Comprehensive Care Corporation Announces Results for Its Fiscal Year Ended May 31, 2005.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 its audited results for its fiscal year ended May 31, 2005. For the twelve months ended May 31, 2005, the Company had an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $5,000 and a net loss of $268,000, or $0.05 diluted loss per share. This compares to 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 $80,000 and a net loss of $777,000, or $0.18 diluted loss per share, for the twelve months ended May 31, 2004, which included a $387,000 loss, or $0.09 diluted loss per share, 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. . For the three months ended May 31, 2005, the Company reported a net loss of $674,000, or $0.12 diluted loss per share, compared to a net loss of $141,000, or $0.03 diluted loss per share, for the three months ended May 31, 2004. Operating revenues for the year ended May 31, 2005 were $24.5 million compared to $27.6 million for the year ended May 31, 2004. Operating revenues for the three months ended May 31, 2005 were $6.0 million compared to $6.3 million for the three months ended May 31, 2004. The decrease in operating revenues during fiscal 2005 is primarily attributable to the previously announced loss of one major customer during the second half of fiscal 2004 who made the decision to internally 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. Mary Jane Johnson Jane Johnson may refer to:
An independent auditor's opinion that a company's financial statements comply with accepted accounting procedures. Antithesis of qualified opinion. unqualified opinion See clean opinion. on our 2005 financial statements. We have invested in expanding the features of our products and in expanding our marketing activities in an effort to drive sales and increase our revenues. We intend to continue these investments during our 2006 fiscal year." 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 925,000 covered individuals nationwide; and has a network of approximately 8,000 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. |
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