FYI .....OUT TODAY
Wednesday August 13 10:21 AM EDT
Company Press Release
Source: CompScript, Inc.
CompScript Announces 1997 Second Quarter Results
Results Highlighted by Internally Generated Revenue Growth and Quarterly Profit
BOCA RATON, Fla., Aug. 13 /PRNewswire/ -- CompScript, Inc. (Nasdaq:CPRX), a comprehensive provider of integrated pharmacy
management services, today announced unaudited financial results for the second quarter and six months ended June 30, 1997.
For the second quarter ended June 30, 1997, revenues increased 21.3% to $12,847,823, from revenues of $10,594,130 during the second
quarter ended June 30, 1996. The Company reported net income of $244,300, or $.02 per share, for the second quarter of 1997, compared to
$392,633, or $.03 per share, during the second quarter of 1996.
For the six months ended June 30, 1997, revenues totaled $24,346,442, representing an increase of 16.2% over total revenues of $20,954,541
during the six months ended June 30, 1996. The net loss incurred during the first six months of 1997 was $1,371,802, or $.10 per share, versus
net income of $484,296, or $.04 per share, during the first six months of 1996.
The Company noted that its results for the recently ended second quarter reflect the success of its efforts to integrate and grow the businesses it
has acquired over the past year. On a quarter-to-quarter basis, revenues increased by approximately 11.7% over 1997 first quarter revenues.
Additionally, as second quarter results did not include any one-time charges or significant costs associated with acquisition activities,
CompScript was able to post operating income of $393,507.
The Company also noted that without the combined operating loss of approximately $280,000 in the second quarter of 1997 relative to its new
pharmacy benefits management and mail order divisions, operating income would have been $673,507, representing a 29% increase over the
$522,158 reported during the same period last year. Both of these businesses, which are in a relative start-up phase, are expected to improve
as the Company builds volume at each division.
``Our results clearly show,'' commented Brian Kahan, Chairman and Chief Executive Officer of CompScript, ``that when not encumbered by
non-recurring costs associated with our acquisition program, we are readily able to convert revenue growth into bottom-line profits. We believe
our results also demonstrate that the business units we have already assembled can generate meaningful internal growth. In fact, each of our
operating divisions recorded increased revenues, with our recently opened institutional pharmacies in Tampa, Florida and Jackson,
Mississippi beginning to grow very quickly in only their first full quarter of operation.''
``Looking ahead, we expect our contract with Pharmacy Gold, Inc., whereby we are administering their mail service prescription drug plan, to
begin to make a notable contribution to our growth throughout the balance of 1997. As we move into the second half of the year, we will continue
to look aggressively for additional acquisitions that can help us build market share in each of our operating segments. Our underlying strategic
goal remains the continued building of critical mass, through both internally-generated growth and acquisitions, which will allow us to enhance
our position in a highly fragmented segment of the healthcare industry.''
CompScript, Inc. is a comprehensive provider of pharmacy management services to managed care networks, long-term and sub-acute care
facilities, home health patients and recipients of managed care. These services include pharmacy benefits management, infusion therapy, mail
order and counseling.
Except for the historical information contained herein, the matters set forth in this press release are forward looking and involve a number of
risks and uncertainties that could cause actual results to differ materially from these statements and trends. Such factors include, but are not
limited to: the effect of changes in government regulation, reimbursement policies and federal and state healthcare funding; the continued
availability of suitable acquisition candidates; significant changes to general economic conditions; strengthened competition in the Company's
geographic markets; the failure of the Company to obtain or maintain required regulatory licenses and approvals or the loss of key personnel.
COMPSCRIPT, INC.
COMPARATIVE OPERATING HIGHLIGHTS
(Unaudited)
For the Three Months Ended June 30,
1997 1996*
Total revenues from operations $12,847,823 $10,594,130
Income before taxes $244,300 431,013
Provision for income taxes --- 38,380
Net income $244,300 $392,633
Earnings per share: $.02 $.03
Weighted average shares
outstanding 13,775,841 11,430,907
For the Six Months Ended June 30,
1997* 1996*
Total revenues from operations $24,346,442 $20,954,541
(Loss) Income before taxes $(1,371,802) $540,215
Provision for income taxes --- 55,919
Net (loss) income $(1,371,802) $484,296
(Loss) Earnings per share: $(.10) $.04
Weighted average shares
outstanding 13,669,869 11,430,907
*Results for the three and six months ended June 30, 1996, and for the six months ended June 30, 1997, have been restated to reflect various
acquisitions closed during those periods, which were accounted for as poolings of interests.
SOURCE: CompScript, Inc.
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