Printer Friendly

FUTURE HEALTHCARE REPORTS YEAR TO DATE EARNINGS

 CINCINNATI, Aug. 2 /PRNewswire/ -- Future HealthCare, Inc. (NASDAQ: FHCI) today reported revenues for the six month period ending June 30, 1993, of $4,309,296; an increase of 99 percent over the $2,160,037 reported for the same period of 1992. Net earnings before taxes for the period were $1,013,515 or $.33 per share compared to $92,719 or $.07 per share for the same period in 1992. The company's past net operating losses reduced its current tax liability and eliminated it in the same period in 1992. Adjusted for taxes, net earnings for the six month period ending June 30, 1993, were $809,031 or $.27 per share.
 The company reported second quarter revenues of $2,390,139 compared to $1,166,597 for the same period in 1992. Net earnings before taxes for the second quarter 1993 were $579,617 or $.19 per share compared to $87,469 or $.04 per share for the same period in 1992. Adjusted for taxes, net earnings for the second quarter 1993 were $375,133 or $.12 per share.
 The company opened its eighth site in Atlanta on May 15, and its ninth site in Philadelphia on June 15, 1993. The company expects to open at least one additional site in 1993.
 Future HealthCare provides clinical trial services to the pharmaceutical industry.
 Through the company's nine owned and operated investigative sites, Future HealthCare conducts Phases I, II, III and IV clinical trials. The company's corporate headquarters are located in Cincinnati and its nine clinics are located in Cincinnati, Dayton and Columbus, Ohio; Birmingham, Ala.; West Orange, N.J.; Olympia, Wash.; Orlando, Fla.; Atlanta; and Philadelphia.
 FUTURE HEALTHCARE, INC.
 CONDENSED STATEMENTS OF OPERATIONS
 Three Months Six Months
 ended June 30, ended June 30,
 1993 1992 1993 1992
 (unaudited) (unaudited) (unaudited) (unaudited)
 Contract revenues $2,390,139 $1,166,597 $4,309,296 $2,160,037
 Cost of revenues 1,440,909 838,825 2,586,576 1,605,562
 Gross Profit 949,230 327,772 1,722,720 554,475
 Selling, general
 and administrative
 expenses 332,526 198,955 637,303 342,010
 Earnings from
 operations 616,704 128,817 1,085,417 212,465
 Other income
 (expense), net
 Interest expense (42,991) (45,310) (78,147) (124,694)
 Miscellaneous
 income (expense),
 net 5,904 3,962 6,245 4,948
 Total other
 expense (37,087) (41,348) (71,902) (119,746)
 Net earnings before
 income taxes 579,617 87,469 1,013,515 92,719
 Provision for income
 taxes (204,484) --- (204,484) ---
 Net earnings $ 375,133 $ 87,469 $ 809,031 $ 92,719
 Net earnings per
 share $ 0.12 $ 0.04 $ 0.27 $ 0.07
 Weighted average
 number of common
 shares
 outstanding 3,111,416 1,947,992 3,031,690 1,408,731
 -0- 8/2/93
 /CONTACT: John D. Peckskamp Jr. of Future HealthCare, Inc., 513-651-2525/
 (FHCI)


CO: Future HealthCare, Inc. ST: Ohio IN: MTC SU: ERN

BM -- CL011 -- 8366 08/02/93 12:21 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:Aug 2, 1993
Words:499
Previous Article:JEFFERSON-PILOT BOARD OF DIRECTORS DECLARES QUARTERLY CASH DIVIDEND
Next Article:MERIDIAN DIAGNOSTICS ANNOUNCES RECORD THIRD QUARTER AND NINE MONTH SALES AND DECLARES REGULAR QUARTERLY DIVIDEND
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters