Continental Choice Care, Inc. announces 1997 first quarter results.FLORHAM PARK, N.J.--(BUSINESS WIRE)--May 15, 1997--Continental Choice Care, Inc. (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 National Stock Market: CCCI CCCI Campus Crusade for Christ International CCCI Cebu Chamber of Commerce and Industry (Philippines) CCCI Central Criminal Court of Iraq CCCI Crossroads Christian Communications Inc. (common); CCCIW (warrants); CCCIU (units)) ("CCCI") today announced results for the first quarter ended March 31, 1997. As announced on February 13th, CCCI signed a definitive agreement, subject to shareholder approval, to sell substantially all of its assets, including its dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. treatment business, but not including its Renal Management, Inc. ("RMI (Remote Method Invocation) A standard from Sun for distributed objects written in Java. RMI is a remote procedure call (RPC), which allows Java objects (software components) stored in the network to be run remotely. ") subsidiary, to IHS IHS (I.H.S.) first three letters of Greek spelling of Jesus; also taken as acronym of Iesus Hominum Salvator ‘Jesus, Savior of Mankind.’ [Christian Symbolism: Brewer Dictionary, 480] See : Christ IHS of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Inc. ("IHS"), a privately-held company in an all cash transaction. Shareholders are scheduled to vote on this transaction at CCCI's Annual Shareholders Meeting on May 27, 1997. In March 1996, CCCI sold its Cape May Cape May, city (1990 pop. 4,668), Cape May co., S N.J., on Cape May peninsula and the Atlantic Ocean; settled in the 1600s, inc. 1857. One of the nation's oldest beach resorts, it became known in the mid-19th cent. Courthouse New Jersey In-Center Facility and certain other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. to generate additional working capital. The sale of the Facility, coupled with a reduction in sales of equipment and supplies in the southern New Jersey market, contributed to lower net patient revenues for the three months ended March 31, 1997 of $1,241,126 from $1,645,350 last year. The Company reported a net loss of $354,564, or $.11 per share, versus net income of $1,379,576, or $.43 per share, for the same period last year. Net income for the 1996 first quarter included a gain of $1,749,080 on the sale of the Company's former New Jersey In-Center Facility. Steven L. Trenk, Continental Choice Care's President, stated, "We remain very enthusiastic about the proposed transaction with IHS and continue to believe that it is in the best interests of our shareholders. The proceeds from the sale and our strategic positioning will enhance shareholder value by allowing us to explore numerous acquisition and/or merger opportunities both within and outside of the healthcare industry. We are excited about the prospects for CCCI, and our new corporate strategy will be supported by a substantial cash position and no debt." Continental Choice Care, Inc. is primarily engaged in providing dialysis related equipment, services and supplies to individuals in their homes and other residential alternative sites in New Jersey, New York and Connecticut, including prisons and nursing homes. The Company also provides consulting and administrative services and supplies to New York healthcare entities, as well as acute care dialysis nursing services to hospitals. Additionally, the Company owns and operates a freestanding free·stand·ing adj. Standing or operating independently of anything else: a freestanding bell tower; a freestanding maternity clinic. dialysis training facility in Linden, New Jersey Linden is a city in southeastern Union County, New Jersey, United States. It is part of the New York Metropolitan Area, being about 13 miles southwest of Manhattan, and bordering Staten Island, a borough of New York City. , which provides training and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services that enable the Company's clients to treat themselves in their homes. This press release contains forward looking statements which involve numerous risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. Investors are specifically advised to review the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 1996 and Form 10-QSB for the period ended March 31, 1997. -0-
CONTINENTAL CHOICE CARE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months Ended
March 31,
(Unaudited)
1997 1996
Total net patient revenues $1,241,126 $1,645,350
Total costs and expenses 1,590,929 1,903,915
Gains on sale of former New Jersey
in-center facility and
certain other assets -0- 1,749,080
Income (loss) before income taxes (349,803) 1,490,515
Provision for income taxes 4,761 110,939
Net income (loss) $(354,564) $1,379,576
Net income (loss) per share $ (.11) $ .43
Weighted average number of
shares outstanding 3,237,500 3,237,500
CONTACT: INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: Continental Choice Care, Inc. The Equity Group, Inc. Steven L. Trenk, President -or- Devin Sullivan, (212) 836-9608 (201) 593-0500 ext. 130 Robert Goldstein, (212) 371-8660 |
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