Complete Wellness Centers, Inc. Reports Third Quarter Results.WASHINGTON--(BUSINESS WIRE)--Nov. 14, 1997--Complete Wellness Centers, Inc., a multi-disciplinary physician practice management company, today announced financial results for the third quarter and nine months ended September 30, 1997. Revenues increased to $2,484,000 in the third quarter versus $1,842,000 in the 1997 second quarter and $557,000 in the third quarter of 1996. For the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , revenues accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. to $5,289,0000 versus $873,000 for the same period in 1996. (See accompanying table). Complete Wellness Centers, Inc.'s clinic business has been rapidly growing in terms of revenues, and losses have decreased by 13% to $559,000 as compared to second quarter 1997 clinic losses. The third net loss amounted to $736,000 as a result of start-up costs related to the Company's subsidiaries and non-integrated clinics. C. Thomas McMillen, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Complete Wellness Centers, Inc. stated, "We grew from 42 centers in operation at the end of the second quarter to 69 by the close of the third quarter. Based on September revenues of approximately $1.1 million, our annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues are in excess of $12 million. Approximately $415,000 of our current 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. is attributed to one time non-integrated clinic costs and subsidiary start-up losses." -0-
Condensed Statement of Operations
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Clinic Revenues $2,419,000 $ 557,000 $5,224,000 $ 873,000
Consolidated Subsidiary
Revenues $65,000 $ 0 $ 65,000 $ 0
Consolidated Revenues $2,484,000 $ 557,000 $5,289,000 $ 873,000
Clinic Loss $ (559,000) $(395,000) $(1,776,000) $(521,000)
Consolidated Subsidiary
Losses $ (177,000) $ 0 $ (250,000) $ 0
Net Loss $ (736,000) $(395,000) $(2,026,000) $(521,000)
Net (Loss) Per Share $ (0.50) $ (0.32) $ (1.13) $ (.43)
Weighted Average Number
Of Shares Outstanding 1,546,744 1,221,639 1,765,533 1,221,639
-0-
Complete Wellness Centers, Inc. develops multi-disciplinary medical clinics that offer, at one location, traditional healthcare providers, such as physicians and physical therapists, and alternative healthcare providers such as chiropractors, acupuncturists and massage massage (məsäzh`), treatment of superficial parts of the body by systematic rubbing, stroking, kneading, or slapping. Massages can be administered manually or with mechanical devices. therapists. Complete Wellness Centers, Inc. currently manages or has contracts to manage 135 centers in 21 states. Its stock and warrants trade on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap market under the symbols, CMWL and CMWLW, respectively. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the plans or objectives of the Company for future operations, including the development of multi-disciplinary medical centers. The forward-looking statements included herein are based on current expectations that involve some uncertainties. Actual results may differ materially from those projected in such forward-looking statements. CONTACT: C. Thomas McMillen, Chairman and CEO Victoria Harris, Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. Complete Wellness Centers, Inc. (202) 543-6800 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Counsel: The Equity Group Inc. Linda Latman (212) 836-9609 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion