What's cooking at Spheris?

Spheris Inc., has been in the news lately for all the wrong reasons. Rumor mills are churning out new gossips everyday regarding its status. Is it up for sale? Is it bankrupt? Is Cbay Systems taking over Spheris?

Well, consider these first:

In its 2Q earnings call last August, Spheris' CEO Dan Kohl said, "I am not satisfied with where we are at this point. I want to see a clear sign that customers are happy with us and that we’ve begun to really turn the corner in a positive way, which will mean signing some new business, feeling good about that and stopping the losses"

Net revenue, which reached $52.3 million in the first quarter of fiscal year 2007, has fallen every consecutive quarter since, to $40 million in the second quarter of 2009

Last November, days before Spheris would have released its third-quarter earnings, the privately held company terminated its voluntary registration with the U.S. Securities and Exchange Commission.

Three weeks later, Kohl resigned as CEO just 13 months into the job, and Spheris revealed that it had hired a high-powered turnaround consulting firm to guide the company through a debt restructuring.

In a well-researched and well-written article, April Wortham of Nashville Business Journal has more juice on the status of Spheris. Read on!

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