Comprehensive Care Corporation Announces First Quarter Fiscal 2005 Profit Increase of 47%.TAMPA, Fla. -- Comprehensive Care Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CHCR CHCR Center for Health Care Rights ) (CompCare), a company specializing in managed behavioral healthcare and employee assistance services through its operating subsidiaries, today reported results for its first quarter of Fiscal 2005 ended August 31, 2004. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $91,000, an increase of 47% over income from continuing operations of $62,000 reported for the same quarter of the prior fiscal year. There was no income or loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. during the first quarter of Fiscal 2005 compared to a loss of $387,000 in the year-ago period. Net income for the first quarter of Fiscal 2005 was $91,000, or $0.02 per diluted share compared to a net loss of $325,000 or $0.07 loss per diluted share one year ago. Operating revenues were $6.0 million for the quarter ended August 31, 2004 compared to operating revenues of $7.9 million for the quarter ended August 31, 2003. This decrease is primarily attributable to the loss of one previously announced major customer in Florida during the last fiscal year, who decided to self-manage their behavioral health Behavioral health was first used in the 1980's to name the combination of the fields mental health and substance abuse. As an example, an organization serving both mental health and substance abuse clients might refer to its practice as behavioral health or benefit. Robert J. Landis, Chairman and Chief Financial Officer of CompCare, said, "We are pleased to report this significant bottom-line improvement, which is indicative of the cost savings we have achieved through the change in our contract mix this year as well as through the hard work and commitment of many CompCare employees. As a result, we are in a better position to maximize our potential for profitable growth during Fiscal 2005." Mary Jane Johnson Jane Johnson may refer to:
Please [ improve this article] or discuss the issue on the talk page. that distinguish us from our competitors. In addition, we have expanded our core business with innovative programs such as integrated behavioral health, pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. and disease management to address current market needs. We look forward to continuing our efforts to diversify our customer base as we explore new business opportunities." About Comprehensive Care Corporation Established in 1969, CompCare provides behavioral health, substance abuse, and employee assistance programs for governmental agencies, managed care companies and employer groups throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Headquartered in Tampa, Florida, CompCare operates regional service centers in Connecticut, Florida, Michigan, and Texas; serves approximately 1,000,000 covered individuals nationwide; and has a network of approximately 10,000 qualified behavioral health practitioners. With 35 years of experience in the industry, CompCare focuses on personalized attention, flexibility, a commitment to high-quality services, and innovative approaches to behavioral health that address both the specific needs of clients and changing healthcare industry demands. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under 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: Certain information included herein and in other Company reports, SEC filings, statements, and presentations is forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning the Company's anticipated operating results, financial resources, increases in revenues, increased profitability, interest expense, growth and expansion, and the ability to obtain new behavioral healthcare contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports, SEC filings, statements, and presentations. These risks and uncertainties include local, regional, and national economic and political conditions, our ability to obtain additional financing, the effect of governmental regulation, the competitive environment in which the Company operates, and the other risks detailed from time to time in the Company's SEC reports. 204 South Hoover Boulevard, Suite 200, Tampa, Florida 33609 813-288-4808 - Fax 813-288-4844 http://www.compcare.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion