Continental Health Affiliates reports profitable third quarter/nine months.ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. CLIFFS, N.J.--(BUSINESS WIRE)--May 16, 1996--Continental Health Affiliates Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). , Bulletin Board: CTHL), today reported operating gains for the third quarter and nine months ended March 31, 1996. The company has changed its fiscal year to end on June 30 from December 31. Third quarter net income was $24,000 or one cent per share, compared to a loss of $610,000 or eight 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. , in the comparable prior year period. Revenues for the third quarter increased 27 percent to $17,779,000 compared with revenues of $13,961,000 for the comparable prior year period. For the nine months, net income was $365,000, or five cents per share, compared to a net loss of $1,186,000, or 15 cents per share, in the comparable period of the prior year. Revenues increased 24 percent to $51,368,000 from revenues of $41,281,000 in the comparable period in 1995. Commenting on the results, Jack Rosen, chief executive officer, said, "The company is pleased to report that although this is the first full quarter that the company has experienced the negative impact on profitability of a depreciation expense resulting from the acquisition of four nursing homes in 1995, that we formerly rented, the company was able to maintain continued profitability -- extending a trend that began with its new fiscal year on July 1. Both Infu-Tech and the long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. division contributed to the growth and profitability of the company during the quarter." Continental Health Affiliates Inc. is a leading integrated alternative health care provider. The company owns and operates eight 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. health care facilities and two retirement living communities, located in New Jersey, Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York 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 long-term care facility n. See skilled nursing facility. . -0-
Continental Health Affiliates Inc. and Subsidiaries
Financial Highlights
(Unaudited)
For the Three Months Ended For the Nine Months Ended
3/31/96 3/31/95 3/31/96 3/31/95
Revenues $17,779,000 13,961,000 $51,368,000 $41,281,000 Net income (loss) 59,000 (575,000) 436,000 (1,117,000) Preferred dividends (35,000) (35,000) (70,000) (69,000) Net income (loss) applicable to common shareholders 24,000 (610,000) 365,000 (1,186,000) Earnings (loss) per share: Net income (loss) applicable to common shareholders $ .01 $ (.08) $ .05 $ (.15) Weighted average number of shares outstanding 7,948,851 7,825,059 7,897,416 7,823,809 CONTACT: Continental Health Affiliates Inc. Benjamin Geizhals, 201/567-4600 or Porter, Le Vay & Rose Inc. L.B. Stauffer, 212/564-4700 |
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