CoMedco reports 2nd quarter/6 months results.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Nov. 21, 1995--CoMedco Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). , Bulletin Board: CMDO CMDO Community Motivation and Development Organization (Peshawar, Pakistan) CMDO Canadian Maritime Defense Organization CMDO Contractor Managed Depot Operations ), a physician practice management company which acquires medical practices and specializes in providing healthcare and administrative services to physicians including centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. billing, collection, insurance filings and practice management, today reported results for the second quarter and six months ended Sept. 30, 1995. Prior to Jan. 4, 1995, CoMedco was an inactive in·ac·tive adj. 1. Not active or tending to be active. 2. a. Not functioning or operating; out of use: inactive machinery. b. public shell. The company had second quarter net income of $330,207, or seven cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on revenues of $668,581. For the prior year's period, the company had an operating loss 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. of $64,030 or two cents per share and net income of $313,815 or eight cents per share, after an extraordinary gain of $377,845, or nine cents per share, from restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of debt. There were no revenues in last year's second quarter. For the first six months of fiscal 1996, net income reached $562,058 or 11 cents per share on revenues of $1,348,800. During last year's first half, there was an operating loss of $71,790. Net income was $306,055 or eight cents per share after the extraordinary gain of $377,845 or nine cents per share. On Jan. 6, 1995, CoMedco acquired Health Associates of South Florida Inc. (HASFI), a managed care practice in Broward and Palm Beach counties. HASFI maintains its financial records on a calendar year while CoMedco uses a fiscal year ending March 31. HASFI's financial statements have not been converted to a March 31 fiscal year and, accordingly, results of operations of HASFI are included for CoMedco's first quarter ended June 30, 1995 but not for the second quarter ended Sept. 30, 1995. "We are very pleased with the rate of growth and increased operating efficiencies at HASFI and the other medical facilities owned and managed," William M. Kirschner Kirschner named after Martin Kirschner, a German surgeon, a name commonly associated with surgical equipment. Kirschner apparatus , chairman, said. "We continue to prudently expand our penetration of the young but rapidly growing physician practice management segment of the healthcare industry," he added. Last month, CoMedco launched a new wholly-owned subsidiary, Medical Claims Affiliates Inc. (MCA MCA in full Music Corporation of America Entertainment conglomerate. It was founded in Chicago in 1924 by Jules Stein as a talent agency. In the 1960s it bought Decca Records and Universal Pictures, and today it produces films, music, and television shows. ) offering management services to independently owned healthcare facilities. "Our dramatic success since initiating operations has gained significant attention and credibility for CoMedco and helped attract a rapidly growing client based Refers to hardware or software that runs in the user's machine. See client and client download. Contrast with server based. for MCA. We believe we will achieve strong penetration of MCA's target market which will further accelerate our expansion program," Kirschner concluded. COMEDCO INC. Financial Highlights (Unaudited)
For the three months ended For the six months ended
9/30/95(a)(b) 9/30/94 9/30/95(a)(b) 9/30/94
Revenues $668,581 -- $1,348,800 -- Income (loss) before extraordinary item 330,207 (64,030) 562,058 (71,790) Extraordinary item(c) -- 377,845 -- 377,845 Net income $330,207 $313,815 $562,058 $306,055 Earnings (loss) per share, fully diluted: Before extraordinary item $.07 ($.02) $.11 ($.02) Extraordinary item(c) -- $.09 -- $.09 Net income $.07 $.08 $.11 $.08 Weighted average shares outstanding - fully diluted 4,908,699 4,000,000 4,908,699 4,000,000(a) Prior to Jan. 4, 1995, CoMedco Inc., was an inactive public shell. (b) Health Associates of South Florida Inc., acquired on Jan. 6, 1995, maintains its financial records on a calendar year while CoMedco uses a fiscal year ending March 31. Financial statements of HASFI have not been converted to a March 31 fiscal year. Accordingly, results of operation of HASFI are included for the first quarter ended June 30, 1995, but not for the second quarter ended Sept. 30, 1995. (c) Gain from restructuring of debt. CONTACT: CoMedco Inc. William M. Kirschner, 407/997-6000 or Porter LeVay & Rose Inc. Hal Le Vay, 212/564-4700 |
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