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Chemed Corporation Purchases a Second Corporate Jet - MMI Investments Demands an End to Chemed Corporate Largesse
Date:4/2/2009

ost egregious example (of which we are aware) is Chemed's aircraft subsidiary, Jet Resources Inc., which expanded its fleet in November 2008, acquiring a 2001 Hawker 800XP for nearly $9 million.

We believe this expenditure is absurd in a company of Chemed's size and structure, representing 13.4% (not including the undisclosed carrying costs) of 2008 GAAP net income, over 36% of total 2008 capital expenditures and increases over Chemed's corporate level capital expenditures for 2006 and 2007 of nearly 7,000% and 5,000%, respectively. Even more troubling is that Chemed's board could justify the purchase of a $9 million Hawker 800XP when it already owns a Hawker 700, also a 15-seat aircraft. While Jet Resources Inc. does in fact offer charter services (an industry that ground to a halt well before November 2008 and that even in good times has no relevance to Chemed's two operating businesses, hospice care and plumbing/drain cleaning), it continues to do so solely with the Hawker 700 as we understand the new Hawker 800XP has not even been licensed for charter use. We note that the company's subsidiaries are all in North America, largely near major airports and managed in a decentralized fashion, and that the company's headquarters are in Cincinnati, home to a major airport and a Delta Airlines hub. An analysis of Chemed's new plane's activities since its purchase shows it reaching such highly-trafficked locations as Boston, Miami, New York, Chicago, Nashville, Atlanta, Philadelphia and Las Vegas. In fact it appears the most inconvenient location the new plane has been used to access is Bloomington, Indiana, near where we understand former Chairman Ed Hutton and current director Sandra Laney both keep personal residences.

In Chemed's March 16, 2009 letter rejecting MMI's demand in its February 12, 2009 letter for a tax-free spin-off of one of the company's two subsidiaries, CEO Kevin McNamara cited the "current market environment" a
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SOURCE MMI Investments, L.P.
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