CareMatrix reports third quarter results.NEEDHAM Needham (nēd`əm), town (1990 pop. 27,557), Norfolk co., E Mass., a suburb of Boston; founded 1680, set off from Dedham and inc. 1711. Although largely residential, paper products, electronic equipment, software, and other items are manufactured there. , Mass.--(BUSINESS WIRE)--Nov. 11, 1996--CareMatrix Corporation (AMEX AMEX See: American Stock Exchange :CMD CMD cerebromacular degeneration. ), a fully integrated assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. company, today announced pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma results for the third quarter ended September September: see month. 30, 1996 and actual results for pre-merger The Standish Care Company. On a pro forma basis, these results reflect CareMatrix as if the merger with Standish and the secondary offering had been effective January January: see month. 1, 1996. The reverse merger between CareMatrix and Standish was completed on October 4, 1996, followed on October 24 by a secondary offering of 6,250,000 shares of common stock resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $88,125,000. On a pro forma basis, CareMatrix reported third quarter and year- to-date revenues of $4,189,000 and $11,248,000 respectively. The net loss, which excludes nonrecurring merger and compensation charges, was $1,445,000 or ($0.08) per share for the third quarter and $5,543,000 or ($0.33) per share for the nine month period. "We are pleased that the merger between CareMatrix and Standish and our secondary offering have been successfully completed." remarked Robert M. Kaufman, President of CareMatrix. "The completion of our $88 million offering of CareMatrix shares has substantially strengthened our balance sheet and provides us with capital for future growth and acquisitions." For the three month period ending September 30, 1996, pre-merger Standish, on a stand alone basis, reported revenues of $2,320,000 as compared to $2,199,000 for the same period a year ago. The net loss for the quarter ended September 30, 1996 was $1,107,000 or ($0.30) per share compared with a net loss of $183,000 or ($0.06) per share during the quarter ended September 30, 1995. The results for the three month period ended September 30, 1996 included a nonrecurring charge Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". of $672,000 related to the merger. The results for the three month period ended September 30, 1995 included a nonrecurring gain of $314,000. For the nine months ended September 30, 1996, revenues for pre- pre- word element [L.], before (in time or space). pre- pref. 1. Earlier; before; prior to: prenatal. 2. merger Standish were $6,990,000 compared to $6,180,000 for the nine months ended September 30, 1995. The net loss for the nine months ended September 30, 1996 was $1,511,000 or ($0.45) per share compared with a net loss of $1,248,000 or ($0.40) per share for the same period in 1995. Headquartered in Needham, Massachusetts Needham is a town in Norfolk County, Massachusetts, United States. History Needham was first settled in 1680 and officially incorporated in 1711. Originally part of the Dedham Grant, Needham split from Dedham and was named after the village of Needham Market in Suffolk, , CareMatrix provides development, operations, and management services for a comprehensive range of integrated assisted living communities. -0- CAREMATRIX CORPORATION STATEMENTS OF OPERATIONS (In thousands, except loss per common share) For the Three Months ended STANDISH CAREMATRIX Pro Forma as Adjusted Sept. 30 Sept. 30 Sept. 30 1996 1995 1996 Revenues $2,320 $2,199 $4,189 Total operating costs operating costs npl → gastos mpl operacionales & expenses 3,044 2,340 5,252 (724) (141) (1,063) Other, net (383) (42) (382) Net loss ($1,107) ($183) ($1,455) Net loss per common share ($0.30) ($0.06) ($0.08) Weighted shares outstanding 3,662 3,395 17,098 -0- For the Nine Months ended STANDISH CAREMATRIX Pro Forma as Adjusted Sept. 30 Sept. 30 Sept. 30 1996 1995 1996 Revenues $6,990 $6,180 $11,248 Total operating costs & expenses 8,067 6,839 16,404 (1,077) (659) (5,156) Other, net (434) (589) (387) Net loss ($1,511) ($1,248) ($5,543) Net loss per common share ($0.45) ($0.40) ($0.33) Weighted shares outstanding 3,515 3,395 17,098 -0- CONTACT: Nancy Cox-Castaldi 197 First Avenue Needham, Massachusetts 02194 617-433-1000 |
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