CHILDREN'S COMPREHENSIVE SERVICES ANNOUNCES 50% INCREASE IN FOURTH QUARTER NET INCOME PER SHARE TO $0.18.MURFREESBORO Murfreesboro (mûr`frēzbûr'ə), city (1990 pop. 44,922), seat of Rutherford co., central Tenn., on Stones River; inc. 1817. It is the processing center of a dairy, livestock, and farm area. , Tenn.--(BUSINESS WIRE)--May 16, 1996--William J. Ballard Ballard is a name used for a variety of people, places, and organizations: Places
Total revenues for fiscal 1996 grew 17.0% to $24,702,000 from $21,109,000 for fiscal 1995. Income before extraordinary item increased 35.4% to $2,578,000 from $1,904,000. Income per share before extraordinary item increased 21.6% to $0.45 for fiscal 1996 from $0.37 for fiscal 1995. Commenting on the announcement, Mr. Ballard said, "The fourth quarter's financial results capped an outstanding year for CCS. The Company's growth for the quarter was driven by a number of factors that positively affected its financial results throughout the year. For instance, total revenues benefited from new and expanded programs initiated during the year in Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and . Revenue growth also reflected improved results for Helicon Helicon (hĕl`ĭkŏn), Gr. Elikón, mountain group, c.20 mi (30 km) long, central Greece, in Boeotia; it rises to 5,736 ft (1,748 m). Helicon formed part of the border between ancient Boeotia and Phocis. , Inc., the not-for-profit corporation A not-for-profit corporation is a corporation created by statute, government or judicial authority that is not intended to provide a profit to the owners or members. A corporation that is organized to provide profits to its owners or members is a for-profit corporation. to which CCS provides consulting, management and marketing services in California and Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. . "The expansion in the Company's revenues for the latest quarter over the same period in the prior fiscal year produced increased economies of scale. Combined with reduced interest expense, these economies resulted in pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. that grew to 17.1% of total revenues for the fourth quarter compared with 11.5% for the fourth quarter of fiscal 1995. With the increase in the Company's effective tax rate to 16.0% for the latest quarter, from 3.7% for the fourth quarter of fiscal 1995, net income rose to 14.4% of total revenues for the quarter from 11.1% for the comparable period in the prior fiscal year." Mr. Ballard added, "During fiscal 1996, the Company began to reap the benefits of the comprehensive marketing campaign it launched in the third quarter of fiscal 1995. The campaign, which is ongoing, continues to provide results. Subsequent to year end, we announced that CCS had won the right to negotiate a contract for a juvenile justice alternative school for 400 students in Texas. The school is scheduled to open for the 1996-1997 school year. "We completed fiscal 1996 with a clear earnings momentum from the new and expanded programs initiated during the fiscal year, a stronger financial position and a more in-depth in-depth adj. Detailed; thorough: an in-depth study. in-depth Adjective detailed or thorough: an in-depth analysis management team, and we believe the Company is well positioned as we enter fiscal 1997." Children's Comprehensive Services provides, either directly or through management contracts, education and treatment services for at-risk youth. It currently offers these services through the operation and management of special education schools and both open and secured residential treatment centers A residential treatment center, often referred to by the acronym RTC, is a live-in therapy/behavior modification facility for adolescents who suffer from a variety of emotional conditions, ranging from drug abuse to violence to sexual behavioral problems. for local, state and federal government agencies in Alabama, California, Florida, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and Tennessee. -0-
CHILDREN'S COMPREHENSIVE SERVICES, INC.
Financial Highlights
Three Months Ended Year Ended
March 31, March 31,
1996 1995 1996 1995
Total revenues $7,291,000 $5,958,000 $24,702,000 $21,109,000
Income before
income taxes and
extraordinary
item 1,246,000 684,000 3,069,000 1,973,000
Income before
extraordinary
item 1,047,000 659,000 2,578,000 1,904,000
Extraordinary
item - loss
on early
extinguishment
of debt -0- -0- 54,000 -0-
Net income $1,047,000 $ 659,000 $2,524,000 $1,904,000
Earnings per
common share:
Before
extraordinary
item $ 0.18 $ 0.12 $ 0.45 $ 0.37
Net income $ 0.18 $ 0.12 $ 0.44 $ 0.37
Weighted average
common shares
and equivalents
outstanding 5,708,000 5,567,000 5,688,000 5,115,000
March 31, March 31,
1996 1995
Cash $ 2,427,000 $ 69,000
Current assets 7,452,000 3,901,000
Total assets $22,122,000 $19,449,000
Current liabilities $ 3,548,000 $ 2,479,000 Long-term debt 6,052,000 6,924,000 Shareholders' equity 12,032,000 9,456,000 Total liabilities and shareholders' equity $22,122,000 $19,449,000 CONTACT: Children's Comprehensive Services, Inc., Murfreesboro Donald B. Whitfield, 615/896-3100 |
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