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COMPREHENSIVE CARE CORP. REPORTS FISCAL YEAR 1992 SECOND QUARTER RESULTS

 COMPREHENSIVE CARE CORP. REPORTS
 FISCAL YEAR 1992 SECOND QUARTER RESULTS
 ST. LOUIS, Jan. 13 /PRNewswire/ -- Comprehensive Care Corp. (NYSE: CMP) today reported its financial results for the second quarter of fiscal year 1992. The company had a net loss of $1,598,000, or $0.07 per common share, for the three-month period ended Nov. 30, 1991, compared to a net loss of $5,816,000, or $0.57 per common share, for the same period a year ago. Net earnings for the second quarter fiscal year 1992 included an extraordinary item of ($520,000) or ($0.02) per share, from the reduction in utilization of operating loss carryforwards.
 The company narrowed its operating loss for the fiscal year 1992 second quarter to $308,000 from a $2,612,000 operating loss for the same quarter last year. Operating revenues for the current second quarter were $12,875,000, compared to $20,524,000, due mainly to the exclusion in the current quarter of revenues from RehabCare, a formerly consolidated subsidiary. Excluding fiscal year 1991 RehabCare revenues, CompCare had an operating revenue increase of 20 percent, or about $2.1 million, compared to the same quarter last year.
 For the six-month period ended Nov. 30, 1991, CompCare had net earnigns of $13,041,000, or $.60 per common share, compared to a net loss of $13,304,000, or $1.31 per share, for the same period a year ago. Fiscal year 1992 first quarter results included a gain of $17,683,000 from the sale of stock in the company's former subsidiary, RehabCare. Net earnings in the 1992 first quarter also included an extraordinary item of $4,994,000, or $0.23 per share, from the utilization of operating loss carryforwards.
 Operating earnings for the current six-month period were $15,378,000, compared to a loss of $8,224,000 for the same period a year ago. Excluding RehabCare, operating revenues for the current six-month period increased by 20 percent, or $4.4 million, over the same period a year ago.
 CompCare's long-term debt including current maturities of long- term debt was $24,778,000 at the end of the second quarter fiscal 1992, down 15 percent, or $4,404,000, from the first quarter, and 68 percent, or $53,409,000, from the same quarter last year. Excluding RehabCare, operating, general and administrative expenses were reduced by $800,000 in the fiscal year 1992 second quarter, compared to the same quarter last year. Interest expense decreased by about $900,000, or 47 percent.
 James P. Carmany, president and chief executive officer, said, "Despite the difficult and uncertain economic climate, we believe that CompCare made progress in several areas, including the continued reduction of long-term debt, operating, general and administrative expenses and interest expense. We continue to implement our strategies designed to increase revenues and create new market opportunities for the company, both in chemical dependency and psychiatric program services."
 Comprehensive Care Corp. is a leading national provider of behavioral medicine programs.
 COMPREHENSIVE CARE CORP.
 Condensed Consolidated Statements of Operations
 (Dollars in thousands, except per share amounts)
 (Unaudited)
 Three months ended Six months ended
 Nov. 30, Nov. 30,
 1991 1990 1991 1990
 Operating revenues $12,875 $20,524 $30,649 $41,603
 Costs and expenses:
 Operating, general
 and administrative 12,545 21,698 30,481 45,445
 Depreciation and
 amortization 638 703 1,310 1,708
 Net gain on sale
 of assets --- --- (17,683) ---
 Other non-recurring
 expenses --- 735 1,163 2,674
 Total costs and
 expenses 13,183 23,136 15,271 49,827
 Operating earnings
 (loss) (308) (2,612) 15,378 (8,224)
 Equity in earnings
 (loss) of
 unconsolidated
 subsidiaries and
 joint ventures (236) (1,325) (230) (1,364)
 Interest expense, net
 of interest income (987) (1,879) (1,990) (3,716)
 Earnings (loss) before
 taxes on income (1,531) (5,816) 13,158 (13,304)
 Income tax provision (453) --- 4,591 ---
 Net earnings (loss)
 before extraordinary
 item (1,078) (5,816) 8,567 (13,304)
 Extraordinary item --
 utilization
 (reduction in
 utilization) of
 operating loss
 carryforwards (520) --- 4,474 ---
 Net earnings (loss) ($1,598) ($5,816) $13,041 ($13,304)
 Net earnings (loss)
 per common share:
 Earnings (loss)
 before extra-
 ordinary item ($0.05) ($0.57) $0.39 ($1.31)
 Extraordinary item ($0.02) --- 0.21 ---
 Net earnings (loss) ($0.07) ($0.57) $0.60 ($1.31)
 COMPREHENSIVE CARE CORP. AND SUBSIDIARIES
 Three months ended Nov. 30, 1991
 Supplemental Information
 Facility Inventory 11/30/91 8/31/91 11/30/90
 Psychiatric hospitals 2 2 2
 Chemical dependency treatment facilities 12 12 13
 Long-term care facility 1 1 1
 Behavioral medicine contracts 27 28 38
 Publications 1 1 1
 Total 43 44 55
 Three months ended 11/30/91 8/31/91 11/30/90
 Operations
 Patient days:
 Freestanding facilities 34,749 33,749 34,681
 Behavioral medicine contracts 24,602 27,329 39,235
 Freestanding facilities:
 Occupancy rate 33 pct 31 pct 29 pct
 Admissions 2,310 2,448 2,330
 Average length of stay (days) 15 14 15
 Behavioral medicine contracts:
 Average occupied beds per contract 10 11 11
 Admissions 2,024 2,308 3,025
 Average length of stay (days) 12 12 13
 Total beds available at end of period:
 Freestanding facilities 1,143 1,184 1,287
 Behavioral medicine contracts 640 668 908
 -0- 1/13/91
 /CONTACT: James P. Carmany, president and CEO of CompCare, 314-537-1288; or Phillip I. Myers of The Myers Co., 213-314-2797, for CompCare/
 (CMP) CO: Comprehensive Care Corp. ST: Missouri IN: MTC SU: ERN


CH-KJ -- LA018 -- 9138 01/13/92 13:58 EST
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