Continental Health Affiliates reports first quarter results.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--Nov. 15, 1996-- Continental Health Affiliates, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). , CTHL), today reported results for the first quarter ended Sept. 30, 1996. First quarter net income was $17,000, or $0.00 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net income of $175,000 or $0.02 cents per share for the comparable quarter of fiscal 1996. Revenues for the quarter rose to $18,794,000 from $15,638,000 for the same period last year. The Company's revenues include the results of a nursing home facility acquired in October 1995, which contributed $2,681,000 to consolidated revenues for the quarter. First quarter results were negatively affected by an 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. of $391,000 due to the low occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) at the company's West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. , long-term care facility long-term care facility n. See skilled nursing facility. , the sale of which had been anticipated. Because the Florida facility's occupancy rate can naturally be expected to rise during the winter season, its financial performance in subsequent quarters can be expected to improve. In addition, a review of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying reserves and related liabilities throughout the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. division increased first-quarter consolidated operating results. Commenting on the results, Chief Executive Officer Jack Rosen said, "We are pleased with first-quarter results in general and very pleased with the contribution made by Infu-Tech, our 59-percent owned home infusion health care subsidiary, which recently reported a 30 percent increase in net income. Despite the negative impact in this quarter of one long term care facility, Continental Health's first quarter results reflect the success of our strategy of pursuing major contracts with nationally known managed care organizations. Infu-Tech, for example, now serves over 50 managed care providers representing more than 15 million enrollees." Continental Health Affiliates, Inc. is a leading integrated alternative health care provider. The Company owns and operates seven long- term health care facilities and two retirement living communities, located in New Jersey, Pennsylvania and Florida, and owns a majority of the stock of Infu-Tech, 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 : INFU), a leading provider of infusion therapy and other medical products and services to patients in their homes and in long-term care facilities. -0-
Continental Health Affiliates Inc.
Consolidated Statements of Operations
(unaudited)
(Dollars in thousands except per share numbers)
Three Months Ended Sept. 30,
1996 1995
Revenues $18,794 $15,638
Income from Operations $ 1,936 $ 134
Income before income taxes $ 241 $ 210
Provision for income taxes $ 189 $ ---
Net income $ 52 $ 210
Preferred dividends $ (35) $ (35)
Net income applicable to
common shareholders $ 17 $ 175
Earnings per share:
Net income applicable to
common shareholders $ 0.00 $ 0.02
Weighted average number of
common and common equivalent
shares outstanding 9,783,350 7,941,409
CONTACT: Continental Health Affiliates Inc., Englewood Cliffs S.C. Neill, 201/567-4600 or Porter LeVay & Rose Inc., 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 L.B. Stauffer, 212/564-4700 |
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