CRITICAL CARE AMERICA REPORTS SALES AND EARNINGS
CRITICAL CARE AMERICA REPORTS SALES AND EARNINGS NASHUA, N.H., April 23 /PRNewswire/ -- Critical Care America, Inc.
(NYSE: CRA) today reported sales and earnings for the first quarter ended March 31, 1992. Revenues for the quarter were $65.5 million, an increase of 31 percent over the $49.9 million recorded for the same period in 1991. Net income for the quarter was $7.3 million or 33 cents per share, an increase of 55 percent and 38 percent respectively over the first quarter of 1991 excluding the effect of merger and restructuring expenses relating to the Company's February 1991 merger with CarePlus.
"Our first quarter results reflect a continuation of the strategic momentum built in 1991", said Patrick S. Smith, Chairman and Chief Executive Officer. "Strong revenue growth, in excess of 30 percent at our existing service centers and improved operating margins result from the continued introduction of new services and the successful implementation of our 1991 expansion strategy. We have realized these successes by continuing the focus on high quality patient service, as our founding principle. "The first quarter of 1992 marks the beginning of the next phase of our long-term strategic objective to expand our health care delivery system to alternative sites. We were able to expand our management team to take advantage of the opportunities in the ambulatory outpatient surgery business without sacrificing our short term financial objectives. "Our continued innovation, strategic focus and strong financial position will result in similar successes in 1992", said Smith. Prior period results have been restated to reflect 1991 mergers accounted for as pooling-of-interests. Critical Care America's executive offices are located at 20 Trafalgar Square, Nashua, NH 03060. The Company's Infusion Services Division, headquartered in Westborough, Mass., provides infusion therapies to patients in their homes across the United States. Infusion therapies involve the administration of nutrients, antibiotics and other drugs and fluids intravenously or through a feeding tube. The infusion therapies provided by the Company include home parenteral nutrition therapy, home antibiotic therapy, home enteral nutrition therapy, chemotherapy, pain management therapy, hydration therapy and congestive heart failure therapy. The shares of the Company's common stock are traded on the New York Stock Exchange under the symbol CRA. CRITICAL CARE AMERICA, INC. Concsolidated Statement of Operations Three Months Ended March 31, 1992 AND 1991 (In Thousands, Except Per Share Data) March 31, 1992 1991 Revenues $65,485 $49,893 Cost of revenues 35,345 27,016 Gross profit 30,140 22,877 Gross margin 46.0 pct. 45.9 pct. Selling, general and administrative expenses 13,613 11,006 Provision for doubtful accounts 5,225 4,047 Restructuring charge - 14,800 Operating income (loss) 11,302 (6,976) Interest income, net 699 93 Other income (expense) 20 (62) Income (loss) before income taxes 12,021 (6,945) Provision for (benefit from) income taxes 4,724 (1,002) Net income (loss) $7,297 $(5,943) Income (loss) per share: Primary and Fully diluted 33 cents (30 cents) Average shares outstanding: Primary 22,381 19,584 Fully diluted 22,381 19,842 Prior period results have been restated to reflect 1991 mergers accounted for as pooling-of-interests. CRITICAL CARE AMERICA, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) MARCH 31, DECEMBER 31, 1992 1991 ASSETS Cash and temporary investments $ 89,349 $ 90,985 Trade accounts receivable, net 74,336 74,735 Other current assets 18,285 16,990 Total current assets 181,970 182,710 Property, plant & equipment, net 18,903 14,479 Cost in excess of net assets acquired, net 39,721 35,172 Other assets, net 10,087 6,849 Total assets $250,681 $239,210 LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities $ 33,944 $ 34,017 Other liabilities 4,479 3,346 Stockholders' equity 212,258 201,847 Total liabilities & stockholders' equity $250,681 $239,210 -0- 4/23/92 /CONTACT: Patrick Smith or Bob L. Wood of Critical Care America,
(CRA) CO: Critical Care America, Inc. ST: New Hampshire IN: HEA SU: ERN
TM -- NE017 -- 1938 04/23/92 13:24 EDT
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|Date:||Apr 23, 1992|
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