Printer Friendly

PHP HEALTHCARE ACHIEVES RECORD REVENUES AND EARNINGS PER SHARE

 PHP HEALTHCARE ACHIEVES RECORD REVENUES AND EARNINGS PER SHARE
 ALEXANDRIA, Va., Aug. 24 /PRNewswire/ -- PHP Healthcare Corporation (NYSE: PPH) achieved record revenues of $31.8 million generating net earnings of $1.4 million for the quarter ended July 31, 1992. When compared to the same quarter of the prior year, revenues increased 18 percent while net earnings increased 32 percent. This growth in revenues and net earnings was due to the commencement of new projects and growth in existing projects during fiscal 1992.
 Net earnings per share achieved a record high of 28 cents per share for the quarter, an increase of 12 percent when compared to 25 cents per share for the same quarter of the prior year. In July 1991, the company completed the public sale of 1,035,000 shares of its common stock and in April and June of 1992 reacquired 300,000 shares.
 "As we had anticipated, our earnings rebounded from our most recent quarter to the levels achieved for the first three quarters of our 1992 fiscal year," commented Charles H. Robbins, chairman.
 PHP Healthcare is a diversified managed care company that specializes in building cost-effective health delivery partnerships with government at the local, state and federal levels and the private sector.
 PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Statements of Earnings
 Three months ended July 31, 1992 and 1991
 (In thousands, except per share date)
 1992 1991
 Revenues $31,828 $27,044
 Direct Costs 26,974 22,970
 Gross Profit 4,854 4,074
 General & administrative
 expenses 2,390 2,149
 Operating Income 2,464 1,925
 Other income (expenses):
 Interest expense (212) (219)
 Interest income 14 39
 Miscellaneous income (expense) 16 (3)
 Earnings before income taxes
 and minority interest 2,282 1,742
 Income taxes 891 679
 Earnings before minority
 interest 1,391 1,063
 Minority interest 16 --
 Net earnings $ 1,407 $ 1,063
 Net earnings per share $ 0.28 $ 0.25
 Weighted average number of
 shares outstanding 5,055 4,334
 Condensed Consolidated Balance Sheets
 July 31, 1992, and April 30, 1992
 (In thousands except share data)
 July 31, April 30,
 1992 1992
 Assets
 Current assets:
 Cash and cash equivalents $ 1,110 $ 4,060
 Accounts receivable, net 20,620 19,759
 Income tax receivable -- 601
 Prepaid expenses 2,195 1,412
 Pharmaceutical and medical supplies 1,004 1,037
 Other current assets 2,133 1,366
 Total current assets 27,062 28,235
 Property and equipment, net 17,206 15,052
 Excess of cost over fair value of
 assets acquired, net of accumulated
 amortization of $701 in July and
 $623 in April 11,229 11,303
 Other assets 1,274 1,152
 Total Assets $56,771 $55,742
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Current maturities of notes payable
 to bank $ 1,199 $ 1,390
 Current maturities of notes
 payable - other 1,136 1,136
 Accounts payable 3,943 4,345
 Accrued salaries and benefits 3,739 4,598
 Billings in excess of costs 101 1,338
 Income tax payable 289 --
 Total current liabilities 10,407 12,807
 Billings in excess of costs,
 net of current portion 140 170
 Notes payable to bank, net of
 current maturities 8,198 2,901
 Notes payable - other, net of
 current maturities 4,513 4,513
 Deferred lease obligation 212 226
 Deferred income taxes 159 159
 Total 23,629 20,776
 Minority interest 2,324 2,340
 Stockholders' equity:
 Preferred stock, $0.01 par value,
 500,000 shares authorized, none
 issued -- --
 Common stock, $0.01 par value,
 10 million shares authorized,
 7,063,277 shares issued 71 71
 Additional paid-in capital 27,295 27,289
 Retained earnings 11,975 10,568
 Treasury stock, 2,113,066 common
 shares in July and 1,913,066 common
 shares in April, at cost (8,523) (5,302)
 Total 30,818 32,626
 Commitments and contingencies
 Total Liabilities and
 Stockholders' Equity $56,771 $55,742
 -0- 8/24/92
 /CONTACT: Charles H. Robbins, president and chairman, or Anthony M. Picini, vice president, finance, PHP Healthcare Corporation, 703-998-7808/
 (PPH) CO: PHP Healthcare Corporation ST: Virginia IN: HEA SU: ERN


MH -- DC003 -- 2513 08/24/92 10:32 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 24, 1992
Words:688
Previous Article:PHP HEALTHCARE ACHIEVES RECORD REVENUES AND EARNINGS PER SHARE
Next Article:PEP BOYS' SECOND QUARTER EARNINGS INCREASE 47 PERCENT
Topics:


Related Articles
PHP HEALTHCARE INCREASES EARNINGS 59 PERCENT ON RECORD QUARTERLY REVENUES
PHP HEALTHCARE ACHIEVES RECORD REVENUES AND EARNINGS IN 1992
PHP HEALTHCARE ACHIEVES RECORD REVENUES AND EARNINGS PER SHARE
PHP HEALTHCARE ANNOUNCES FIRST QUARTER LOSS AS PART OF TRANSITION TO PRIVATE SECTOR
PHP HEALTHCARE ANNOUNCES RETURN TO PROFITABILITY DURING SECOND QUARTER
PHP HEALTHCARE REPORTS SECOND QUARTER PROFIT
PHP HEALTHCARE ANNOUNCES TEN-FOLD INCREASE IN FIRST QUARTER EARNINGS
PHP HEALTHCARE ANNOUNCES EIGHT-FOLD INCREASE IN SECOND QUARTER EARNINGS
PHP HEALTHCARE ANNOUNCES INCREASE IN THIRD QUARTER EARNINGS
PHP Healthcare More Than Doubles First Quarter Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters