CHILDREN'S COMPREHENSIVE SERVICES ANNOUNCES THIRD QUARTER EARNINGS OF $0.06 PER SHARE; PRETAX INCOME INCREASES 46.4%.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)--Jan. 31, 1996--William J. Ballard, Chairman, 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 third quarter and first nine months of fiscal 1996. For the third quarter, which ended December 31, 1995, total revenues increased 18.9% to $6,214,000 from $5,227,000 for the third quarter of fiscal 1995. Net income rose 26.5% to $668,000 from $528,000. Net income per share increased 20.0% to $0.06 for the latest quarter from $0.05 for the third quarter of fiscal 1995. Total revenues for the first nine months of fiscal 1996 grew 14.9% to $17,411,000 from $15,151,000 for the first nine months of fiscal 1995. Income before extraordinary item increased 23.0% to $1,531,000 from $1,245,000. Income per share before extraordinary item increased 27.3% to $0.14 for the first nine months of fiscal 1996 from $0.11 for the first nine months of fiscal 1995. Mr. Ballard remarked, "The Company's financial results for the third quarter were driven both by steady revenue growth and significant improvement in operating profitability. As in the second quarter of fiscal 1996, CCS's revenues increased primarily as a result of new programs 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). , Florida and 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). . We also benefited from the continued strengthening of 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. . "With higher revenues, the Company made more efficient use of its investment in personnel and fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → . Additionally, interest expense has been reduced substantially due to debt reduction. As a result, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a relative increase in purchased services and other expenses, primarily related to the opening of new programs, 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. for the latest quarter increased 46.4% to 12.9% of total revenues from 10.5% for the third quarter of the last fiscal year. This growth was not fully reflected in the increase in net income for the quarter because of the increase in the Company's effective tax rate to 16.6% for the latest three months compared with 3.5% for the third quarter of fiscal 1995." Mr. Ballard added, "Throughout fiscal 1996, CCS has continued to pursue an aggressive marketing strategy focused on the expansion or development of internally generated contracts. We have also engaged in discussions concerning potential acquisition opportunities and will pursue these conversations as appropriate. Through these marketing efforts, we were awarded a new contract during the latest quarter for our third therapeutic 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, which will commence operations in the fourth quarter of fiscal 1996." 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 Nine Months Ended
December 31, December 31,
1995 1994 1995 1994
Total revenues $6,214,000 $5,227,000 $17,411,000 $15,151,000
Income before income
taxes and
extraordinary item 801,000 547,000 1,823,000 1,289,000
Income before
extraordinary item 668,000 528,000 1,531,000 1,245,000
Extraordinary item -
loss on early
extinguishment of debt -0- -0- 54,000 -0-
Net income $ 668,000 $ 528,000 $1,477,000 $1,245,000
Earnings per
common share:
Before extraordinary
item $ 0.06 $ 0.05 $ 0.14 $ 0.11
Net income $ 0.06 $ 0.05 $ 0.13 $ 0.11
Weighted average
common shares and
equivalents
outstanding 11,262,000 11,094,000 11,206,000 10,854,000
December 31, March 31,
1995 1995
Cash $ 1,496,000 $ 69,000
Current assets 5,293,000 3,901,000
Total assets $20,186,000 $19,449,000
Current liabilities $ 2,600,000 $ 2,479,000 Long-term debt 6,107,000 6,924,000 Shareholders' equity 10,989,000 9,456,000 Total liabilities and shareholders' equity $20,186,000 $19,449,000 CONTACT: Children's Comprehensive Services, Inc., Murfreesboro Donald B. Whitfield, 615/896-3100 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion