CONCORD HEALTH GROUP, INC. REPORTS RECORD REVENUES, NET INCOME AND EPS FOR 1995.WILLIAMSPORT, Penn.--(BUSINESS WIRE)--August 15, 1995--Concord Health Group, Inc. (Nasdaq:CHGR CHGR Charger ) reported record revenues, net income and earnings per share for the fourth quarter and fiscal year ended June 30, 1995. For the quarter ended June 30, 1995, revenues more than doubled to $13,724,000 compared to revenues of $6,433,000 in the 1994 fiscal fourth quarter. Net income was $640,000, or $0.08 per share, compared to a proforma net loss of $80,000, or $0.01 per share for the fourth quarter of 1994. Earnings before interest, taxes, depreciation, amortization and rental expense (EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) ) more than doubled to $2,511,000 in the recent quarter compared to $1,167,000 in the year ago period. For the fiscal year ended June 30, 1995, income before an extraordinary charge almost doubled to $2,066,000, or $0.27 per share on revenues of $38,430,000 compared with proforma income before extraordinary charges of $1,123,000, or $0.16 per share on revenues of $23,924,000 for the year ago. Fiscal 1995 net income was $1,925,000, or $0.26 per share compared with 1994 net income of $726,000, or $0.10 per share after giving effect to extraordinary charges for costs associated with the renegotiation of certain long term debt. Earnings before interest, taxes, depreciation, amortization and rental expense (EBITDAR) were $7,217,000 for the year, an increase of 69% compared to $4,278,000 in the year ago period. The increase in full year 1995 earnings reflected strong performance in each of the Company's core operations, which provide a full array of medically complex post-acute care services through a campus delivery system. Net patient revenues increased as a result of increased capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. of the Company's sixteen facilities. Stabilized occupancy rates averaged 90% at our facilities open at least one year, and the fill-up stages at both Berkshire and Lehigh Manors have been ahead of the Company's expectations. The 1995 results were affected by costs associated with the fill-up of Berkshire and Lehigh Manors. In commenting on the results, Russell W. Twigg, Chairman 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. , said "We are very pleased with our fiscal 1995 results which reflect the cost effectiveness and high quality of the services that we provide to each of the communities in which we operate. We continue to experience dynamic growth in our pharmacy services operations, and our rehabilitation rehabilitation: see physical therapy. services businesses are well-positioned for the changing reimbursement environment. We continue to seek ways to further expand our capabilities while continuing to aggressively seek high quality, strategic acquisitions in the mid-Atlantic region of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." Currently, the Company has a warrant exchange offer underway which is set to expire on August 25, 1995, at 5:00 p.m. Eastern time, unless extended. Mr Twigg added:"We look forward to successfully completing the warrant exchange offer, which we believe will simplify our capital structure and provide the financing flexibility to fuel our future growth." Concord Health Group, Inc. is a developer, owner, manager and operator of post-acute care nursing facilities. Concord provides subacute care, skilled and intermediate nursing, rehabilitation, assisted-living, independent living, pharmacy services, and home care through a campus concept delivery system. Concord Health Group Inc. Statements of Operation (a) (Unaudited) (Dollars in Thousands) For The Quarter Ended For The Year Ended 6/30/95 6/30/94(1) 6/30/95 6/30/94(1) Basic Services basic services, n.pl frequently insurance companies split dental procedures into basic and major categories. Basic services usually consist of diagnostic, preventive, and routine restorative dental services. $6,445 $3,721 $19,441 $14,888 Specialty Services 6,504 2,167 16,663 7,288 Management Services & Other Income 775 545 2,326 1,748 Total Revenues 13,724 6,433 38,430 23,924 Earnings Before Interest, Tax, 2,511 1,167 7,217 4,278 Depreciation, Amortization, and Rental Expense (EBITDAR) Interest Expense 962 297 2,268 1,123 Income From Operations 917 548 3,246 1,937 Provision For Income Taxes 277 230 1,180 814 Income Before Extraordinary Item 640 318 2,066 1,123 Extraordinary Loss On Debt Renegotiation 0 (397) (141) (397) Net Income (loss) $ 640 $ (80) $ 1,925 $ 726 Income Per Common Share: Before Extraordinary Item $0.08 $0.05 $0.27 $0.16 Income Per Common Share: After Extraordinary Item $0.08 ($0.01) $0.26 $0.10 Weighted Average Shares Outstanding 13,378 7,028 12,917 7,028
(1) The 1994 results are proforma to reflect a $10,506,000
reduction of the company's long term debt by utilizing cash which was
received as a result of the company's merger with KBL Healthcare
Acquisition Corp.
(a) To reflect the most accurate measurement of comparable period
performance, the results for 1995 have been presented on an actual
basis while 1994's results have been presented on a proforma basis.
CONCORD HEALTH GROUP, INC. CONSOLIDATING BALANCE SHEET (Dollars in Thousands) June 30, ASSETS 1995 1994 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. : Cash and cash equivalents $ 1,534 $ 1,237 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , net of allowance for doubtful accounts of $376 and $156, respectively 5,448 2,639 Receivables from related parties 8 512 Restricted investments 65 603 Subordinated notes receivable 78 321 Deferred income taxes 142 - - Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 679 343 Total current assets 7,954 5,655 Restricted investments 667 - - Property, plant and equipment, net 41,052 21,748 Intangible assets, net 7,940 190 Subordinated notes receivable 348 1,062 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 1,230 447 Total assets $ 59,191 $ 29,102 LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. (DEFICIT) 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. : Short-term borrowings - - 920 Current maturities of 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. 1,089 798 Accounts payable and accrued expenses 4,978 2,179 Accrued salaries and payroll 549 610 Payable to related parties 19 705 Total current liabilities 6,635 5,212 Deferred income taxes 1,309 - - Payable to related parties - - 559 Long-term debt 39,560 24,494 Total liabilities 47,504 30,265 Commitments and contingencies Mandatorily redeemable common stock - - 1,375 Shareholders' equity (deficit): 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. , 1,000,000 shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. : none issued - - - - Common stock and partners' capital - - 4 Common stock, $.001 par value - 30,000,000 shares authorized; 7,662,203 7 - - Additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements 11,811 (190) Retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. (deficit) 281 (1,644) 12,099 (1,830) Shares held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. (412) - - Due from shareholders - - (708) Total shareholders' equity (deficit) 11,687 (2,538) Total liabilities and shareholders' equity $59,191 $29,102 CONTACT: Concord Health Group, Inc. Russell W. Twigg, David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Kearney, 717/327-4980 or Morgen-Walke Associates June Filingeri/Robert Weiner Media contact: Michelle Zawrotny, 212/850-5600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion