Continental Announces Second Quarter Results.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 2, 1999-- Continental Home Healthcare Ltd. (the "Company") (VSE See DOS/VSE. VSE - Virtual Storage Extended :CHT CHT Chart CHT Center for Health Transformation (Washington, DC) CHT Chittagong Hill Tracts (Bangladesh region) CHT Certified Hypnotherapist CHT Cylinder Head Temperature CHT Certified Hand Therapist .) is pleased to announce its financial results for the six month period ending June 30, 1999. Management reports the positive trends and results it has experienced during the last 18 months have continued during the second quarter of 1999. All currency references are in Canadian dollars. Gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. for the second quarter of 1999 reached a record level of $4.9 million compared to $4.5 million for the previous three months. Revenues of $9.4 million for the six months ending June 30, 1999 represent a 63 percent increase over the same period last year. Net profit of $106,789 for the second quarter is up 79 percent from the previous three months of $59,563. Net profit for the six months ending June 30, 1999 is $166,352 compared to $218,746 for the same period during 1998. This decline is wholly attributable to a change in accounting for foreign currency translation. During 1998 the Company utilized the "Temporal Method Temporal method A currency translation method under which the choice of exchange rate depends on the underlying method of valuation. Assets and liabilities valued at historical cost (market cost) are translated at the historical (current market) rate. " of accounting for foreign currency which resulted in a contribution of $85,473 to the net profits during the six month period ending June 30, 1998. For 1999 the Company has adopted the "Current Rate Method" which does not consider foreign currency gains or losses in the determination of net profit. Excluding the non-cash foreign exchange gain from the June 30, 1998 earnings results, net profit was $133,273 compared to $166,352 for the same period in 1999. Earnings before interest, depreciation, amortization, income taxes and foreign exchange gain was $546,455 for the current six month period compared to $378,703 for the comparable 1998 period, an increase of 44 percent. Management is encouraged with these half-year results as the second six month period during the calendar year is historically the stronger of the two periods. Achieving sales of $9.4 million for the first six months keeps the Company well on track to surpass its annual projections of $18 million. The Company has recently completed the acquisition of the Queen of Angels -- Hollywood Presbyterian Medical Center Hollywood Presbyterian Medical Center, formerly known as Queen of Angels-Hollywood Presbyterian Medical Center, is a hospital in Los Angeles, California, USA. The hospital has 434 beds. History Hollywood Presbyterian Medical Center was founded in 1924. home medical equipment business. Management is confident that this acquisition will contribute to further growth of revenues and profits in the coming periods. As well, the Company is nearing the completion of securing a US$3.0 million operating line of credit which will enable management to continue its acquisition strategy in the southwestern 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. . Continental Home Healthcare Ltd. is a provider of durable and home medical equipment to individuals and healthcare institutions with branches in Glendale and Indian Wells, California Indian Wells is a city in Riverside County, California, in the Coachella Valley (Palm Springs area), in between Palm Desert and La Quinta. As of the 2000 census, the city population was 3,816. It has the highest proportion of millionaires of any city in the United States. ; Las Vegas, Nevada; and British Columbia, Canada. ON BEHALF OF THE BOARD ROBERT THORNTON, CHIEF EXECUTIVE OFFICER The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the contents contained herein. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion