COUNSEL CORPORATION REPORTS RECORD SECOND QUARTER FOR U.S. HOME HEALTH CARE UNIT.TORONTO, Ont.--(BUSINESS WIRE)--Aug. 8, 1995 - Morris Perlis, President of Counsel Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CXS/NASDAQ:CXSN) and Chairman of American HomePatient Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AHOM) today announced record revenues and net income for Counsel's 41 percent-owned U.S.-based home health care business, for the second quarter and the first six months ended June 30, 1995. American HomePatient's net revenues increased 81 percent to a record high of US $38.4 million in the second quarter compared to US $21.3 million in 1994. Earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income rose 80 percent to US $4.0 million from US $2.7 million and net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the increased 78 percent to US $2.4 from US $1.3 million last year The Company also recorded record earnings per share for the quarter of US $0.32 on 7.4 million average shares outstanding compared with US $0.24 on 5.4 million average shares outstanding in the second quarter of 1994. Revenues for American HomePatient in the first half of 1995 increased 74 percent to US $67.7 million compared with US $38.8 million recorded in the prior-year period. Earnings before interest and taxes increased 76 percent to US $8.6 million from US $4.9 million. Net income from continuing operations for the first six months rose 65 percent to US $4.1 million from US $2.5 million. The earnings per share for the first six months were US $0.62 on 6.6 million average shares outstanding compared with US $0.46 on 5.4 million average shares outstanding. The company achieved its same store revenue growth goal of 11 percent for the first six months and 10 percent for the second quarter. Mr. Perlis said, "The company's record results for the second quarter and the six months, are due to two factors -- the successful continuation of our strategic focus on regional expansion through acquisitions, and strong same store revenue growth." He added, "We have acquired 52 home health care centres with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of US $52.5 million since January. We have also developed two new joint venture partnerships with Columbia/HCA and expanded the number of hospitals served in connection with the existing joint venture. In April, American HomePatient completed a public offering of common stock raising approximately US $51 million (before deduction of offering expenses and underwriting discounts). Concurrent with that transaction, the Company obtained an increase in its acquisition bank credit facility from US $60 million to US $90 million. American HomePatient is the third largest diversified provider of home health care services in the United States with 196 locations in 26 states. The company's primary product and service offerings include home respiratory services, home infusion, home parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition and home medical equipment. Counsel Corporation operates in two business sectors, Health Care in the United States Health care in the United States is provided by many separate legal entities. The U.S. spends more on health care, both as a proportion of gross domestic product (GDP) and on a per-capita basis, than any other nation in the world. Current estimates put U.S. through American HomePatient Inc., and Choice Drug Systems Inc. (NASDAQ:DOSE), an institutional pharmacy operation; and Real Estate Property Management in Canada, through wholly-owned Counsel Management Services Inc.(CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ). CMSI provides property management services for RioCan Real Estate Investment Trust RioCan Real Estate Investment Trust (TSX: REI.UN) is the largest real estate investment trust (REIT) in Canada with ownership interests in over 200 retail properties.[1] (TSE:REI.Un) and commercial properties for institutions and independent owners. CONTACT: Morris Perlis 416/866-3193 or Ivan Shaffer 416/866-3187 |
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