SIERRA TUCSON COMPANIES INC. REPORTS 1991 RESULTS
SIERRA TUCSON COMPANIES INC. REPORTS 1991 RESULTS TUCSON, Ariz., Jan. 23 /PRNewswire/ -- Sierra Tucson Companies Inc.
(NASDAQ: STSN) today announced its audited results of operations for the year ended Dec. 31, 1991, as well as unaudited results for the fourth quarter 1991.
Revenues for the year ended Dec. 31, 1991, were $47,045,000, a 61 percent increase over the previous year. Revenues for the quarter ended Dec. 31, 1991, were $12,517,000, a 47 percent increase over the corresponding quarter of 1990. Net income from continuing operations for the year ended Dec. 31, 1991, was $9,110,000 or $1.18 per share, a 48 percent increase over the previous year. Net income from continuing operations for the quarter ended Dec. 31, 1991, was $1,661,000 or $.20 per share, a 9 percent decrease over the corresponding quarter of 1990. The weighted average common share amounts used in determining earnings per share for 1991 increased by 10 percent from the weighted average common shares figure used in 1990. This was primarily due to the company's secondary stock offering which resulted in the sale of 1,150,000 common shares in June 1991 and 320,000 common shares in July 1991. William T. O'Donnell, Jr., president and chairman of the board, said, "The company has posted record earnings in, this, our eighth year of operation. The increase in earnings is attributable to annual rates increases, increased average daily census at our main facility and eating disorder facility and significant improvement in the performance of our German facility compared to the previous year. I believe 1992 provides us with opportunities for continued growth. Our expectation is for business to increase in each of the company's treatment centers." Sierra Tucson is a leader in the field of recovery and has developed the Sierra Model (TM). This model integrates philosophies and practices from the medical, psychiatric, psychological, family medically supervised, whole-person approach to the treatment of addictions and behavioral disorders. SIERRA TUCSON COMPANIES INC. Statement of Results Consolidated Fourth Quarter Ended Dec. 31, 1991 Dec. 31, 1990 (Unaudited) (Unaudited) Total revenues $12,517,000 $8,544,000 Income before taxes $2,767,000 $2,599,000 Net income $1,661,000 $1,516,000 Earnings per share $0.20 $0.22 W.A. common equivalents 8,484,803 7,042,813 Twelve Months Ended Dec. 31, 1991 Dec. 31, 1990 (Audited) (Audited) Total revenues $47,045,000 $29,267,000 Income before taxes and extraordinary loss $14,668,000 $9,928,000 Income before extraordinary loss, net of income taxes $9,110,000 $5,607,000 Extraordinary loss, net of income tax $346,000 --- Net income $8,764,000 $5,607,000 Earnings per common equivalent shares: EPS before extraordinary loss $1.18 $0.80 Extraordinary loss (.05) --- EPS per share $1.13 $0.80 W.A. common equivalents 7,748,228 7,042,813 -0- 1/23/92 /CONTACT: John H. Schmitz, CFO, or James Rianoshek (investors), 602-792-5800, both of Sierra Tucson/ (STSN) CO: Sierra Tucson ST: Arizona IN: HEA SU: ERN
AL-CH -- LA016 -- 2772 01/23/92 11:46 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 23, 1992|
|Previous Article:||A PAIR OF P&W TURBOPUMPS SUCCESSFULLY TESTED AT 100 PERCENT POWER|
|Next Article:||FORD MOTOR COMPANY ORDERS NEW CRAY Y-MP C90 SYSTEM|