CCSE is a interesting company that is currently trading around there 52 week low .25 and has a 52 week high of $6.00.
Community Care Services and its subsidiary provides home health care services and products and sells home health care supplies primarily in New York City, Westchester, Rockland & Nassau Counties in NY State, as well as northern New Jersey. For the 3 months ended 6/30/98, net revenues rose 5% to $4.4M. Net income totalled $45K vs. a loss of $173K. Results reflect the 5/97 acquisition of MRS and higher margins due to changes in revenue mix. Community Care Services and its subsidiary provides home health care services and products and sells home health care supplies primarily in New York City, Westchester, Rockland & Nassau Counties in NY State, as well as northern New Jersey. For the 3 months ended 6/30/98, net revenues rose 5% to $4.4M. Net income totalled $45K vs. a loss of $173K. Results reflect the 5/97 acquisition of MRS and higher margins due to changes in revenue mix.
Community Care Services
18 Sargent Place
Mount Vernon, NY 10550
Phone: (914) 665-9050
Fax: (914) 665-9063
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Sector: Healthcare
Industry: Healthcare Facilities
Employees: 117
Market Cap (Mil) $ : 2.68
Shares Out (Mil) 7.15
Float (Mil) 2.40
Complete Financials: Jun 1998
Updated: 11/14/98
Earnings Announcement:
NA
OFFICERS: Dean L. Sloane, Chmn., Bruce L. Ansnes, ViceChmn., Saverio D. Burdi, Sr. VP/COO, Joel Quall, CFO, WadeWilson, Sr. VP, Matthew J. McDonough, VP. TRANSFER AGENT:Continental Stock Transfer. Company incorporated 1992 inNY. Direct inquiries to: Director of Investor Relations.
MT. VERNON, N.Y.--(BUSINESS WIRE)--Nov. 16, 1998--Community Care
Services, Inc. (Nasdaq SmallCap Issues:CCSE) ("Community Care") today
announced financial results for the three and six month periods ended
September 30, 1998 (see attached table).
Revenues for the fiscal 1999 second quarter were $4,433,000
versus $5,005,000 for the same period one year ago. For the six months
ended September 30, 1998, revenues were $8,865,000 as compared to
revenues of $9,238,000 for the comparable period in fiscal 1998. The
decrease in revenues for these periods is primarily the result of
reductions in oxygen reimbursement rates as a result of the Balanced
Budget Act of 1997; reductions in reimbursement rates by certain third
party payers; and a reduction in referral based business. The Company
has established several sales initiatives to restore prior sales
levels from existing and new referrals. The Company has also increased
prices in certain segments of its business. The results of these
initiatives will not be seen until fiscal year 2000, beginning
April 1, 1999.
Selling, general and administrative expenses as a percentage of
revenue in the fiscal 1998 second quarter and six month periods
decreased, respectively, to 49.3% and 48.5% from 55.7% and 54.4%
reported for the comparable prior year periods. These decreases were
due primarily to the economies of scale achieved via the consolidation
and centralization of the operations and personnel of Metropolitan
Respirator Service to Community Care's expanded administrative and
warehouse facilities in Mount Vernon.
The Company reported net income of $24,000, or less than $0.01
per share, versus net income of $28,000, or less than $0.01 per share,
for the same period last year. For the six months ended September 30,
1998, the Company reported net income $69,000, or $0.01 per share,
versus a net loss of $145,000, or $0.02 per share, for the comparable
period in the prior year.
This press release contains forward-looking statements which
involve numerous risks and uncertainties. Actual results could differ
materially from those anticipated in such forward looking statements
as a result of certain factors, including those set forth in the
Company's filings with the Securities and Exchange Commission.
Community Care Services, Inc. is a leading provider of a wide
variety of home healthcare products and services in the New York
Metropolitan area. A JCAHO accredited provider with commendation, the
Company services the home healthcare market by coordinating with
various health care workers and payor case managers to determine the
home health needs of patients.
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