American Complex Care Inc. announces year end results of operations.PLANTATION Plantation, city (1990 pop. 66,692), Broward co., SE Fla., a residential suburb of Fort Lauderdale; inc. 1953. The city has grown rapidly along with the development of S Florida. , Fla.--(BUSINESS WIRE)--Nov. 16, 1994--American Complex Care 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 :ACCI ACCI Australian Chamber of Commerce and Industry ACCI American Council on Consumer Interests ACCI Association of Crafts & Creative Industries ACCI American Consortium of Certified Interpreters ACCI African Center for Crop Improvement ACCI Air Compliance Consultants Inc. ) Wednesday announced results of operations for the fiscal year ended July 31, 1994 (see table). Net revenues in 1994 were $6,756,919, a decrease of 32% from the $10,011,471 recorded in the comparable 1993 12 month period, and net loss for 1994 was $1,750,966, as compared to $291,410 in 1993. The decrease in revenues is attributable to cancellation of coverage and reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. by Medicare of certain product lines that generated revenue in fiscal 1993 but not 1994 and reduction by Medicare of numerous other reimbursement rates and of the allowable unit utilizations for certain products sold by the company. In addition, managed care contract revenue decreased as a result of most HMO's contracting with national companies and/or requiring Joint Commission on Accreditation of Healthcare Organizations Joint Commission on Accreditation of Healthcare Organizations, n.pr the United States body that accredits healthcare organizations. Joint Commission on Accreditation of Healthcare Organizations (JCAHO/TJC), n. (JCAHO JCAHO Joint Commission on Accreditation of Healthcare Organizations, see there ) accreditation, which the company as yet does not have. Finally, physician referral physician referral A physician's recommendation to a Pt to consult another physician for a 2nd opinion. Cf Self-referral. revenue decreased due to more and more patients being covered under HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, contracts as opposed to conventional insurance. The company's plans to reverse the revenue decline include its recent hiring of a sales and marketing executive with expertise in the managed care arena as well as the marketing and promotion of the company's Diabetic and Respiratory products and services. Also, ACCI will undergo its JCAHO survey in early December which, assuming a successful survey and review, should result in further HMO revenue opportunities. In addition, management is exploring further possible avenues to consolidate and reduce expenses. ACCI is a distributor and provider of a comprehensive line of home health care products and services to long term health care facilities and their patients, the home infusion therapy home infusion therapy The IV administration of therapeutics–analgesics, antibiotics, chemotherapy, parenteral nutrition–outside of a formal healthcare environment. See Hyperalimentation, Patient-controlled analgesics, TPN. market, and to Diabetic and Respiratory patients through the mail. The company's products and services are reimbursed by various third party payors including case management and commercial insurance companies, HMO's, Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. as well as private payors. -0-
AMERICAN COMPLEX CARE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
YEAR ENDED JULY 31,
1994 1993
NET REVENUES $ 6,756,919 $ 10,011,471
COST OF REVENUES 4,072,142 5,511,571
GROSS PROFIT 2,684,777 4,499,900
OPERATING EXPENSES:
Selling, general and
administrative 4,056,396 3,421,979
Restructuring charges -- 404,505
OPERATING INCOME (LOSS) (1,371,619) 673,416
INTEREST EXPENSE 379,347 290,178
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (1,750,966) 383,238
PROVISION FOR INCOME TAXES -- 145,630
NET INCOME (LOSS) FROM CONTINUING
OPERATIONS (1,750,966) 237,608
LOSS FROM DISCONTINUED OPERATIONS,
NET OF APPLICABLE TAX BENEFITS -- (529,018)
NET INCOME (LOSS) $(1,750,966) $ (291,410)
NET INCOME (LOSS) PER SHARE:
Continuing $ (0.15) $ 0.02
Discontinued 0.00 (0.05)
$ (0.15) $ (0.03)
WEIGHTED SHARES USED IN
COMPUTATION 11,394,953 11,136,162
CONTACT: American Complex Care Inc., Plantation David M. Barnes, 305/472-2220 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion