Counsel Corporation nine-month earnings increase 209 percent.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)--Nov. 20, 1995--COUNSEL CORPORATION (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CXS CXS Coherent X-Ray Scattering 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) Counsel Corporation today reported net earnings for the nine months ended September September: see month. 30, 1995 increased 209 percent to $24.7 million, over the same period in 1994. Earnings per share were $1.01 basic and $0.97 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 $8 million or 27 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, for the same period last year. Net earnings for the third quarter were $2.8 million compared to $1.6 million a year earlier. Both 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 third quarter were 8 cents per share compared to 4 cents per share a year earlier. Allan Allan can refer to:
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 Third Quarter Highlights Third quarter net revenues for American HomePatient increased 89 percent to an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal high of US $45.8 million. Net earnings rose 84 percent to US $2.6 million. Earnings per share increased to US 34 cents on 7.8 million average shares outstanding compared to 26 cents per share on 5.5 million average shares outstanding last year. The Company also reported same store revenue growth of 14 percent for the quarter. Capstone 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. Services Inc. Second Quarter Highlights Capstone reported its first profitable quarter in three years. Sales for the second quarter, which ended August 31, increased 47 percent to US $16.3 million from US $11.1 in the prior year period. Net income for the quarter increased to US $0.3 million or US 3 cents per share from a net loss of US $3.6 million or US 58 cents per share for the same period in 1994. Counsel Corporation has been active in the U.S. health care sector since 1983. Its 41 percent-owned American HomePatient Inc. (NASDAQ:AHOM) is today the third largest diversified diversified (di·verˑ·s home health care company in the U.S. Its 29.3 percent-owned Capstone Pharmacy Services Inc. (NASDAQ:DOSE) (formerly Choice Drug Systems Inc.) is a leading provider of extended care institutional pharmacy services to nursing homes, correctional cor·rec·tion n. 1. The act or process of correcting. 2. Something offered or substituted for a mistake or fault: made corrections in the report. 3. a. facilities and managed care organizations. Capstone services accounts throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0- COUNSEL CORPORATION CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30, 1995 (unaudited, in thousands)
1995 1994
ASSETS
Current
Cash and short term investments $24,363 $29,966
Amounts receivable 7,140 41,813
Mortgages and other advances 6,553 27,646
Real estate 6,793 14,910
Other assets 7,629 25,952
Deferred income taxes 922 6,581
------- -------
53,400 146,868
------- -------
Mortgages and other advances 4,299 2,419
Long term care facilities 42,814 55,333
Home health care capital assets -- 29,924
Other 6,029 42,913
Long term corporate investments (Note 1) 84,426 --
Deferred income taxes 2,352 8,267
------- -------
139,920 138,856
------- -------
$193,320 $285,724
------- -------
------- -------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued charges $10,948 $22,013
Income taxes payable -- 7,030
Deferred revenue 2,305 2,329
Mortgages and loans payable 17,042 51,912
------- -------
30,295 83,284
------- -------
Deferred revenue $10,666 $12,963
Mortgages and loans payable 23,009 55,591
------- -------
33,675 68,554
------- -------
63,970 151,838
------- -------
Minority interest -- 21,197
Shareholders' equity 129,350 112,689
--------- --------
$193,320 $285,724
--------- --------
--------- --------
COUNSEL CORPORATION CONSOLIDATED STATEMENT OF EARNINGS
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPT. 30 ENDED SEPT. 30
(unaudited, in thousands) 1995 1994 1995 1994
-------- ------ ------- ------
Revenue (Note 2) $97,525 $48,312 $241,671 $151,666
-------- ------ -------- -------
-------- ------ -------- -------
Earnings (Note 2)
From operating businesses
Home health care $1,500 $5,841 $12,712 $16,439
Institutional pharmacy 115 -- (72) --
Property management 517 277 1,958 989
Long term care 10 (379) 125 2,839
Dispositions of interests in
corporate investments
- net 3,884 (383) 34,297 11,353
Interest and other income 908 3,569 2,572 6,098
-------- ------ -------- -------
6,934 8,925 51,592 37,718
-------- ------ -------- -------
Unallocated expenses
Interest 986 2,341 4,962 7,283
Corporate 650 533 1,623 1,023
Amortization 589 2,897 5,839 8,415
Minority interest -- 679 1,002 5,247
Income taxes 1,905 861 13,471 7,748
-------- ------ -------- -------
4,130 7,311 26,897 29,716
-------- ------ -------- -------
Net earnings $2,804 $1,614 $24,695 $8,002
-------- ------ -------- -------
-------- ------ -------- -------
Earnings per common share
Net earnings $2,804 $1,614 $24,695 $8,002
Dividends on special
shares (1,007) (1,012) (3,023) (3,030)
-------- ------ -------- -------
Net earnings applicable
to common shares $1,797 $602 $21,672 $4,972
-------- ------ -------- -------
-------- ------ -------- -------
Per common share
Basic $0.08 $0.04 $1.01 $0.27
Fully diluted $0.08 $0.04 $0.97 $0.27
Weighted average number of
common shares outstanding
(in thousands) 21,419 18,943 21,419 18,943
-------- ------ -------- -------
-0-
COUNSEL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Nine months ended September 30, 1995 (Unaudited)(in thousands) 1. ACCOUNTING FOR INVESTMENTS
Consolidated subsidiaries - The consolidated financial statements
included the accounts of Counsel Corporation ("the Company") and all
companies over which it has voting control, except Icarus Realty
Corp. which is accounted for on the cost basis. The Company's
investment in Icarus has been provided for in its entirety. Future
recoveries, if any, will be recorded when realized.
The Company's principal operating subsidiaries and its respective
voting interest in each subsidiary as at September 30, 1995 and 1994
are as follows:
1995 1994
---- ----
Counsel Healthcare Assets Inc. 100 percent 100 percent
American HomePatient Inc. (i) 69.4 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 net value of
the investee's net assets at the date of acquisition is included in
amortization expense.
The principal operating affiliates over which the Company exerts
significant influence and its respective voting interest in each
affiliate as at September 30, 1995 and 1994 are as follows:
1995 1994
---- ----
American HomePatient Inc. 40.6 percent (i)
Capstone Pharmacy Services, Inc. 29.3 percent --
(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 the Company and 1,815,000 from treasury. The Company's voting interest decreased from 62.7 percent immediately prior to the offering to 40.6 percent as at September 30, 1995. Consequently, effective April 20, 1995, the Company ceased to consolidate American HomePatient Inc. and its investment is now recorded on the equity method. COUNSEL CORPORATION NOTES TO FINANCIAL STATEMENTS Nine months ended September 30, 1995 (unaudited, in thousands) 2. Revenues and earnings Revenues reflect 100 percent of each affiliate's revenues. Revenues and earnings are derived as follow:
Revenues
For The Three For The Nine
Months Months
Ended Sept. 30 Ended Sept. 30
(in thousands) 1995 1994 1995 1994
------ ----- ----- ------
Home health care
American HomePatient Inc.
Consolidated entity $ -- $30,534 $52,622 $86,274
Equity in earnings 62,162 -- 103,135 --
------- ------- ------- -------
62,162 30,534 155,757 86,274
Institutional pharmacy Capstone Pharmacy Services Equity in earnings 22,163 -- 44,714 -- Property management Counsel Management Services Consolidated entity 1,558 2,470 5,496 4,165 Long term care Counsel Healthcare Assets Consolidated entity 10,734 11,739 33,138 55,129
Dispositions of interests in
corporate investments - net -- -- -- --
Interest and other income 908 3,569 2,566 6,098
------- ------- ------- --------
$97,525 $48,312 $241,671 $151,666
------- ------- ------- --------
Earnings
For The Three For The Nine
Months Months
Ended Sept. 30 Ended Sept. 30
(in thousands) 1995 1994 1995 1994
------ ----- ----- -----
Home health care
American HomePatient Inc.
Consolidated entity $ -- $ 5,841 $10,179 $16,439
Equity in earnings 1,500 -- 2,533 --
------- ------- ------- -------
1,500 5,841 12,712 16,439
Institutional pharmacy Capstone Pharmacy Services Equity in earnings 115 -- (72) -- Property management Counsel Management Services Consolidated entity 517 277 1,958 989 Long term care Counsel Healthcare Assets Consolidated entity 10 (379) 125 2,839
Dispositions of interests in
corporate investments - net 3,884 (383) 34,297 11,353
Interest and other income 908 3,569 2,572 6,098
------- ------- ------- --------
$ 6,934 $ 8,925 $ 51,592 $ 37,718
------- ------- ------- --------
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 Ivan Ivan - A Diana-like language making up part of VHDL. ["VHDL - The Designer Environment", A. Gilman, IEEE Design & Test 3, (Apr 1986)]. Shaffer Shaffer is a wholly owned subsidiary of National Oilwell Varco and is involved in the manufacturing and distribution of pressure control devices for the petroleum industry. Senior Vice-President vice president or vice-pres·i·dent n. Abbr. VP 1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death. 2. Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. 416/866-3187 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. 617-236-4266 or 80 |
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