Printer Friendly

PMR ANNOUNCES FIRST QUARTER RESULTS

 SAN DIEGO, Sept. 16 /PRNewswire/ -- PMR Corp. (NASDAQ: PMRP) today announced results for the first quarter ended July 31, 1993.
 For the first quarter net revenues were $4,344,000 versus $3,381,000 last year, an increase of 23 percent. Net earnings for common stock were $60,000 versus $81,000 the prior year. This is a decrease of 26 percent. Fully diluted earnings per share were $.02 per share, versus $.03. There were 3,195,000 fully diluted shares outstanding versus 2,818,000 the prior year.
 "Our revenues and earnings were adversely impacted by the cancellation, without cause, of our agreement with our San Diego hospital affiliate. We further negatively impacted earnings by the decision to retain our management personnel formerly located in the San Diego sites so that they would be available when we re-established programming," noted Allen Tepper, chief executive officer. "In addition, start-up of our psychiatric home health care division placed a drag on earnings. We expect this to continue in the short term as we aggressively seek to establish market position in our first six home health care markets."
 As previously reported, PMR has settled its dispute with its previous hospital affiliate, has obtained two new San Diego hospital affiliates, has opened one program site in San Diego and expects to open two more within the next several days and a fourth site within the next 60 days.
 PMR CORP.
 Selected Income Statement Information
 (In thousands except per share amounts -- Unaudited)
 First Quarter
 July 31, 1993
 1994 1993
 Revenue $4,344 $3,381
 Expenses 4,194 3,012
 Income before taxes and dividends 150 368
 Net income 88 217
 Less dividends:
 A Conv Pfd --- 85
 B Conv Pfd 28 52
 Net income for common $60 $81
 Earnings per share
 Primary $.02 $.03
 Fully diluted $.02 $.03
 Weighted average common shares
 Primary 3,195 2,818
 Fully diluted 3,195 2,818
 PMR Corp. is a San Diego-based company which currently manages 22 psychiatric partial hospitalization facilities in affiliation with acute care hospitals in California, Arizona, Indiana and Colorado, and provides psychiatric home health care services in six major markets.
 To add names to PMR's fax news service, or for further information, call Louise Dougherty at 619-295-2227.
 -0- 9/16/93
 /CONTACT: Louise Dougherty, 619-295-2227/
 (PMRP)


CO: PMR Corp. ST: California IN: HEA SU: ERN

JB-LS -- SD008 -- 2706 09/16/93 13:09 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:Sep 16, 1993
Words:400
Previous Article:PRIME BANCORP, INC. DECLARES QUARTERLY AND SPECIAL DIVIDEND
Next Article:WESTERN STAR REPORTS THIRD QUARTER RESULTS
Topics:

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