CHILDREN'S COMPREHENSIVE SERVICES ANNOUNCES FIRST QUARTER EARNINGS OF $0.05 PER SHARE.MURFREESBORO, Tenn.--(BUSINESS WIRE)--Aug. 1, 1995--William J Ballard, President and Chief Executive Officer of Children's Comprehensive Services, Inc. ("CCS (1) (Common Channel Signaling) A communications system in which one channel is used for signaling and different channels are used for voice/data transmission. Signaling System 7 (SS7) is a CCS system, also known as CCS7. See SS7. ") (Nasdaq/NM: KIDS), today announced financial results for the first quarter of fiscal 1996. Total revenues for the quarter, which ended June 30, 1995, were $5,603,000, compared with $5,301,000 for the first quarter of fiscal 1995. Income before income taxes for the quarter was $596,000 compared with $516,000 for the same period in the prior fiscal year, an increase of 15.5%. Net income was $507,000 for the quarter compared with $497,000 for the same period the prior fiscal year. Net income per share for the latest quarter was $0.05 per share, the same as for the first quarter of fiscal 1995. Mr. Ballard remarked, "When CCS initiated a major marketing campaign in the third quarter of fiscal 1995, we estimated that it would take 18 months to 24 months to produce substantial results. We are, therefore, pleased with the growth in the Company's revenues and 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 1996, only three quarters into the campaign. While some of the quarter's growth occurred because of higher censuses and increased efficiencies within existing programs, the results also reflect the initial programs started since the beginning of the marketing campaign. "As previously reported, CCS was recently selected to operate its second wilderness wilderness, land retaining its primeval character with the imprint of humans minimal or unnoticeable. In the United States, the Wilderness Act of 1964 established the National Wilderness Preservation System with a nucleus of 9 million acres (3. program 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). . In addition, we expect to benefit from a major expansion of the Chula Vista Chula Vista (ch  `lə), city (1990 pop. 135,163), San Diego co., S Calif., on San Diego Bay; inc. 1911. education program in
California, which was originally developed for 20 children and has been
expanded for up to 80 children. At the end of the first quarter, we
also signed a contract for a non- residential diversionary di·ver·sion n. 1. The act or an instance of diverting or turning aside; deviation. 2. Something that distracts the mind and relaxes or entertains. 3. care program for up to 32 children in Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. . Florida is one of the two states on which we have focused our primary geographic expansion efforts, the other state being Texas. We are very enthusiastic about the new Jacksonville contract because it represents an important milestone towards the Company's achieving its potential in a state that holds tremendous opportunity for CCS. "The Company's financial position - and thus its ability to carry out its marketing strategies - remained strong as of the end of the quarter. Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. were 2.0 times current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. at June 30, 1995, and working capital stood at $2,086,000. We also had no amounts outstanding against our revolving bank line of credit, and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. to total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. improved to 40.8% from 42.3% at the end of fiscal 1995." 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 programs 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 and Tennessee. -0-
CHILDREN'S COMPREHENSIVE SERVICES, INC.
Financial Highlights
Three Months Ended
June 30,
1995 1994
Total revenues $ 5,603,000 $ 5,301,000
Income before income taxes $ 596,000 $ 516,000
Net income $ 507,000 $ 497,000
Net income per common share:
Primary $ .05 $ .05
Fully diluted $ .05 $ .05
Weighted average common shares
and equivalents outstanding:
Primary 11,114,000 10,005,000
Fully diluted 11,114,000 10,152,000
June 30, March 31,
1995 1995
Cash $ 690,000 $ 69,000
Current assets 4,170,000 3,901,000
Total assets $ 19,476,000 $ 19,449,000
Current liabilities $ 2,084,000 $ 2,479,000 Long-term debt 6,862,000 6,924,000 Shareholders' equity 9,940,000 9,456,000 Total liabilities and shareholders' equity $ 19,476,000 $ 19,449,000 CONTACT: Children's Comprehensive Services, Inc., Murfreesboro Donald B. Whitfield, 615/896-3100 |
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