CBL MEDICAL ANNOUNCES EARNINGS
CBL MEDICAL ANNOUNCES EARNINGS LOS ANGELES, Oct. 19 /PRNewswire/ -- CBL Medical Inc.
(NASDAQ: CBLM, Warrants: CBLMW) announced today that CBL's revenues and earnings for the third quarter of 1992 again reached record levels.
Net income for the third quarter of 1992 increased 56 percent to $550,364, compared to $353,594 for the same quarter of 1991. On a per share basis, earnings increased to $.16 per share, primary, and $.13 per share, fully diluted. This represents a 33 percent increase in primary earnings per share and an 18 percent increase in fully diluted earnings per share when compared to third quarter of 1991 earnings per share of $.12, primary, and $.11, fully diluted. For the nine months ended Sept. 30, 1992, net income was up 72 percent to $1,530,111, compared to $888,824 in the comparable nine-month period last year. On a primary basis, earnings per share for the nine months increased to $.42, compared to $.34 in the same period last year -- a 24 percent increase. On a fully diluted basis, earnings per share for the nine months increased to $.37 per share, compared to $.29 per share in the comparable period last year -- a 28 percent increase. Revenues for the third quarter of 1992 were $4,893,714, up 42 percent, compared to $3,449,795, for the same quarter last year. For the nine months ended Sept. 30, 1992, revenues were $13,900,905, an increase of 43 percent from $9,752,037, for the comparable period last year. Robert B. Mishkin, chairman of the board and chief executive officer, stated, "Our operating results for the third quarter and the nine months show continuing and dramatic increases in revenues and earnings. Further, after-tax margins increased from 9 percent in the first nine months of 1991 to 11 percent in the same period of 1992. This demonstrates our ability to increase revenue without a proportionate increase in costs. "Contributing to our outstanding performance has been the addition of two new medical centers in late 1991 and early 1992 and increasing revenues at each of our other centers. "We continue to be confident our operations will continue on course, and we will be able to report record revenues and earnings for 1992." CBL MEDICAL INC. Condensed Statements of Income Three months ended Sept. 30, 1992 1991 Revenues $4,893,714 $3,449,795(a) Net income 550,364 353,594 Net income per share: Primary $.16 $.12 Fully diluted $.13 $.11 Weighted average number of shares: Primary 3,530,160 3,038,023 Fully diluted 4,767,287 3,970,780 Nine months ended Sept. 30, 1992 1991 Revenues $13,900,905 $9,752,037(a) Net income 1,530,111 888,824 Net income per share: Primary $.42 $.34 Fully diluted $.37 $.29 Weighted average number of shares: Primary 3,618,820 2,842,501 Fully diluted 4,655,177 3,615,181 (a) Operating revenues previously reported are not comparable, and the amounts shown represent combined revenues. CBL manages 10 medical centers, four work simulation centers and one center for vocational rehabilitation services. -0- 10/19/92 /CONTACT: Daryl L. Salrin of CBL Medical, 310-788-5845/ (CBLM) CO: CBL Medical Inc. ST: California IN: MTC SU: ERN
KJ-LS -- LA007 -- 1389 10/19/92 09:07 EDT
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|Date:||Oct 19, 1992|
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