CoreCare Systems, Inc. Files Third Quarter 10Q - Reports Improved EBITDA.PHILADELPHIA--(BUSINESS WIRE)--Nov. 8, 1999-- CoreCare Systems, Inc. (OTC BULLETIN BOARD OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CRCS CRCS Canadian Red Cross Society CRCS Clinical Record Cover Sheet CRCS Coalition to Reduce Class Size CRCS Coordinator of Reserve Component Support CRCS Centralized Routing and Centralized Scheduling ) CoreCare is a regional healthcare network operating in Eastern Pennsylvania which performs behavioral therapy behavioral therapy n. See behavior therapy. services and associated clinical research in central nervous system drugs. On September 27, 1999 CoreCare filed an 8-K report with the SEC regarding restatement of the Company's 1997 and 1998 audited financials. This restatement required the Company to amend all previously filed SEC reports and delayed the second quarter 10Q filing which occurred on October 12, 1999. The third quarter 10Q was filed on November 5, 1999. Due to SEC compliance requirements Compliance requirements are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). these filing delays caused the SEC to restrict the Company's trading to the pink sheets until the SEC has reviewed and accepted the Company's reports. Once accepted, the Company's trading will resume on the electronic bulletin board. The Company will issue a press release when this occurs. On November 5, 1999 the Company filed its financial results for the third quarter of 1999. Revenues for the quarter were $ 6,922,879 an increase of 35% over the same period in 1998. This increase was due to CRCS's continued bed expansion of the drug and alcohol rehabilitation rehabilitation: see physical therapy. center during 1998 and 1999 as well as higher census in the psychiatric hospital psychiatric hospital n. A hospital for the care and treatment of patients affected with acute or chronic mental illness. Also called mental hospital. and increased revenue from clinical drug trials. In July 1999 CRCS opened two Geriatric Intensive Outpatient Programs at the Philadelphia Nursing Home and the Philadelphia Protestant Home. The Company reported a net loss of ($368,829) for the quarter ending September 30, 1999 versus quarterly losses last year of ($2,205,964). EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the third quarter of 1999 increased dramatically to $528,292 from an EBITDA of ($644,132) for the third quarter of 1998. Loss per share for the quarter was ($0.02) per share versus ($0.14) per share for the same period last year. Thomas T. Fleming Chairman, reported that "while the need for revision of our financial statements have disrupted our reporting to the SEC, the ongoing business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets of the Company has improved and will continue to improve as our re-engineering efforts create greater efficiencies. Now that our filings are current the Company will concentrate its efforts on achieving a debt refinancing or possible sale/leaseback of our Kirkbride property to maximize shareholder value". Information on the Company can be accessed over the internet by accessing http://www.freeedgar.com/Search/BeginSearch.asp then enter core care. All amended SEC filings are available. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and projections, including statements regarding plans and objectives of management for future operations and services and statements concerning expectations that are based on management's belief as well as assumptions made by, and information currently available to, management. The company's actual results may differ materially from the plans envisioned, or results projected by these statements, if the company's assumptions prove to be incorrect. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion