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COMPREHENSIVE CARE CORP. REPORTS SECOND QUARTER RESULTS

 ST. LOUIS, Jan. 18 /PRNewswire/ -- Comprehensive Care Corp. (NYSE: CMP) today reported earnings for the second quarter of fiscal 1993 of $8,932,000, or $0.41 per common share, compared to a net loss of $1,598,000, or $0.07 per common share, for the same period a year ago.
 Richard W. Wolfe, president and chief executive officer, said, "During the second quarter, the company continued to reduce corporate general and administrative expenses which were $1,291,000, compared to $2,270,000 for the comparable period a year ago. In addition, the company sold its entire 48 percent interest in its former subsidiary RehabCare Corp. for $18,825,000. Proceeds from this sale were used to reduce the company's senior secured debt to $2,894,000. As a result of the reduction in debt, interest expense declined by $618,000, or 55 percent, from the same quarter last year. Although we expect earnings to be under pressure during the third quarter as the company continues to absorb start-up costs associated with the conversion of its facilities to provide psychiatric services, and we experience the seasonal downturn typical for the industry, we believe that the reduced debt and the addition of our managed care company AccessCare should improve earnings in future quarters."
 Comprehensive Care Corp. is a national leader in providing a full range of cost-effective behavioral medicine services, including managed care, which are all available from one source.
 COMPREHENSIVE CARE CORP.
 Supplemental Information
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Three months ended Six months ended
 Nov. 30, Nov. 30,
 1992 1991 1992 1991
 Revenues and gains:
 Operating revenues $14,458 $12,875 $30,691 $30,649
 Gain on sale of
 RehabCare Stock 13,114 --- 13,114 17,683
 Interest income 25 135 41 260
 Equity in earnings
 of unconsolidated
 affiliates --- (236) 384 (230)
 Other 584 --- 960 ---
 Total revenues and
 gains 28,181 12,774 45,190 48,362
 Costs and expenses:
 Operating expenses 14,313 10,031 27,405 23,201
 General and admini-
 strative expenses 1,291 2,270 1,785 5,507
 Provision for
 doubtful accounts 2,364 244 4,131 1,773
 Depreciation and
 amortization 717 638 1,464 1,310
 Interest expense 504 1,122 1,168 2,250
 Loss on write-down
 of assets --- --- 2,940 ---
 Other restructuring/
 non-recurring
 expenses --- --- 6,682 1,163
 Total costs
 and expenses 19,189 14,305 45,575 35,204
 Earnings (loss)
 before income taxes 8,992 (1,531) (385) 13,158
 Provision for
 income taxes 60 (453) 120 4,591
 Earnings (loss)
 before extraordinary
 item 8,932 (1,078) (505) 8,567
 Extraordinary item -
 utilization
 (reduction in
 utilization) of net
 operating loss
 carryforwards --- (520) --- 4,474
 Net earnings (loss) $8,932 ($1,598) ($505) $13,041
 Earnings per
 common and common
 equivalent share:
 Earnings (loss) before
 extraordinary item $0.41 ($0.05) ($0.02) $0.39
 Extraordinary item -
 utilization
 (reduction in
 utilization) of net
 operating loss
 carryforwards --- (0.02) --- 0.21
 Net earnings (loss) $0.41 ($0.07) ($0.02) $0.60
 COMPREHENSIVE CARE CORP.
 For the Three Months Ended Nov. 30, 1992
 Supplemental Information
 Three months ended
 Nov. 30, Aug. 31, Nov. 30,
 1992 1992 1991
 Facility Inventory
 Psychiatric/chemical
 dependency treatment
 facilities 11 12 14
 Long-term care facility 0 0 1
 Behavioral medicine contracts 17 19 27
 Publications 1 1 1
 Total 29 32 43
 Three months ended
 Nov. 30, Aug. 31, Nov. 30,
 1992 1992 1991
 Operations
 Patient days:
 Freestanding facilities 24,364 26,157 34,749
 Behavioral medicine
 contracts 14,189 15,180 24,602
 Freestanding facilities:
 Occupancy rate 30 pct. 34 pct. 33 pct.
 Admissions 1,971 2,097 2,310
 Average length of stay (days) 12 13 15
 Behavioral medicine contracts:
 Average occupied beds per
 contract 9 9 10
 Admissions 1,378 1,417 2,024
 Average length of stay (days) 10 11 12
 Total beds available at end
 of period:
 Freestanding facilities 899 827 1,143
 Behavioral medicine contracts 376 435 640
 -0- 1/18/93
 /CONTACT: Fred C. Follmer, CFO, or Denn Dickey, VP-finance, of Comprehensive Care, 314-537-1288/
 (CMP)


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

EH-JL -- LA013 -- 5935 01/18/93 14:21 EST
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Date:Jan 18, 1993
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