Caremark Reports Net of $2.7 Million in Quarter

Caremark reported Friday net earnings of $2.7 million for the first quarter of 1987, flat when compared with the like period a year ago. The Newport Beach-based company’s revenues, by contrast, increased 51% to a record $52.3 million from $34.7 million a year earlier.

Caremark said two weeks ago that it expected to report disappointing results after several successive increases in quarterly income. In a prepared statement Friday, the company blamed the flat earnings on “an aggressive expansion program” that has doubled its size since July.