CONCORD HEALTH GROUP, INC. REPORTS RECORD SECOND QUARTER RESULTS.WILLIAMSPORT Williamsport, city (1990 pop. 31,933), seat of Lycoming co., central Pa., on the Susquehanna River; settled 1772, inc. as a borough 1806, as a city 1866. Williamsport grew with the development of the lumber industry in the 19th cent. , Pa.--(BUSINESS WIRE)--January 25, 1995--Concord Health Group, Inc. (Nasdaq/NMS:CHGR CHGR Charger ) reported record sales and earnings for the fiscal second quarter of 1995. For the quarter ended December December: see month. 31, 1994, revenues increased 26% to $7,329,000 compared to revenues of $5,839,000 for last year's period. On a proforma Proforma A financial projection based on assumptions. basis, net income increased 120% to $526,000, or $0.06 per share compared to $239,000, or $0.04 per share for the second quarter of 1994. Proforma 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) ) were $1,440,000 for the recent quarter, an increase of 28% compared to $1,122,000 in the year ago period. For the six months ended December 31, 1994, revenues increased 31% to $14,389,000 compared to revenues of $11,010,000 for last year's period. On a proforma basis, income before an extraordinary charge more than doubled to $890,000, or $0.12 per share compared to $343,000, or $0.05 per share in the fiscal first half of 1994. The company recognized a $141,000 extraordinary charge in the fiscal first quarter of 1995 for costs associated with the renegotiation of certain 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. and repayment of $10,506,000 of the Company's long-term debt. After giving effect to the extraordinary charge, proforma net income for the first half of fiscal 1995 was $749,000, or $0.11 per share. Proforma earnings before interest, taxes, depreciation, amortization and rental expense (EBITDAR) were $2,870,000 for the first half of fiscal 1995, an increase of 53% compared to $1,872,000 in the year ago period. The increase in fiscal second quarter earnings continues to reflect the strong demand for the Company's medically complex post-acute and specialty medical services. In the quarter ended December 31, 1994, specialty medical services revenue increased by 64% compared to the year ago period. The Company anticipates that this trend will continue as a result of expected revenue growth in both the pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. and rehabilitation rehabilitation: see physical therapy. divisions. 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. , commented:"We are pleased with our second quarter results, and we remain confident in our ability to continue to expand our businesses. Berkshire Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. Manor, and the recently opened Lehigh Manor have been well received in their respective communities, and we believe these facilities will achieve fully stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. occupancy within one year of their opening dates. As demand for versatile long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. providers grows, Concord Concord, cities, United States Concord (kŏng`kərd, kŏn`kôrd'). 1 city (1990 pop. 111,348), Contra Costa co., W central Calif.; settled c.1852, inc. 1906. Health Group plans to continue to offer a full spectrum of services throughout the mid-Atlantic region by expanding its current campuses and adding new campuses." Concord Health Group, Inc. is a developer, owner, manager and operator of long-term care facilities long-term care facility n. See skilled nursing facility. . Concord provides subacute subacute /sub·acute/ (-ah-kut´) somewhat acute; between acute and chronic. sub·a·cute adj. Between acute and chronic. care, skilled and intermediate nursing, rehabilitation, assisted-living, pharmacy services, and home care through a campus concept delivery system. -0-
CONCORD HEALTH GROUP INC.
PRO-FORMA STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in Thousands)
For The Quarter Ended For the Six Months Ended
12/31/94 12/31/93 12/31/94 12/31/93
Net Revenues:
Basic Services $4,179 $3,799 $8,296 $7,175
Specialty Services 2,733 1,668 5,246 3,073
Management Services & Other 417 372 847 762
Total Revenues 7,329 5,839 14,389 11,010
Earnings before interest, tax,
depreciation, amortization, and
rental expense (EBITDAR) 1,440 1,122 2,870 1,872
Interest expense, net 294 310 628 546
Earnings before income taxes
and extraordinary item 829 413 1,612 592
Provision for income taxes 303 174 722 249
Earnings before
extraordinary item 526 239 890 343
Extraordinary charge from early
extinguishment of debt, net of
income taxes 0 0 ( 141) 0
Net Income $526 $239 $749 $343
Earnings per share before
extraordinary
item $0.06 $0.04 $0.12 $0.05
Weighted average shares
outstanding 13,566 7,060 13,566 7,060
CONCORD HEALTH GROUP, INC.
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1994
ASSETS
Current assets:
Cash and cash equivalents $ 387
Accounts receivable 2,262
Restricted investment 602
Subordinated notes receivable 321
Receivables from related parties 1,029
Other current assets 419
Total current assets 5,020
Property, plant and equipment, net 21,639
Subordinated notes receivable 1,019
Indebtedness of related parties 702
Intangible and other assets 593
Total assets $ 28,973
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit borrowings $ 510
Current maturities of long-term debt 842
Accounts payable and accrued
expenses 2,373
Payable to related parties 516
Income taxes payable 75
Estimated third-party payor
settlements 94
Total current liabilities 4,410
Deferred income taxes 140
Payable to related parties 559
Long-term debt 14,397
Total liabilities 19,506
Shareholders' equity
Common stock 7
Additional paid-in capital 14,024
Retained earnings (deficit) (4,564)
Total shareholders' equity 9,467
Total liabilities and
shareholders' equity $28,973
CONTACT: Concord Health Group, Inc. Russell W. Twigg Chairman and CEO 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 Chief Financial Officer 717/327-4980 or Morgen-Walke Associates June Filingeri/Robert C. Weiner 212/850-5600 |
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