PEER REVIEW ANALYSIS, INC. REPORTS 1992 RESULTS
MALDEN, Mass., March 11 /PRNewswire/ -- Peer Review Analysis, Inc. (NASDAQ-NMS: PRAI), a leading provider of managed healthcare review services, today announced financial results for the year ended Dec. 31, 1992. Revenue for the year increased 12 percent over 1991 from $8.2 million to $9.2 million. The company will report a net loss for the year of $1.33 million or 50 cents a share in 1992 compared to net income of $171,000 or 10 cents a share in 1991. PRA recorded non-recurring charges of approximately $700,000 to 1992 earnings in the fourth quarter. Included in these non-recurring charges was $394,000 to account for the company's anticipated relocation to new corporate offices in the spring of 1993, and $175,000 for severance write offs. Additionally, PRA recorded other fourth quarter charges of approximately $100,000 that included adjustments to tax accounts and bad debts. According to Cheryl L. Clarkson, PRA's Acting CEO since December, 1992, "The expected year end results reflect the year long decline in case referrals from its largest customer. In 1993 the company will be focusing on continuing to grow and diversifying its customer base and improving its operational efficiencies in order to regain profitability."
The company maintained a cash position of $9.7 million, resulting from the December, 1991 Initial Public Offering.
Founded in 1984, PRA provides a wide range of managed health care services designed to assure quality and appropriateness of medical treatment at the most reasonable cost based on its physician-intensive cooperative care approach. PRA's services are an important component of the health care programs of more than ten million people nationwide. Its clients include major commercial health insurance companies, health maintenance organizations, third party health care administrators and employer groups. PEER REVIEW ANALYSIS, INC. Financial Summary Year Ended Dec. 31, 1992 1991 Revenues $9,173,726 $8,193,901 Income (loss) before income taxes and extraordinary item (1,330,506) 198,060 Provision for income taxes --- 80,000 Income before extraordinary item (1,330,506) 118,060 Extraordinary item -- benefit of federal income tax loss carryforward --- 53,000 Net income (loss): (1,330,506) 171,000 Earnings per common share Income before extraordinary item (.498) .0695 Extraordinary item --- .0312 Net income(loss): (.498) .1007 Weighted average number of common shares and equivalents outstanding 2,670,000 1,699,000 -0- 3/11/93 /CONTACT: Cheryl L. Clarkson, acting chief executive officer, William E. Nixon, vice president, finance, 617-322-6400, for Peer Review Analysis/ (PRAI)
CO: Peer Review Analysis, Inc. ST: Massachusetts IN: HEA SU: ERN
SJ -- NE010 -- 5303 03/11/93 17:49 EST
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|Date:||Mar 11, 1993|
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