Continental Choice Care, Inc. announces second quarter results.FLORHAM PARK, N.J.--(BUSINESS WIRE)--August 15, 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 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 three and six month periods ended June 30, 1996. (See attached table). In line with the Company's strategy to focus on renal renal /re·nal/ (re´n'l) pertaining to the kidney. re·nal adj. Of or in the region of the kidneys. Renal Relating to the kidney. 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. , renal disease Renal disease Kidney disease. Mentioned in: Glycogen Storage Diseases hypertension High blood pressure Cardiovascular disease An abnormal ↑ systemic arterial pressure, corresponding to a systolic BP of > 160 mm Hg 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, the Company sold its New Jersey In-Center Facility in March 1996 to generate additional working capital. The Company experienced a reduction in sales of equipment and supplies, which was only partially offset by revenues generated by the Company's new 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. and its new Renal Management, Inc. subsidiary ("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. "). As a result of these factors, total net patient revenues for the three months ended June 30, 1996 declined to $1,439,419 from $2,160,395 for the same period in 1995. For the six months ended June 30, 1996, total net patient revenues declined to $3,084,769 from $4,320,842 for the same period in 1995. The Company reported a net loss for the second quarter of $550,311, or $.17 per share, compared with a net loss of $644,445, or $.20 per share, for the comparable prior year period. The Company reported net income for the first half of 1996 of $829,263, or $.26 per share, which reflects a net gain of $1,749,080 from the sale of the New Jersey In-Center Facility in the first quarter of 1996. For the same period last year, the Company experienced a net loss of $995,750, or $.31 per share. Steven L. Trenk, Continental Choice Care's President, stated, "We continue our focus on expanding the scope of our services in renal disease management and nephrology practice management. In this regard, we are encouraged by the continuing developments in RMI in the first six months of 1996. Our efforts to grow the business are supported by a strong balance sheet and a cash position of $2.46 million." 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 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, 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
(Unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
Total net patient revenues $1,439,419 $2,160,395 $3,084,769 $4,320,842 Income (loss) before income taxes (539,520) (644,445) 950,993(1) (995,750) Provision for income taxes 10,791 --- 121,730 --- Net Income (loss) $ (550,331) $ (644,445) $ 829,263 $ (995,750) Net income (loss) per share $ (.17) $ (.20) $ .26 $ (.31) Weighted average number of shares outstanding 3,237,500 3,237,500 3,237,500 3,237,500 (1) Includes the gain of $1,749,080 on the sale of the former New Jersey In-Center Facility in the first quarter of 1996.
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 INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: The Equity Group, Inc. Devin Sullivan, (212) 836-9608 Robert Goldstein, (212) 371-8660 |
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