Continental Choice Care, Inc. announces first quarter results.FLORHAM PARK, NJ--(BUSINESS WIRE)--May 20, 1996--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)] ("CCCI") today announced results for the first quarter ended March 31, 1996. (See Accompanying Table). For the first quarter ended March 31, 1996, net income was $1,380,000, or $.46 per share, as compared to a net loss of $350,000, or $.11 per share, for the same period in 1995. In the quarter, the sale of certain assets related to the Company 's southern New Jersey dialysis business to subsidiaries of Renal Treatment Centers, Inc. resulted in an aggregate net gain of $1,749,000, which more than offset the narrowed 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. for the first quarter of $259,000. Total net patient revenues for the first quarter were $1,645,000 as compared to $2,160,000 for the same period in 1995. The decrease in sales to consulting customers and the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of the Company's infusion business in June 1995 more than offset the increase in revenues derived from the opening of the Company's new training facility in Linden Linden, city, United States Linden, city (1990 pop. 36,701), Union co., NE N.J., in the New York metropolitan area; inc. 1925. During the first half of the 20th cent. , NJ. Commenting, Steven L. Trenk, Continental Choice Care's President stated, "During the first three months of 1996, the Company experienced positive net cash flow of more than $1.2 million. A strong balance sheet at March 31, 1996 is highlighted by a 93% increase in our cash position to $2.6 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $6.6 million, up from $5.2 million for the prior year period." Mr. Trenk continued, "The Company's services are beginning to experience the effects of managed healthcare. In response to this evolutionary trend Noun 1. evolutionary trend - a general direction of evolutionary change trend, drift, movement - a general tendency to change (as of opinion); "not openly liberal but that is the trend of the book"; "a broad movement of the electorate to the right" , during the first quarter CCCI established a new subsidiary, 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. "), to expand the scope of our services to include Disease Management and Nephrology nephrology Branch of medicine dealing with kidney function and diseases. An understanding of kidney physiology is important not only in treating kidney disease but in knowing the effect of drugs, diet, and hypertension on kidney disease, and vice versa. Practice Management. This will allow us to be more directly involved in renal case management. We intend to manage the overall care of renal patients, including dialysis, nephrology and inpatient services in cooperation with our referral sources and payors. In addition to helping to reduce spiraling healthcare costs, we strongly believe that RMI will substantially improve patients' clinical outcomes, thereby increasing patient satisfaction and contributing to an enhanced quality of life. Importantly, the Company sees RMI as representing substantial additional potential for positive impact on the Company's sales and earnings in the future." 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 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 and Connecticut, including prisons and nursing homes. The Company also provides consulting and administrative service 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 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. -0-
CONTINENTAL CHOICE CARE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months Ended
March 31,
(Unaudited)
1996 1995
Total net patient revenues $1,645,350 $2,160,446 Loss from operations (258,565) (349,575) Gain on sale of former New Jersey in-center facility 1,749,080 -0- Income (loss) before income taxes 1,490,515 (349,575) Provision for income taxes 110,939 -0- Net income (loss) $1,379,576 $(349,575) Net income (loss) per share $ .46 $ (.11) Weighted average number of shares outstanding 3,237,500 3,237,500
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.
CONTACT: Continental Choice Care, Inc. Steven L. Trenk, President (201) 593-0500 ext. 130 or The Equity Group, Inc. Devin Sullivan (212) 836-9608 Robert Goldstein (212) 371-8660 |
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