REHABCLINICS ANNOUNCES RECORD THIRD QUARTER RESULTS
REHABCLINICS ANNOUNCES RECORD THIRD QUARTER RESULTS VALLEY FORGE, Pa., Nov. 10 /PRNewswire/ -- RehabClinics, Inc.
(NASDAQ: RCII), announced record revenues, net income and earnings per share for the quarter ended Sept. 30, 1992. Revenues for the quarter increased dramatically to $11,308,000 compared to $2,304,000 for the third quarter 1991. Gross profit rose to $4,262,000 versus $633,000 for the third quarter 1991. Operating profit increased to $929,000 versus an operating loss of $160,000 in last year's third quarter. Net income for the third quarter improved to $441,000 compared with a loss of $213,000 for the like period a year ago. Earnings per share were $.06 compared to a loss of ($.06) in the third quarter 1991.
On a quarter-to-quarter basis, net revenue, gross profit and operating profit, improved 3.3 percent, 2.2 percent, and 6.0 percent, respectively, compared with the three months ended June 30, 1992. Net income of $441,000 in the quarter ended Sept. 30, 1992, improved significantly over the $26,000 gain in the second quarter 1992. "The pacing of the implementation of our business plan is on schedule and our financial results are slightly ahead of our internal budgets," stated Jim New, president. "The record financial results achieved in the third quarter reflect both strong internal growth and continued success of our acquisition program." RCI continued its selective acquisition program in the third quarter by acquiring 2 companies, Vanguard Industrial Rehabilitation Service, Inc. of Phoenix and Hawley Physical Therapy, Inc., with clinics in San Jose and Mountain Valley, Calif. RCI's strategy is to develop the most extensive network of private pay outpatient physical therapy clinics in selected markets through acquisitions and internal growth. This strategy is designed to capitalize upon the highly fragmented nature of outpatient physical therapy, and the limited professional management, marketing and sales, information systems and access to capital which typically characterize these practices. RCI has already established itself as one of the largest outpatient physical therapy companies in the country with 86 clinics in 11 states. Summary Financial Information (in thousands, except share data) Statement of Operations Data: Periods ended Three months Nine months Sept. 30 1992 1991 1992 1991 Net revenues $11,308 $2,304 $29,953 $3,580 Gross profit 4,262 633 11,153 989 Operating profit (loss) (A) 929 (160) 2,173 (47) Income (loss) before tax 751 (282) 587 (255) Net income (loss) 441 (213) 251 (202) Earns. (loss) per common share(B) $.06 $(.06) $.04 $(.07) No. of common shares outstanding 7,615 4,110 5,516 4,110 Balance Sheet Data Sept. 30, 1992 Cash and cash equivalents $15,321 Other current assets 8,753 Total current assets 24,074 Fixed assets and other 29,435 Total assets 53,509 Current liabilities 7,214 Long-term liabilities 6,375 Total liabilities 13,589 Stockholders equity 39,920 Total liabilities and equity 53,509 (A) Before interest expense, interest income, and amortization of goodwill. (B) After preferred dividends. -0- 11/10/92 /CONTACT: James C. New, president, or Alan N. Vinick, senior vice president, of RehabClinics, 215-631-1873, or Susan Noonan of Noonan/Russo Communications, 212-979-9180, for RehabClinics/ (RCII) CO: RehabClinics, Inc. ST: Pennsylvania IN: HEA SU: ERN
KD -- NY009 -- 9087 11/10/92 08:32 EST
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|Date:||Nov 10, 1992|
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