Guess we continue to wait
Coram Announces Third Quarter 1998 Results
DENVER, Oct. 28 /PRNewswire/ -- Coram Healthcare Corporation (NYSE: CRH)
announced financial results today for the third quarter ended September 30,
1998.
* The net loss for the quarter improved to $2.8 million or ($.06) per
share from $4.5 million or ($.09) per share.
"We are very pleased with Coram's top line growth and continued operating
improvement as reflected in EBITDA during the third quarter," said Donald J.
Amaral, Coram's Chairman and Chief Executive Officer. "The strategies we are
pursuing to return Coram to profitability are producing results. Since the
beginning of 1998, sales in our base home infusion therapy business have
increased 24% -- virtually all internally generated. In addition, sales in
our ancillary divisions, Resource Network (R-Net) and Coram Prescription
Services (CPS) continue to increase rapidly."
"We had anticipated the company would break even in the third quarter,"
Mr. Amaral said, "but our financial progress was partially offset by the lack
of acquisitions during the quarter and by the increased use of part-time
contract labor to support our rapid growth."
"Our acquisition program is predicated upon finding companies at the right
price that complement our core business or prescription services division,"
Mr. Amaral continued. "In August 1998 the company obtained a senior credit
facility for up to $60 million to be used primarily for acquisitions. We are
carefully reviewing numerous acquisition opportunities, but we cannot predict
closure of any specific deal in the fourth quarter. However, we continue to
believe that acquisitions will play an important role in Coram's growth in
1999."
"In the fourth quarter, we expect our revenue to grow and our EBITDA to
continue to improve," said Richard M. Smith, Coram's President. "We continue
to sign new managed care contracts at reasonable rates, and Coram is
increasingly recognized by payers as a leading provider for high quality, cost
effective care for even the most medically complicated cases. This vote of
support from our customers is evidenced by the fact that we are experiencing
increased market share at the local level. In the third quarter, our patient
census in the infusion division rose by over 1,250 patients. |
