PEER REVIEW ANALYSIS REPORTS SECOND QUARTER RESULTS
PEER REVIEW ANALYSIS REPORTS SECOND QUARTER RESULTS MALDEN, Mass., Aug. 6 /PRNewswire/ -- Peer Review Analysis, Inc.
(NASDAQ-NMS: PRAI), a leading provider of managed health care review services, today announced financial results for the second quarter ended June 30, 1992. Revenue for the quarter increased 15.4 percent to $2.48 million compared with $2.15 million for the same period prior year. A net loss of $44,000 or $0.016 per share was reported vs. net income of $39,000 or $0.025 per share in the second quarter of 1991.
For the six months ended June 30, 1992 revenue increased 16.9 percent to $4.84 million compared with $4.14 million for the same period prior year. A net loss of $65,000 or $0.024 per share was reported vs. net income of $194,000 or $0.125 per share in the first six months of 1991. Eric R. Spitzer, president and chief executive officer commented that the lower referral rate of medical care reviews by the company's largest client has had a significant impact upon both revenue and operating margins. Additionally, sales of Auto-PREP(tm) software have been slower than planned. Despite a lower than expected first half, revenue continues to increase. The company continues to add new clients. "PRA represents a medical model of health care utilization review which is well positioned to achieve our long-term business and financial objectives," said Spitzer. Founded in 1984, PRA provides a wide range of managed health care services designed to assure quality and appropriateness of medical treatment at the most reasonable cost based on its Physician-Intensive Cooperative Care Approach. PRA's services are a component of the health care programs of more than 8 million people nationwide. Its clients include major commercial health insurance companies, HMOs, third-party health care administrators and employer groups. PEER REVIEW ANALYSIS, INC. Financial Summary Three Months Ended June 30, 1992 1991 Revenues $2,478,880 $2,148,444 Income (loss) before income taxes and extraordinary item (43,794) 57,712 Provision for income taxes --- 43,000 Income (loss) before extraordinary item (43,794) 14,712 Extraordinary item - benefit of federal income tax loss carryforward --- 24,000 Net income (loss) $(43,794) $ 38,712 Earnings (loss) per common share: Income (loss) before extraordinary item ($0.016) $0.010 Extraordinary item --- 0.015 Net income (loss) ($0.016) $0.025 Weighted average number of common shares and equivalents outstanding 2,670,000 1,548,000 Six Months Ended June 30, 1992 1991 Revenues $4,835,009 $4,134,730 Income (loss) before income from income taxes and extraordinary item (64,663) 220,533 Provision for income taxes --- 92,000 Income (loss) before extraordinary item (64,663) 128,533 Extraordinary item - benefit of federal income tax loss carryforward --- 65,000 Net income (loss) $(64,663) $193,533 Earnings (loss)per common share: Income (loss) before extraordinary item ($0.024) $0.083 Extraordinary item --- 0.042 Net income (loss) ($0.024) $0.125 Weighted average number of common shares and equivalent outstanding 2,670,000 1,548,000 -0- 8/6/92 /CONTACT: Eric R. Spitzer, president and CEO of Peer Review Analysis, 617-322-6400/ (PRAI) CO: Peer Review Analysis ST: Massachusetts IN: CPR SU: ERN
PB -- NE009 -- 7794 08/06/92 17:48 EDT
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|Date:||Aug 6, 1992|
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