CLINICAL HOMECARE ANNOUNCES 1991 RESULTS
CLINICAL HOMECARE ANNOUNCES 1991 RESULTS FAIRFIELD, N.J., March 12 /PRNewswire/ -- Clinical Homecare, Ltd.
(NASDAQ: CLHC), today reported increased revenues and earnings for the fourth quarter and the year ended Dec. 31, 1991.
Revenues for the fourth quarter were $5,442,000, up 24 percent over the same quarter in 1990. Net earnings for the fourth quarter were $513,000 including operating earnings and two principal adjustments related to a favorable contract settlement and an interest expense in connection with the company's repayment of certain debt. The loss of $5,000 in the fourth quarter 1990 resulted principally from losses on the sale of the dialysis business. Revenues for the year ended Dec. 31, 1991, were $21,519,000 vs. $13,806,000 for 1990, an increase of 56 percent. Net income in 1991 was $779,000 compared to a net income of $647,000 for 1990 (after a loss in that year for disposal of unprofitable operations). The net profit gain of 20 percent in 1991 did not keep pace with the gain in revenues due to the expenses associated with: 1) addition of a new level of management needed to supervise growth into a multi-branch, national company; 2) the legal and accounting expenses incurred in the completion of a public offering relative to the company's outstanding warrants, private placement and redemption of debt; and 3) increased interest cost in particular relating to the redemption of debt during 1991. All of the company's branches showed significant sales increases on a year-to-year basis. The major reasons for the large gain in revenues were a new branch in San Francisco, the company's new partnership venture in Boston, and a major new referral source which began in February 1991. Clinical Homecare is among the top 25 companies in the home infusion industry, which includes thousands of providers. The company delivers intravenous therapy to patients in their homes or other out-patient settings. CLINICAL HOMECARE, LTD. Consolidated Balance Sheets ($000) (Unaudited) 12/31/91 12/31/90 ASSETS Cash and cash equivalents $ 1,250 $ 211 Trade accounts receivable, net 9,203 6,043 Other current assets 1,233 2,023 Total current assets 11,687 8,277 Net other assets 3,488 3,140 Total $15,175 $11,417 LIABILITIES AND COMMON AND OTHER STOCKHOLDERS' EQUITY Total current liabilities $ 5,585 $ 5,838 Other liabilities 936 1,447 Redeemable preferred stock 3,743 -- Common and other stockholders' equity 4,912 4,132 Total $15,175 $11,417 CLINICAL HOMECARE, LTD. Consolidated Statements of Income ($000 except per share amounts) Periods ended Fourth Quarter Year Dec. 31 1991 1990 1991 1990 Revenues $5,442 $4,372 $21,519 $13,806 Operating income 1,011 518 1,435 1,444 Income from continuing opers. 513 249 779 901 Loss from discontinued opers. -- (254) -- (254) Net income (loss) $ 513 $ (5) $ 779 $ 647 Net income per share $.06 -- $.09 $.09 -0- 3/12/92 /CONTACT: Edgar Udine, president of Clinical Homecare, 201-227-0222/ (CLHC) CO: Clinical Homecare, Ltd. ST: New Jersey IN: HEA SU: ERN
GK-KW -- NY053 -- 4867 03/12/92 14:23 EST
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|Date:||Mar 12, 1992|
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