Printer Friendly

CARETENDERS HEALTHCORP ANNOUNCES EARNINGS

 LOUISVILLE, Ky., May 28 /PRNewswire/ -- Caretenders Healthcorp (NASDAQ: CTND) today reported net income from continuing operations of $611,000 ($.05) per share on revenue of $36,527,000 for Fiscal Year 1993, ending March 31, 1993. The company also announced it has taken a charge against earnings of $1,338,000 for the discontinued operations of its utilization review, adaptive van, and direct mail businesses. After the charges, Caretenders reported a net loss of $727,000 ($.06 per share).
 William Yarmuth, chairman and chief executive officer of Caretenders, said the directors and management of the company feel strongly that the near and long term prospects of home and community-based services, including adult day care and home health care, are so favorable that stockholder value will be most enhanced by the move, which will be followed by an expansion of the adult day care center business.
 "If you look at the results from continuing operations, we achieved a 27 percent increase in revenues and a $3,000,000 turnaround in profits," Yarmuth said. "And when you consider that those profits were held down by start-ups in both adult day care and home health, it is clear that the growth and profitability of these businesses requires us to concentrate on them. This step creates a company we believe is focused, streamlined, and ready to take advantage of the inevitable growth in our business lines."
 Yarmuth said the decision to dispose of the three non-core businesses will make it possible for the company to concentrate totally on its adult day care and home health care businesses, which are featured prominently in the preliminary health care reform package being developed by the Clinton administration. "Everything coming from the White House indicates they will strongly emphasize home and community-based services, which bodes well for the business we are focusing on," he said.
 Yarmuth pointed to the strong performance of the company's adult day care operation, which had record sales of $5,079,000 up 61 percent over the previous year. The company's home health care business also performed well, with revenue growth of 23 percent over FY 92.
 Caretenders provides adult day care and comprehensive home health care services in Kentucky, Maryland, Alabama, Massachusetts, Connecticut, Indiana and Virginia. Caretenders Healthcorp has been selected as the first company permitted to operate for-profit adult day health care centers in California and will open its first centers there this summer.
 1992 1993 Increase(Decrease)
 Amount Amount Amount Percent
 Net Revenues
 Comprehensive Home
 Health 25,639,904 31,448,171 5,808,267 22.65
 Adult Day Care 3,147,768 5,079,309 1,931,541 61.36
 28,787,672 36,527,480 7,739,808 26.89
 Operating Income
 (Loss) (1,540,480) 1,064,875 2,605,355
 Income from Continuing
 Operations (2,419,145) 611,254 3,030,399
 Discontinued
 Operations
 Income (Loss) 1,958,143 (1,339,244)
 Net Income (Loss) (461,002) (727,990)
 Weighted Primary
 Shares 11,641,961 11,769,275
 Earnings per share
 Continuing
 Operations (0.21) 0.05
 Discontinued
 Operations 0.17 (0.11)
 Net Income (Loss) (0.04) (0.06)
 -0- 5/28/93
 /CONTACT: Steve Guenthner or William Yarmuth, Caretenders Healthcorp, 502-425-4707/
 (CTND)


CO: Caretenders Healthcorp ST: Kentucky IN: HEA SU: ERN

CM-MM -- CH002 -- 3332 05/28/93 10:26 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 28, 1993
Words:555
Previous Article:RJR NABISCO NAMES WILSON CHIEF FINANCIAL OFFICER
Next Article:PIEDMONT REPORTS SECOND QUARTER RESULTS
Topics:


Related Articles
CARETENDERS' FIRST QUARTER REVENUE UP 38 PERCENT
CARETENDERS TURNS IN RECORD QUARTER IN EARNINGS, REVENUES
CARETENDERS' INCOME UP 149% FOR FIRST HALF
CARETENDERS' INCOME UP 88% FOR NINE MONTHS
CARETENDERS OPERATING EPS UP 42 PERCENT
CARETENDERS' CREDIT FACILITY EXPANDED, INTEREST RATE LOWERED
CARETENDERS HEALTHCORP NET INCOME FROM OPERATIONS UP 68% FOR THE QUARTER, 57% YEAR TO DATE
Caretenders Reports Earnings For Six Months Ended September 1996
Caretenders Reports 62% Fourth Quarter Earnings Increase
Caretenders Reports 3rd Quarter Earnings Up 27%

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters