Printer Friendly

CURAFLEX REPORTS FIRST QUARTER 1993 RESULTS

 ONTARIO, Calif., May 4 /PRNewswire/ -- Curaflex Health Services, Inc. (NASDAQ: CFLX) today announced results for the first quarter ended March 31, 1993.
 Net revenue for the first quarter rose 16 percent to $21.0 million, versus $18.2 million in the first quarter of 1992. Net income on a fully taxed basis for the quarter, before giving effect to non-recurring charges, was $982,000 or $0.08 per share, compared with $911,900 or $0.10 per share reported in the same period of 1992.
 The average number of shares outstanding for the first quarter ended March 31, 1993, increased 31 percent compared to the same period in 1992, as a result of the company's initial public offering of common stock in March 1992, as well as its merger with Clinical Homecare, in a pooling of interests transaction, in March 1993.
 As previously announced, Curaflex recognized $4.4 million in non- recurring charges in the first quarter of 1993 relating to the costs associated with the company's acquisition of Clinical Homecare, Ltd.
 Charles A. Laverty, chairman, president and chief executive officer of Curaflex, stated: "We are pleased with the revenue and earnings growth experienced in the first quarter, which exceeded analyst estimates and was primarily due to increased service volume at Curaflex regional centers.
 "Since our merger with Clinical Homecare, we have consolidated four of Clinical's pharmacy operations into larger regional centers. With our revenue base increased by more than 40 percent, the company now operates through 29 regional pharmacy centers, equal to the total number of centers operated by Curaflex at the end of 1992. This has provided the company with critical mass and significant economies of scale, which are expected to yield improved operating margins and earnings performance throughout 1993," Mr. Laverty concluded.
 At March 31, 1993, Curaflex reported that its balance sheet included working capital of $36.6 million. The company's book value per share was $4.91, and long-term debt was $9.4 million compared to shareholders' equity of $65.2 million.
 Curaflex Health Services, Inc. is a national provider of comprehensive infusion therapy and related services to patients in the home and alternative site environments. Its home infusion therapy operations include regional centers and satellite facilities strategically located in major U.S. markets. The company also provides infusion therapy as part of a broader program of clinical care, at disease-specific outpatient centers focusing on treatment of complex long-term diseases.
 CURAFLEX HEALTH SERVICES, INC.
 CONSOLIDATED INCOME STATEMENT(A)
 (In thousands, except per share amounts)
 First Quarter Ended
 3/31/93(B) 3/31/92(C)
 Net Revenue $21,035.4 $18,216.1
 Cost of Revenue 11,195.5 8,041.5
 Gross Margin 9,839.9 10,174.6
 Selling, general and
 administrative expense 7,021.3 7,200.7
 Provision for est. uncollectable
 accounts receivable 1,100.5 1,148.5
 Merger expenses 2,305.0 --
 Restructuring charge 2,105.0 --
 Operating income (loss) (2,691.9) 1,825.4
 Other expense, net (82.1) (301.3)
 Income (loss) before taxes,
 extraordinary items and cumulative
 effect of accounting change (2,774.0) 1,524.1
 Income tax benefit (expense) 871.0 (612.2)
 Income (loss) from continuing
 operations before extraordinary
 items and cumulative effect of
 accounting change (1,903.0) 911.9
 Extraordinary item -
 utilization of operating
 loss carryforwards -- 300.0
 Cumulative effect of accounting
 change for income taxes (175.6) --
 Net income (loss) (2,078.6) 1,211.9
 Income (loss) per common shares:
 Income (loss) before
 extraordinary item and
 accounting change ($0.15) $0.10
 Extraordinary item--NOI -- $0.03
 Accounting change for
 income taxes (0.01) --
 Net income (loss) per
 common share ($ 0.16) $ 0.13
 Average common and common
 equivalent shares outstanding 12,600,257 9,645,060
 (A) 1992 results are restated to reflect acquisition of Clinical Homecare.
 (B) Net income and per share results for the first quarter of 1993 include a restructuring charge and merger-related expenses totalling $4.4 million, or $0.35 per share.
 (C) Net income and per share results for the first quarter of 1992 included an extraordinary item -- utilization of operating loss carryforwards -- of $300,000, or $0.03 per share.
 CURAFLEX HEALTH SERVICES, INC.
 Condensed Balance Sheet Data
 (In thousands)
 3/31/93 12/31/92
 (unaudited)
 Assets
 Cash and investments $ 9,330.5 $15,260.9
 Other current assets 37,641.8 34,739.0
 Total current assets 46,972.3 49,999.9
 Other assets 38,384.3 33,877.4
 Total assets 85,356.6 83,877.3
 Liabilities & Stockholders' Equity
 Total current liabilities $10,327.3 $11,966.0
 Long-term notes and other liabilities 9,799.5 9,433.1
 Total stockholders' equity 65,229.8 62,478.2
 Total liabilities & stockholders'
 equity 85,356.6 83,877.3
 -0- 5/4/93
 /CONTACT: Ken Dennard of Curaflex Health Services, 415-296-7383, or Robert Borchert or Natasha Wilson, 212-986-5900, of Morgen-Walke Associates, Inc., for Curaflex Health Services/
 (CFLX)


CO: Curaflex Health Services, Inc. ST: California IN: HEA SU: ERN

PS -- NY022 -- 4188 05/04/93 09:16 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1993
Words:848
Previous Article:BURLINGTON REPORTS HIGHER SALES AND PROFITS FOR SECOND QUARTER OF FISCAL 1993
Next Article:PROVIDENT VENTURES CORP. AND CLASPED HANDS INC. SIGN FINAL LETTER OF INTENT
Topics:


Related Articles
CURAFLEX HEALTH SERVICES SIGNS FINAL AGREEMENT TO ACQUIRE REGIONAL INFUSION THERAPY CENTER
CURAFLEX HEALTH SERVICES SIGNS LETTER OF INTENT TO ACQUIRE REGIONAL INFUSION THERAPY CENTER
CURAFLEX HEALTH SERVICES ANNOUNCES CONSOLIDATION OF KANSAS CITY, MO. OPERATIONS
CURAFLEX HEALTH SERVICES ANNOUNCES RECORD SECOND QUARTER RESULTS
CURAFLEX EXPECTS THIRD QUARTER EARNINGS TO MEET ESTIMATES
CURAFLEX HEALTH SERVICES SIGNS FINAL AGREEMENT TO ACQUIRE OMAHA-BASED TOTAL HOME CARE
CURAFLEX HEALTH SERVICES REPORTS THIRD QUARTER RESULTS; SIGNS LETTER OF INTENT TO ACQUIRE COMPREHENSIVE PHARMACY
CURAFLEX COMPLETES MERGER WITH CLINICAL HOMECARE
MEDISYS ANNOUNCES YEAR END RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters