CBL MEDICAL REPORTS SECOND QUARTER RESULTS
CBL MEDICAL REPORTS SECOND QUARTER RESULTS LOS ANGELES, July 23 /PRNewswire/ -- CBL Medical, Inc.
(NASDAQ: CBLM; warrants: CBLMW) announced today that CBL's revenues and earnings for the second quarter 1992 were at an all-time high for any quarter.
Revenues for the second quarter of 1992 were up 36 percent to $4,602,000 compared to combined revenue of $3,378,778 for the same period of 1991. Net income for the quarter increased 71 percent to $518,870 or $.15 per share, primary and $.13 per share, fully diluted; in the comparable quarter last year, net income was $303,413 or $.12 per share on a primary basis and $.10, fully diluted. Revenues for the six months ended June 30, 1992, were $9,007,191, compared to combined revenue of $6,302,242 for the same period last year, an increase of 43 percent. Net income for six months increased 83 percent to $979,747 compared to $535,230 for the same period of 1991. On a per-share basis, earnings for the six months ended June 30, 1992, were $.27 per share, primary and $.24 per share, fully diluted; and for the six months ended June 30, 1991, were $.23 on a primary basis and $.20, fully diluted. Robert B. Mishkin, chairman and CEO, stated, "We are very pleased with the second quarter results. Revenues and net income for the three months ended June 30 and for the six months ended June 30 dramatically increased over the comparable periods last year. Additionally, these results confirm that we are able to increase revenue without a commensurate increase in costs. The six-month results are tracking with our projections. If operations remain on course, we will again report record revenues and earnings for the third and fourth quarters of 1992. We have been operating under the new management agreement with the Physician Groups for six months and we are very satisfied with the provisions of the contract. Also during the second quarter of 1992 the Physician Groups were again able to pay a portion of the management fee which had been reserved for in 1991. "By June 30, 1992, each of our four Work Simulation Centers reached a break-even point. With the service contracts established with major employers, state agencies and many small- to medium-sized employers, we are very excited about the prospects of increasing revenue during the second half of the year. Our fifth center is scheduled to open during the third quarter 1992." CBL MEDICAL, INC. Statements of Income Periods ended Three Months Six Months June 30 1992 1991 1992 1991 Revenues $4,602,000 $3,378,778(A) $9,007,191 $6,302,242(A) Net income 518,870 303,413 979,747 535,230 Net inc. per share: Primary $.15 $.12 $.27 $.23 Fully diluted .13 .10 .24 .20 Wtd. avg. no. of shares: Primary 3,539,956 2,628,025 3,602,576 2,353,851 Fully diluted 4,626,638 3,327,456 4,566,949 3,008,010 (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- 7/23/92 /CONTACT: Daryl L. Salrin of CBL Medical, 310-788-5845/ (CBLM) CO: CBL Medical, Inc. ST: California IN: HEA SU: ERN
CK-TD -- NY008 -- 2360 07/23/92 10:01 EDT
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|Date:||Jul 23, 1992|
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