REHABCLINICS ANNOUNCES RECORD SECOND QUARTER RESULTS
REHABCLINICS ANNOUNCES RECORD SECOND QUARTER RESULTS VALLEY FORGE, Pa., Aug. 11 /PRNewswire/ -- RehabClinics, Inc.
(NASDAQ: RCII), announced record revenues, net income and earnings per share for the quarter ended June 30, 1992. Revenues for the quarter increased dramatically to $10,940,000 compared to $672,000 for the second quarter 1991. Gross profit rose to $4,170,000 versus $186,000 for the second quarter 1991. Operating profit increased to $877,000 versus $23,000 in last year's second quarter. Net income for the second quarter improved to $26,000 compared with a loss of $11,000 for the like period a year ago. Earnings per share were $.00 compared to a loss of $.01 in the second quarter 1991.
On a quarter-to-quarter basis, net revenue, gross profit and operating profit, improved 42 percent, 53 percent and 139 percent, respectively, compared with the three months ended March 31, 1992. Net income available for common stock of $3,000 in the quarter ended June 30, 1992, improved significantly over the $244,000 loss in the first quarter 1992. President Jim New commented, "Our results for the most recent quarter, which are slightly ahead of our internal business plan, are very gratifying in light of the amount of management time devoted to our initial public offering. These results reflect our strong position in the markets we serve and the outstanding efforts and performance of RCI employees." During the quarter, RCI completed its initial public offering raising $45.5 million. "After expenses of the offering and restructuring our balance sheet to reduce debt and retire preferred stock, RCI is in a very strong financial position with approximately $13.5 million available for general corporate purposes, including future acquisitions," said New. "As a result, we are well positioned to take advantage of the many excellent opportunities available in the outpatient physical therapy sector of the healthcare rehabilitation industry." RCI's strategy is to develop the most extensive network of private pay outpatient physical therapy clinics in selected markets through acquisitions and internal growth. This strategy is designed to capitalize upon the highly fragmented nature of outpatient physical therapy, and the limited professional management, marketing and sales, information systems and access to capital which typically characterize these practices. RCI has already established itself as one of the largest outpatient therapy companies in the country with 82 clinics in 11 states. REHABCLINICS, INC. Summary Financial Information (In thousands, except share data) Periods Ended Three Months Six Months June 30 1992 1991 1992 1991 Statement of Operations Data: Net revenues $10,942 $672 $18,645 $1,276 Gross profit 4,170 186 6,891 356 Operating profit (A) 877 23 1,244 113 Income (loss) before tax 121 (20) (164) 27 Net income (loss) 26 (11) (190) 11 Earns. (loss) per common share(B) .00 (.01) (.05) (.01) Balance Sheet Data: June 30, 1992 Cash and cash equivalents $16,971 Other current assets 7,920 Total current assets 24,891 Fixed assets and other 27,951 Total assets 52,842 Current liabilities $ 7,315 Long-term liabilities 6,340 Total liabilities 13,655 Stockholders' equity 39,187 Total liabilities & equity 52,842 NOTES: (A) Before interest expense, interest income, and amortization of goodwill. (B) After preferred dividends. -0- 8/11/92 /CONTACT: James C. New, president or Alan N. Vinick, senior vice president of RehabClinics, 215-631-1873, or Susan Noonan of Noonan/Russo Communications, 212-979-9180, for RehabClinics/ (RCII) CO: RehabClinics, Inc. ST: Pennsylvania IN: HEA SU: ERN
SM-PS -- NY008 -- 8812 08/11/92 08:30 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 11, 1992|
|Previous Article:||TEJON RANCH CO. REPORTS SECOND QUARTER EARNINGS|
|Next Article:||TOYS 'R' US SELECTS SYMBOL TECHNOLOGIES SPECTRUM ONE NETWORK FOR WIRELESS DATA COLLECTION|