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Article: Haltom City, Texas-Based Drug-Testing Firm Posts Loss, Hopes Move Will Pay Off.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 16, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Trebor Banstetter, Fort Worth Star-Telegram, Texas Knight Ridder/Tribune Business News
Aug. 16--HALTOM CITY, Texas--Executives at drug-testing company PharmChem hoped to save a bundle of money when they moved to Texas from Menlo Park, Calif., this year.
The company has almost completed its relocation, and executives hope that the savings will begin to accumulate after they move into their new headquarters building within a few weeks.
But in the short term, the relocation was more costly than anticipated. On Wednesday, the company reported a loss of $5.6 million for the second quarter, after taking a $4.5 million hit in moving costs.
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