Comprehensive Care Corporation Reports Profit for the Three and Nine Months Ended February 28, 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 results for the third quarter of Fiscal 2005 ended February 28, 2005 and for the nine months ended February 28, 2005. Net income for the quarter ended February 28, 2005 was $212,000, or $0.04 per diluted share, compared to the net loss of $78,000, or $0.02 loss per diluted share, for the same quarter of the prior fiscal year. For the nine months ended February 28, 2005, net income was $406,000, or $0.08 per diluted share. This compares to a net loss of $636,000, or $0.15 diluted loss per share, for the nine months ended February 29, 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. . Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. were $6.2 million and $18.5 million, respectively, for the three and nine months ended February 28, 2005 compared to operating revenues of $6.3 million and $21.3 million, respectively, for the three and nine months ended February 29, 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. Robert J. Landis, Chairman and Chief Financial Officer of CompCare, said, "We have reported net income for the third consecutive quarter. This consistent progress, along with our recent private placement, significantly improves our financial position. We are very pleased to report a profit once again and remain diligent in our efforts for continued growth." Mary Jane Johnson Jane Johnson may refer to:
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 employer group Association of employers Managed care An entity with a current group benefits agreement in effect with a health plan to provide covered health care services to its employee-subscribers and eligible dependents. 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 “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. , 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 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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