Coastal Physician Group, Inc. delays release of first quarter operating 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)--May 13, 1996--Coastal Physician Group, Inc. (NYSE NYSE See: New York Stock Exchange : DR) today announced that it will delay the release of operating results for the first quarter ended March 31, 1996. Pursuant to a commitment letter recently issued by Coastal's bank lenders, the Company is engaged in finalizing loan documents in order to complete a definitive agreement to restructure its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities by the end of May. This has resulted in extraordinary demands upon the time and attention of senior management. "This has been a longer process than originally anticipated, and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the progress we've made thus far," said Steven M. Scott, M.D. chief executive officer of Coastal Physician Group, Inc. "With the execution of the commitment letter on May 9th, we look forward to concluding the loan agreement within the next couple of weeks, and hope to announce our operating results soon." The Company previously indicated it would report a net 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. for the first quarter. Following a review of preliminary financial results, management expects the net loss for the first three months of 1996 to be greater than Wall Street analysts' estimates. Coastal Physician Group, Inc. is a diversified diversified (di·verˑ·s physician management company which provides a broad range of health care and administrative services to physicians, hospitals, employers, managed care programs and other health care providers. CONTACT: Coastal Physician Group, Inc., Durham Robert P. Borchert, 919/383-0355 |
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