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Biotech / Medical : Continental Home Healthcare -A Demographic Play
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To: Edward W. Richmond who wrote (48)12/10/1999 1:53:00 AM
From: Edward W. Richmond  Read Replies (1) of 69
 
Continental Home Healthcare's Q3 results show revenues of $4.7M compared to $3.8M for the same period in 1998. However, earnings per share were 0 cents compared to 3 cents or, fully diluted, 0 cents compared to 1 cent. Earnings are disappointing given the company's more optimistic forecasts. The small-cap Canadian Stock Review has down-graded CHT to fairly valued from somewhat undervalued. The Review is positive about the revenue growth, but is concerned about the profit picture.
All is not lost. The company had some one-time charges this quarter. The restructuring costs included closing the Kamloops and Kelowna stores as well as downsizing the Penticton operation. Severance, rental leases and the cost of moving inventory from the closed operations all impacted the bottom line. Also, one of the acquired businesses required systems upgrading to become Y2K compliant. With the charges being expensed in Q3, CHT is looking for a strong Q4 and, in the year 2000, the Canadian operation, for the first time, expects to be profitable.
My expectations for the company have certainly not been met. However, I like the business they are in and I do expect to see improved earnings in Q4. I will monitor the Q4 results very carefully.
Regards,
Ed

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