Accuhealth Inc. reports improved results in first quarter earnings and revenues.BRONX, N.Y.--(BUSINESS WIRE)--Aug. 14, 1996--Accuhealth Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AHLT), today reported results for the first quarter of fiscal 1997. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three months ended June 30, 1996 rose to $3,927,372, from $3,806,493 for the comparable three month period of fiscal 1996. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter of fiscal 1997 was $165,488 versus a net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $107,265 in fiscal 1996. For the three months ended June 30, 1996, net income was $37,093, compared to a net loss of $229,942 for the comparable period in fiscal 1996. The first quarter's net income is before stock dividends and accretion on the company's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. of $39,366 vs. $82,118 in fiscal 1996. Glenn C. Davis, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "We are pleased with our performance during the first quarter. Our operations are now consistently generating operating income and our planned cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. strategy is now showing positive results. Our balance sheet strengthened as a result of the quarter's performance and net worth grew by $77,550 to $1.4 million. The company's cash provided by operating activities during the three month period was a positive $188,000. "Our cash position and liquidity will continue to require careful management for the foreseeable future, but our existing credit facility, together with cash generated by operations, should be sufficient to fund the company's operations and debt obligations. To further ensure that we have adequate sources of working capital, the company also agreed to an extension and increase in its line of credit with its current lender during the quarter." Accuhealth Inc. is a leading home health care company, providing intravenous solutions, oral medications, related equipment for infusion therapy, and instruction and monitoring of this therapy to critically-ill home-bound patients. The company also delivers home care equipment and provides pharmaceutical supplies and management services to residential and long-term care facilities. Accuhealth Inc. is accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. by the Joint Commission of Accreditation of Healthcare Organizations. The company is located in Bronx, N.Y., and operates throughout the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey and Connecticut areas. -0-
Accuhealth, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
1996 1995
Net Sales $ 3,927,372 $ 3,806,493 Cost of goods sold 2,216,484 2,136,401 Gross profit 1,710,888 1,670,092 Selling, general and administrative expenses 1,545,400 1,777,357 Operating income (loss) 165,488 (107,265) Interest expense 128,395 122,677 Net income (loss) (a) $ 37,093 $ (229,942) Net income (loss) per common share applicable to common shareholders (b) Primary $ - $ (0.25) Fully diluted $ - $ (0.25) Weighted number of common shares and equivalents outstanding Primary 1,338,356 1,241,996 Fully diluted 1,338,356 1,241,996 (a) - Before redeemable preferred stock dividends and accretion. (b) - Reflects adjustment to net income to reflect redeemable preferred stock dividends and accretion of $39,366 in 1996 and $82,118 in 1995. CONTACT: Accuhealth Inc. Gary LaPorta, (800) 537-6901 |
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