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COMPREHENSIVE CARE CORP. REPORTS FIRST QUARTER RESULTS

 ST. LOUIS, Oct. 19 /PRNewswire/ -- Comprehensive Care Corp. (NYSE: CMP) today reported a loss for the first quarter of fiscal 1994 of $1,341,000 or $0.06 per common share compared to a net loss of $9,437,000 or $0.43 per common share for the same period a year ago.
 Richard C. Peters, president and chief executive officer said, "During the first quarter, the company continued to reduce overall operating losses. In addition, the company reported a pretax loss of approximately $1.3 million for the first quarter of fiscal 1994, an improvement of approximately $8.1 million from the pretax loss of approximately $9.4 million reported for the first quarter of fiscal 1993. Included in the loss reported for the first quarter of fiscal 1994 is a revaluation of a compensation accrual of $345,000 in non- recurring expenses. Included in the loss reported for the first quarter of fiscal 1993 is a charge of approximately $6.7 million, attributable to restructuring the organization toward a decentralized mode of operation and repositioning the company within the health care industry, and an additional charge of approximately $2.9 million to write down the carrying value of certain closed facilities and fixed assets to their estimated realizable value.
 Operating revenues declined by approximately $7.5 million from the first quarter of fiscal 1993, primarily as a result of the closure of four freestanding facilities and the sale of a fifth during the fourth quarter of fiscal 1993.
 Operating expenses declined by approximately $5.5 million from the first quarter of fiscal 1993 to the first quarter of fiscal 1994. The reduction of operating expenses is attributable to the closure of four freestanding facilities and the sale of a fifth during the fourth quarter of fiscal 1993. General and administrative expenses increased by approximately $0.7 million from the first quarter of fiscal 1993. The first quarter of 1993 reflects approximately $0.8 million as a result of the revaluation of provisions for general and administrative expenses.
 Interest expense decreased by approximately $0.3 million from the first quarter of fiscal 1994 as a result of the repayment of debt with the proceeds from the sale of assets.
 Comprehensive Care Corp. has recently announced that it will be providing managed behavioral healthcare services to Aetna's 16,000 HMO members in central Florida, effective Jan. 1, 1994. This demonstrates Comprehensive Care Corp.'s continuing transition from an exclusive inpatient provider of substance abuse services to a full integrated behavioral healthcare company.
 Comprehensive Care Corp. is a one source national leader in providing a full range of cost-effective behavioral medicine services, including managed care.
 COMPREHENSIVE CARE CORP.
 For the Three Months Ended Aug. 31, 1993
 Supplemental Information
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Three Months Ended
 8/31/93 8/31/92
 Revenues and gains:
 Operating revenues $8,713 $16,233
 Interest income 5 16
 Equity in earnings of
 unconsolidated affiliates --- 384
 Other --- 376
 Total 8,718 17,009
 Costs and expenses:
 Operating expenses 7,609 13,092
 General and administrative expenses 1,197 494
 Provision for doubtful accounts 711 1,767
 Depreciation and amortization 503 747
 Loss on write-down of assets --- 2,940
 Interest expense 339 664
 Other restructuring/non-recurring
 expenses (345) 6,682
 Total 10,014 26,386
 Loss before income taxes (1,296) (9,377)
 Provision for income taxes 45 60
 Net loss ($1,341) ($9,437)
 Loss per share:
 Net loss ($0.06) ($0.43)
 COMPREHENSIVE CARE CORP.
 For the Three Months Ended Aug. 31, 1993
 Supplemental Information
 Three Months Ended
 8/31/93 5/31/93 8/31/92
 Facility Inventory
 Psychiatric/chemical
 dependency treatment
 facilities 6 6 12
 Behavioral medicine
 contracts 16 17 19
 Publications 1 1 1
 Total 23 24 32
 Three Months Ended
 8/31/93 5/31/93 8/31/92
 Patient days:
 Freestanding facilities 9,587 11,256 26,157
 Behavioral medicine
 contracts 10,050 10,475 15,180
 Freestanding facilities:
 Occupancy rate 30 pct 23 pct 34 pct
 Admissions 954 1,110 2,096
 Average length of
 stay (days) 10 13 13
 Behavioral medicine
 contracts:
 Average occupied beds
 per contract 7 7 9
 Admissions 1,132 1,089 1,417
 Average length of
 stay (days) 9 10 11
 Total beds available
 at end of period:
 Freestanding facilities 347 385 827
 Behavioral medicine
 contracts 309 306 435
 -0- 10/19/93
 /CONTACT: Fred C. Follmer, CFO, or Kerri Ruppert, chief accounting officer, 314-537-1288/
 (CMP)


CO: Comprehensive Care Corp. ST: Missouri IN: HEA SU: ERN

MF-EH -- LA025 -- 4011 10/19/93 13:17 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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