Coastal Healthcare Group, Inc. Reports First Quarter Results.DURHAM Durham, town and district, England Durham, town (1991 pop. 38,105) and district, county seat of Durham, NE England, on the sides of a hill nearly encircled by the Wear River. The town's small factories produce organs and carpets. , N.C.--(BUSINESS WIRE)--April 27, 1995--Coastal Healthcare Group, Inc. (NYSE NYSE See: New York Stock Exchange :DR) today reported results for the first quarter ended March 31, 1995. Total revenue for the first quarter of 1995 was $207,859,000, up 18% over 1994 first quarter revenue of $175,645,000. First quarter operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose 7% to $11,380,000, up from $10,645,000 recorded during last year's first quarter. Net income for the first quarter of 1995 was $6,367,000, or $0.27 per share, compared to net income before acquisition and related expenses recorded in last year's first quarter of $6,352,000, or $0.29 per share. Weighted average shares outstanding for the 1995 first quarter were up 8% to 23,539,000, as compared to 21,780,000 shares in the 1994 first quarter. "While the rest of Coastal's first quarter comparative pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings grew approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30%, our south Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and operations have been adversely affected by actions of our primary payor payor (payer) n. The one who must make payment on a promissory note. in that market. Uncorrected, these actions, which include the continued disenrollment of Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. members from Coastal clinics, the unilateral unilateral /uni·lat·er·al/ (-lat´er-al) affecting only one side. u·ni·lat·er·al adj. On, having, or confined to only one side. pass-through pass-through n. 1. An opening between two rooms, especially a shelved space between a kitchen and dining room that is used for passing food. 2. A route through which something is permitted to pass. 3. of additional benefit costs to members passed on our providers, and our inability to freely market our physician network, have virtually eliminated any prospects of significant earnings from revenue associated with this payor," stated Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. M. Scott, M.D., Chief Executive Officer. "The Company is reviewing its options regarding this payor, including disposition of assets, renegotiation of contract or non-renewal. The estimated financial impact of these developments in south Florida is likely to continue to affect Coastal's earnings throughout 1995 similar to the impact in the first quarter." "Although this particular payor relationship is currently not generating meaningful earnings, Coastal is firmly committed to being the leading physician network in south Florida," added Dr. Scott. "Going forward, we continue to believe that we have the correct strategy of organizing physicians into integrated delivery networks to meet the needs of an ever changing marketplace. We believe our ability to work with physicians, as well as other providers, is a competitive advantage as managed care continues to gain market acceptance across the country." Coastal Healthcare Group, Inc. - The Physician Company, is the largest physician management company in the U.S., and provides a broad range of health care and administrative services to physicians, hospitals, employers, managed care programs and other health care providers. -0-
Coastal Healthcare Group, Inc.
Financial Highlights
(Unaudited)
Three Months Ended
March
1995 1994
Operating revenues $207,859,000 $175,645,000 Operating income $11,380,000 $10,645,000 Net income before non-operating special charges $6,367,000 $6,352,000 Non-operating special charges, after tax (1) $0 $3,404,000 Net income $6,367,000 $2,948,000 Weighted average number of shares outstanding 23,539,000 21,780,000 Per share data: Net income before non-operating special charges $0.27 $0.29 Non-operating special charges, after tax $0.00 $0.15 Net income $0.27 $0.14
(1) Includes primarily acquisition and related expenses, of
$3,404,000, after tax, or $0.15 per share.
CONTACT: Coastal Healthcare Group, Inc., Durham Kenneth S. Dennard, 919-383-0355 |
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