HEALTHCARE SERVICES GROUP, INC. REPORTS RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1995HUNTINGDON
Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a significant amount of legal and related costs in connection with these matters. Revenues for the six months ended June 30, 1995, were $73,011,000 compared to $64,518,000 for the same 1994 period representing over a 13% increase. Net income for the six months ended June 30, 1995, was $1,826,000 or $.22 per common share, compared to the 1994 six-month period net income of $3,273,000 or $.41 per common share. The effect of the Company's recording of a provision for estimated cost related to SEC inquiry and other matters reduced six-month net income by approximately $1,594,000 or $.20 per common share. On August 1, 1995, the Company issued 180,851 shares of its common stock representing its payment obligation under the 1993 settlement of the consolidated class action complaints filed against it in 1991 and 1992. Accordingly, the effect of issuing these shares is reflected in the per-share amounts reported for the three- and six-month periods ended June 30, 1995. The June 30, 1995, Balance Sheet also reflects the payment of the previously recorded Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Liability of $2,125,000 by increasing stockholders' equity in the same amount. The Company's Board of Directors has again authorized the purchase of its common stock. The shares will be purchased from time to time on the open market. Although the Company has not determined how many shares may be purchased, it is not expected that purchases in the aggregate would exceed 5% of the Company's outstanding shares of common stock. Healthcare Services Group, Inc. is the largest national provider of professional housekeeping A set of instructions that are executed at the beginning of a program. It sets all counters and flags to their starting values and generally readies the program for execution. and laundry Laundry can be:
Before industrialization services to long-term care facilities.
HEALTHCARE SERVICES GROUP, INC.
Statements of Income
(Unaudited)
For the Three Months Ended June 30
1995 1994
Revenues $36,625,000 $32,923,000
Operating costs operating costs npl → gastos mpl operacionales and expenses:
Cost of services provided 30,851,000 27,462,000
Selling, general and
administrative 3,327,000 2,765,000
Recovery of contingent losses on
promissory notes sold (50,000) (75,000)
Other income (expense): Provision for estimated cost related to SEC inquiry and
other matters (2,400,000) ---
Interest income 234,000 141,000
Income before income taxes 331,000 2,912,000
Income taxes 314,000 1,223,000
Net income $17,000 $1,689,000
Earnings per common share $.00 $.21
Weighted average number of
common shares outstanding 8,212,021 8,187,756
For the Six Months Ended June 30
1995 1994
Revenues $73,011,000 $64,518,000
Operating costs and expenses:
Cost of services provided 61,617,000 54,066,000
Selling, general and
administrative 6,254,000 5,157,000
Recovery of contingent losses on
promissory notes sold (200,000) (125,000)
Other income (expense): Provision for estimated cost related to SEC inquiry and
other matters (2,400,000) ---
Interest income 433,000 223,000
Income before income taxes 3,373,000 5,643,000
Income taxes 1,547,000 2,370,000
Net income $1,826,000 $3,273,000
Earnings per common share $.22 .41
Weighted average number of
common shares outstanding 8,261,678 8,169,432
Condensed Balance Sheets
June 30, Dec. 31,
1995 1994
Cash and cash equivalents $14,002,000 $11,230,000
Accounts receivable, net 33,111,000 32,773,000
Deferred income taxes 1,146,000 1,435,000
Other current assets 8,819,000 9,090,000
Property and equipment 6,308,000 5,943,000
Intangible assets 396,000 1,107,000
Cost in excess of fair value of
net assets acquired 2,312,000 2,367,000
Certificates of deposit pledged for
loan guarantees --- 1,500,000
Deferred income taxes 2,345,000 2,207,000
Other assets 8,836,000 8,163,000
Total $77,275,000 $75,815,000
Accrued insurance claims current $900,000 $1,357,000
Other current liabilities 4,538,228 7,025,000
Accrued insurance claims 3,387,000 2,884,000
Reserve for contingent losses on
promissory notes 100,000 300,000
Litigation settlement liability --- 2,125,000
Reserve for estimated cost related
to SEC inquiry and other matters 1,991,000 ---
Stockholders' equity 66,358,772 62,124,000
Total $77,275,000 $75,815,000
/delval/
-0- 8/4/95
/CONTACT: Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. P. McCartney, Chairman and Chief Executive Officer, or Thomas Cook, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , of Healthcare Services Group, 215-938-1661/ (HCSG) CO: Healthcare Services Group, Inc. ST: 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 IN: SU: ERN MK-MP -- PH001 -- 1761 08/04/95 08:20 EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT |
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