September 13, 1999 09:06
Complete Wellness Centers, Inc. Reports Second Quarter Results; Company Achieves Record Earnings for Second Quarter of 1999
WASHINGTON, Sept. 13 /PRNewswire/ -- The new management of Complete Wellness Centers, Inc. ("CWC"), a multi-disciplinary healthcare services company, announced record earnings for the second consecutive quarter in its financial results for the second quarter of 1999.
For the quarter ended June 30, 1999, CWC reported net income of $91,425 on $3,683,278 in revenues compared to the 1998 second quarter net loss of ($570,750) on revenues of $8,145,557. For the two quarters ended June 30, 1999, CWC reported net income of $169,729 on revenues of $8,271,362 compared to a net loss of ($1,006,556) on revenues of $15,474,034 for the two quarters ended June 30, 1998. The increases in net income and the decreases in revenues are primarily due to the discontinuation of unprofitable business lines in the last twelve months and the results of strategies implemented by the new management team.
In addition to delivering record first and second quarter results, CWC has made aggressive moves to position themselves for strong future growth. Joe Raymond, Chief Executive Officer said, "We are seeing the results of the last 12 months of strategic realignment away from lines of business that were not successful for CWC and toward continuing implementation and refinement of our new operating strategy. With most of these non-integral business issues resolved, we can focus our efforts entirely on the development and growth of our clinics. We are now poised to add additional clinics to further support CWC as a brand name, one-stop wellness center. We expect the company to continue to gain momentum in 1999 and to deliver record earnings. We also anticipate great growth in 2000, showing continued improvement in shareholder value."
Condensed Statements of Operations (in thousands except per share information)
Quarter Ended Two Quarters Ended
June 30 June 30
1999 1998 1999 1998
Revenues $3,683 $8,146 $8,271 $15,474
Net Income/(Loss) $91 $(571) $170 $(1,007)
Net Income/(Loss)
Per Share-Basic $0.03 $(0.22) $0.05 $(0.40)
Net Income/(Loss)
Per Share- $0.01 $(0.22) $0.03 $(0.40)
Fully diluted
Complete Wellness Centers, Inc., a multi-disciplinary healthcare services company, now manages 83 Complete Wellness Medical Centers, all of which provide both traditional and alternative healthcare services. The Company's common stock and warrants trade on the Nasdaq Small Cap market under the symbols, CMWL and CMWLW, respectively.
The Company, from time to time, may discuss forward-looking information. This press release contains forward-looking statements that are estimates by the Company's management. Such statements are subject to various risks and uncertainties that may be beyond the Company's control, and may cause results to differ from management's current expectations and should not be relied upon by the investors in the Company. Prospective investors may contact Michael Brigante, Chief Financial Officer of the Company, to obtain copies of the Company's public filings and prospectuses that include certain information about the Company's offerings.
SOURCE Complete Wellness Centers, Inc.
/CONTACT: Joseph R. Raymond, Jr., Chairman and CEO of Complete Wellness
Centers, Inc., 407-673-3073/
/Web site: completewellness.com
(CMWL CMWLW)
COMPLETE WELLNESS CENTERS - CMWL
Price 2 3/4
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Volume (000) 161
Day High 2 13/16
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COMPLETE WELLNESS CENTERS WRRT - CMWLW
Price 1.00
Net Change 0
Volume (000) 0
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as of
09/13/99 12:25 PM EDT
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