Children's Comprehensive Services Reports Fourth Quarter Earnings of $0.20 Per Share, Elects Early Adoption of New Accounting Principle for Pre-Opening Expenses.NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--Aug. 19, 1999-- William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack J. Ballard Ballard is a name used for a variety of people, places, and organizations: Places
tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with $1,786,000, or $0.22 per diluted share, for the same quarter in fiscal 1998. Total revenues for fiscal 1999 were $115,477,000, up 22.8% from $93,999,000 for fiscal 1998. Net income for fiscal 1999, before the cumulative effect of change in accounting principle, was $5,028,000, or $0.66 per diluted share, compared with net income for fiscal 1998, before a nonrecurring gain of $1,530,000 ($933,000, or $0.11 per diluted share, after tax), of $6,020,000, or $0.73 per diluted share. The Company has elected early adoption of Statement of Position ("SOP") 98-5, "Reporting on the Costs of Start-Up Start-up The earliest stage of a new business venture. Activities," which changes the way the Company accounts for start-up costs. Early adoption of SOP 98-5 resulted in recording, for fiscal 1999, the cumulative effect of a change in accounting principle of $20,000, net of tax, and the incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. of additional expense of $232,000, or $0.03 per diluted share, net of tax. For the fourth quarter, the adoption of SOP 98-5 had a positive impact on diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.01. Mr. Ballard remarked, "The fourth quarter's financial results reflect the impact of several issues that, as previously discussed, also affected third quarter results. Three new programs in Hawaii, Texas and Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. continued to experience significant combined operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. due to both higher expenses and slower-than-anticipatmistic about their future potential growth. "During the quarter, we also vigorously addressed the impacted contracts for the 1999-2000 school year with each of our school district customers on favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms as on, we made substantial progress during the quars for the 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). operations had returned toive impact will be largely mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by the end of the current quarter. "Finally, we are pleased to repsettlement agreement regarding the Company's al not have a negative impact on our future results of operation. "CCS has made many positive strides duricreased the Company's capacity by approximatelyies brought us into three new states during the year, Hawaii, Ohio and Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . Furthermore, we compleme organization to improve efficiency and accountability." Mr. Ballard concluded, "For fiscal 2000, we ha affecting us in fiscal 1999, we expect to achieve improved financial and operational results. Because of ous of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, you are hereby cautioned that this release contaierations and results may differ materially fromaims any intent or obligation to update these f4,000 youth in 14 states. More information about Children's Comprehensive Services is available on the Company's Website at http://www.ccskids.com. -0-
CHILDREN'S COMPREHENSIVE SERVICES, INC.
Financial Highlights
(In thousands, except per share data)
Three Months Ended Year Ended
June 30, June 30,
1999 1998 1999 1998(1)
Total revenues $32,763 $25,249 $115,477 $93,999
Income before cumulative effect of
accounting change $ 1,462 $ 1,786 $ 5,028 $ 6,953
Cumulative effect of accounting
change $ -0- $ -0- $ 20 $ -0-
Net income $ 1,462 $ 1,786 $ 5,008 $ 6,953
Basic earnings per share:
Before cumulative effect of
accounting change $ 0.20 $ 0.22 $ 0.67 $ 0.87
Net income $ 0.20 $ 0.22 $ 0.67 $ 0.87
Diluted earnings per share:
Before cumulative effect of
accounting change $ 0.20 $ 0.22 $ 0.66 $ 0.84
Net income $ 0.20 $ 0.22 $ 0.66 $ 0.84
Weighted average common shares
and equivalents outstanding:
Basic 7,381 8,034 7,450 7,983
Diluted 7,439 8,269 7,585 8,233
(1) Includes a nonrecurring gain of $1,530, or $0.11 per diluted share
after tax.
June 30, June 30,
1999 1998
Cash and cash equivalents $ 1,774 $ 20,067
Current assets 32,617 40,612
Total assets $ 98,184 $ 80,201
Current liabilities $ 15,440 $ 10,745
Long-term debt and capital lease obligations 24,854 11,611
Shareholders' equity 56,230 57,832
Total liabilities and shareholders' equity $ 98,184 $ 80,201
CHILDREN'S COMPREHENSIVE SERVICES, INC.
Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended Year Ended
June 30, June 30,
1999 1998 1999 1998
Revenues:
Operating revenues $31,797 $24,271 $111,812 $90,266
Management fee income 966 978 3,665 3,733
Total revenues 32,763 25,249 115,477 93,999
Operating expenses:
Employee compen Related party rent 29 34 115
115
Total operating expenses 29,901 22,341 105,994 84,234
Income from operations nse, net 444 (19)
1,17 of change in
accounting principle 1,462 1,786 5,028 6,953
Cumulative effect of chanounting principle,
net of tax n
accounting principle $ 0.20 $ 0.22 $ 0.66 $ 0.84
Cumulative effect of change
in accounting principle,
net of tax -0- -0- -0- -0-
Net income $ 0.20 $ 0.22 $ 0.66 $ 0.84
Weighted average common shares
and equivalents outstanding:
Basic 7,381 8,034 7,450 7,983
Diluted 7,439 8,269 7,585 8,233
(1) Includes a nonrecurring gain of $1,530, or $0.11 per diluted share
after tax.
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