp. said net income rose 50 percent, to $8.7 million, or $1.10 a share, from $5.8 million, or 74 cents. Revenue rose 43 percent, to $79.3 million.

White House boutique to add No. 30

The White House Inc., a Baltimore-based chain of clothing boutiques, said it will open its 30th store, in Palo Alto, Calif., on Sept. 3.

The company, founded in 1985, specializes in all-white clothing and accessories for women. It expects to have 50 stores by 1996.

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