Comprehensive Care Posts 1st-Qtr Earnings of 16 Cents a Share
PR Newswire - October 07, 1998 07:13
TAMPA, Fla., Oct. 7 /PRNewswire/ -- Comprehensive Care Corp. (NYSE: CMP) today reported fiscal first-quarter net
income for the period ended August 31, 1998 of $558,000, or 16 cents a share, compared with a loss of $835,000, or 25
cents a share, in the same period a year ago. The recent quarter's results included a gain of $120,000, or 3 cents a share, from
a debenture exchange. Revenue in the first quarter rose to $11.4 million from $10.9 million from a year ago.
Robert Landis, Comprehensive Care Chief Financial Officer, said, "Including the first quarter fiscal 1999 results, the Company
has reported its fourth consecutive profitable quarter and has the infrastructure and cost controls in place to accommodate the
significant growth it sees ahead."
Starting October 1, the company began providing services under a previously announced contract with the Southeast Michigan
Community Alliance (SEMCA) covering care management and utilization review for substance abuse to 130,000 Medicaid
beneficiaries. SEMCA, the second-largest coordinating agency in the state of Michigan, receives and manages funding for
federal and state substance abuse block grants and the Michigan Medicaid Substance Abuse benefit.
Comprehensive Care, bases in Tampa, Florida, administers and operates behavioral healthcare programs for government
agencies and managed care organizations. The Company currently has contracts covering approximately 1.5 million healthcare
organization members and Medicaid recipients.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the
matters discussed in this news release that may be considered forward-looking statements may be subject to certain risks and
uncertainties that could cause the actual results to differ materially from those projected, including uncertainties in the market,
pricing, competition, procurement efficiencies, and other risks detailed from time to time in the company's SEC reports. The
company assumes no obligation to update the information in this release.
COMPREHENSIVE CARE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
August 31,
1998 1997
Operating Revenues $11,398 $10,888
Costs and expenses:
Direct healthcare operating
expenses 8,766 10,455
General and administrative
expenses 1,686 1,064
Provision for doubtful accounts 254 175
Depreciation and amortization 243 189
10,949 11,883
Income (loss) from operations 449 (995)
Other income (expense)
Gain on sale of assets -- 157
Loss on sale of assets -- (8)
Interest income 71 113
Interest expense (46) (63)
Income (loss) before income taxes 474 (796)
Income tax expense (15) (18)
Income (loss) before extraordinary
gain 459 (814)
Extraordinary gain on debenture
exchange 120 --
Net income (loss) 579 (814)
Dividends on convertible preferred
stock (21) (21)
Net income (loss) attributable to
common stockholders $558 $(835)
Basic earnings per share:
Income (loss) before extraordinary
item $0.13 $(0.25)
Extraordinary item 0.03 --
Net Income (loss) $0.16 $(0.25)
Diluted earnings per share:
Income (loss) before extraordinary
item $0.12 $(0.25)
Extraordinary item 0.03 --
Net income (loss) $0.15 $(0.25)
SOURCE Comprehensive Care Corp.
/CONTACT: Robert Landis of Comprehensive Care, 813-876-5036, ext. 248; or
Craig Shinbaum, or Christine Davies, both of Stern & Co., 212-888-0044, for
Comprehensive Care/
(CMP)
Headlines Next Story |
