Counsel Corporation - six month earnings increase 243%.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , ONTARIO--(BUSINESS WIRE)--Aug. 23, 1995--COUNSEL CORPORATION (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 : CXSNF TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CXS CXS Coherent X-Ray Scattering ) Counsel Corporation today reported net earnings for the six months ended June June: see month. 30 1995 increased 243 percent to $21.9 million, over the same period in 1994. Earnings per share were 93 cents basic and 88 cents on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. This compares with net earnings of $6.4 million or 23 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. , basic and fully diluted, in the first six months of 1994. Net earnings for the second quarter were $13.3 million compared to $4.1 million a year earlier. Basic and fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the second quarter were 58 and 53 cents per share respectively, compared to 15 cents per share a year earlier. Allan Allan can refer to:
Mr. Silber noted, "As examples of this strategy, we successfully implemented two profitable dispositions during the first six months of 1995. One was the completion of a secondary offering of our home health care operation, American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of HomePatient, including the sale of 600,000 shares owned by Counsel,resulting in a net gain of $27.9 million. Counsel now holds 41.2 percent of American HomePatient, the third largest diversified diversified (di·verˑ·s home health care company in the United States. The other was the sale of Counsel's investment in Medserv Corporation for a gain of $8.7 million." To more fully reflect the Company's ongoing business strategy, and as a result of the reduction in the Company's ownership of American HomePatient Inc. to below 50 percent, Counsel also announced a change in its presentation of earnings. The goal of the new format is twofold. First to clearly identify the revenues and earnings of each of Counsel's businesses. And second, to ensure that periodic dispositions of interests in corporate investments are seen as an integral part of Counsel's ongoing business activities. Counsel Corporation operates in two business sectors, Health Care in the United States Health care in the United States is provided by many separate legal entities. The U.S. spends more on health care, both as a proportion of gross domestic product (GDP) and on a per-capita basis, than any other nation in the world. Current estimates put U.S. through American HomePatient Inc., and Choice Drug Systems Inc. (NASDAQ-DOSE), an institutional pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. operation; and Real Estate Property Management in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , through wholly-owned Counsel Management Services Inc.(CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ). CMSI provides property management services for RioCan Real Estate Investment Trust RioCan Real Estate Investment Trust (TSX: REI.UN) is the largest real estate investment trust (REIT) in Canada with ownership interests in over 200 retail properties.[1] (TSE-REI.Un), institutions and independent owners. -0-
COUNSEL CORPORATION
BALANCE SHEET
AS AT JUNE 30
(unaudited, in thousands)
A S S E T S 1995 1994
-----------------------
Current assets:
Cash and short term investments $31,051 $35,481
Amounts receivable 7,130 38,016
Mortgages and other advances 7,772 12,275
Real estate 6,824 19,704
Other assets 8,287 14,127
Deferred income taxes 1,022 921
-----------------------
62,086 120,524
-----------------------
Mortgages and other advances 4,374 17,530
Long term care facilities 43,518 57,577
Home health care capital assets -- 25,630
Other 5,601 41,947
Long term corporate investments (Note 1) 76,500 --
Deferred income taxes 3,640 12,641
-----------------------
133,633 155,325
-----------------------
$195,719 $275,849
-----------------------
-----------------------
LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities
Accounts payable and accrued charges $10,671 $21,274
Dividends payable -- 6,045
Income taxes payable 339 8,585
Deferred revenue 2,353 2,355
Mortgages and loans payable 13,238 29,065
-----------------------
26,601 67,324
Deferred revenue 11,246 13,460
Mortgages and loans payable 26,957 62,083
-----------------------
38,203 75,543
-----------------------
64,804 142,867
-----------------------
Minority interest -- 21,146
Shareholders' equity 130,915 111,836
-----------------------
$195,719 $275,849
-----------------------
-----------------------
COUNSEL CORPORATION
STATEMENT OF EARNINGS
FOR THE THREE MONTHS FOR THE SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
(unaudited,
in thousands) 1995 1994 1995 1994
________________________________________
Revenues(Note 2) $81,144 $47,103 $144,146 $103,354
________________________________________
________________________________________
Earnings(Note 2)
From operating businesses
Home health care $2,872 $5,934 $11,225 $10,598
Institutional pharmacy (115) --- (187) ---
Property management 610 652 1,441 712
Long term care (12) 1,248 115 3,218
Dispositions of interests
in corporate
investments - net 19,849 11,754 30,320 11,736
Interest and
other income 965 1,184 1,744 2,529
________________________________________
24,169 20,772 44,658 28,793
________________________________________
Unallocated expenses
Interest 1,523 2,768 3,976 4,941
Corporate 715 244 973 490
Amortization 1,362 2,785 5,250 5,518
Minority interest 166 3,945 1,002 4,568
Income taxes 7,071 6,894 11,566 6,888
________________________________________
10,837 16,636 22,767 22,405
________________________________________
Net earnings $13,332 $4,136 $21,891 $6,388
________________________________________
________________________________________
Earnings per common share
Net earnings $13,332 $4,136 $21,891 $6,388
Dividends on
special shares (1,008) (1,009) (2,016) (2,018)
________________________________________
Net earnings applicable
to common shares $12,324 $3,127 $19,875 $4,370
________________________________________
________________________________________
Per common share
Basic $0.58 $0.15 $0.93 $0.23
Fully diluted $0.53 $0.15 $0.88 $0.23
Weighted average number of
common shares outstanding
(in thousands) 21,439 18,871 21,439 18,871
________________________________________
COUNSEL CORPORATION
NOTES TO FINANCIAL STATEMENTS
Six months ended June 30 (Unaudited) (in thousands)
1. Accounting for investments Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: subsidiaries - The consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge include the accounts of Counsel Corporation ("the Company") and all companies over which it has voting control, except Icarus Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. which is accounted for on the cost basis. The Company's investment in Icarus has been provided for in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. . Future recoveries, if any, will be recorded when realized. The principal operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. and Counsel's respective voting interest Voting interest in business and accounting is a percentage of voting stock owned. This notion is different from economic interest that refers to a percentage of all the equity issued, including preferred stock, warrants, and so on. in each subsidiary as at June 30, 1995 and 1994 are as follows:
1995 1994
-------------------------------------------------------------
Counsel Healthcare Assets Inc. 100 percent 100 percent
American HomePatient Inc. (i) 69.7 percent
Counsel Management Services Inc. 100 percent 100 percent
Long term corporate investments - Investments in affiliates over which voting control does not exist, but significant influence is exercised are carried on the equity method. The amortization of the difference between acquisition cost and the underlying book value of the investees' net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. at the date of acquisitions is included in amortization expense. The principal operating affiliates over which Counsel exerts significant influence and its respective voting interest in each affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. as at June 30, 1995 and 1994 are as follows:
1995 1994
------------------------------------------------------------
Choice Drug Systems Inc. 26.8 percent ---
American HomePatient 41.2 percent (i)
(i) On April 20, 1995, 2,415,000 shares of American HomePatient Inc. were sold in a secondary public offering with 600,000 shares originating from Counsel and the remaining 1,815,000 from treasury. Counsel's voting interest decreased from 62.66 percent immediately prior to the offering to 41.2 percent as of June 30, 1995. Consequently, effective April 20, 1995, Counsel ceased to consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. American HomePatient Inc.
COUNSEL CORPORATION
NOTES TO FINANCIAL STATEMENTS
Six months ended June 30 (Unaudited) (in thousands)
2. Revenues and earnings Revenues represents 100 percent of each affiliate's revenues. Revenues and earnings are derived as follows:
-----Revenues-----
For The Three Months For The Six Months
Ended June 30, Ended June 30,
(in thousands) 1995 1994 1995 1994
------------------------------------------
Home health care American HomePatient Inc. Consolidated entity $11,707 $29,047 $52,622 $51,297
Equity in earnings 40,973 - 40,973 -
------------------------------------------
52,680 29,047 93,595 51,297
Institutional pharmacy Choice Drug Systems, Inc. Equity in earnings 14,778 - 22,552 - Property management Counsel Management Services Inc. Consolidated entity 1,923 1,523 3,939 2,912 Long term care Counsel Healthcare Assets Inc. Consolidated entity 10,798 15,349 22,317 46,616
Interest and
other income 965 1,184 1,743 2,529
Disposition of interests in
corporate investments
-net - - - -
------------------------------------------
$81,144 $47,103 $144,146 $103,354
------------------------------------------
------------------------------------------
--------EARNINGS--------
For The Three Months For The Six Months
Ended June 30, Ended June 30,
1995 1994 1995 1994
------------------------------------------
(in thousands)
Home health care American HomePatient Inc. Consolidated entity $1,826 $5,934 $10,179 $10,598
Equity in earnings 1,046 - 1,046 -
------------------------------------------
2,872 5,934 11,225 10,598
Institutional pharmacy Choice Drug Systems, Inc. Equity in earnings (115) - (187) - Property management Counsel Management Services Inc. Consolidated entity 610 652 1,441 712 Long term care Counsel Healthcare Assets Inc. Consolidated entity (12) 1,248 115 3,218
Interest and other
income 965 1,184 1,744 2,529
Disposition of interests
in corporate investments
-net 19,849 11,754 30,320 11,736
------------------------------------------
$24,169 $20,772 $44,658 $28,793
------------------------------------------
------------------------------------------
CONTACT: Morris Perlis Perlis (pûr`lĭs), state (1991 pop. 184,070), 310 sq mi (803 sq km), Malaysia, central Malay Peninsula, on the Andaman Sea. The smallest of the states of Malaysia, it is bordered on the N and E by Thailand and on the SE by Kedah, of which it President (416) 866-3193 or Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Weintraub Weintraub is a German surname meaning "grape" and may refer to:
Senior Vice President/Secretary (416) 866-3058 REPEATS: 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 212-575-8822 or 800-221-2462; Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. 617-330-5311 or |
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