Hanover-based Conmed reports strong fourth quarter

Daily Record Staff//March 2, 2012//

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Conmed Healthcare Management Inc., of Hanover, a provider of health care services for correctional institutions, saw fourth-quarter profit and revenue increase as new contracts and a termination fee for a failed merger brought in more money.

Net income was $2.2 million, or 8 cents per diluted share, versus net income of approximately $400,000, or 3 cents per diluted share, for the 2010 quarter. Revenue rose to a record $18.4 million versus $15.8 million in the prior-year period.

The company received a merger termination fee of $2.3 million last November after lack of funding caused Illinois-based Ayelet Investments LLC to back out of a planned acquisition.

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