THE ADMAR GROUP ANNOUNCES RESULTS
THE ADMAR GROUP ANNOUNCES RESULTS SANTA ANA, Calif., Dec. 11 /PRNewswire/ -- The Admar Group Inc.
(NASDAQ: ADMR) today announced operating results for the third quarter and nine months ended Oct. 31, 1991.
Pretax income for the quarter increased by 35.4 percent to $111,000 from $82,000 for the comparable quarter last year. Net income for the quarter increased 53 percent to $72,000 from $47,000 last year when including an annualized provision for taxes. Revenues decreased from $2,592,000 for the quarter ending Oct. 31, 1990 to $2,443,000 for the current quarter. Pretax income for the nine months ended Oct. 31, 1991, decreased to $311,000 as to compared to $498,000 for the comparable nine months in 1990. The decline is attributed to maintaining a strong marketing posture while still attempting to reduce costs in other areas. Another factor contributing to the decline is a decrease in revenues for the nine months ended Oct. 31, 1991 to $7,334,000 from $7,867,000 for the comparable period last year. In commenting on the results, Richard H. Toral, the company's chairman and chief executive officer, stated, "We are encouraged by our results for the quarter ended Oct. 31, 1991. Pretax income is at a higher level compared to the same quarter last year. We have continued to cut costs to keep pace with current revenue levels. With the addition of new clients coming on in our Advantage Benefits Company Division, we will begin to see the results of our expanded marketing emphasis. In addition, Admar is starting to realize an increase in revenues from our new product, HealthWatch Advantage, a hospital and surgical negotiation program. The Admar Group Inc. develops, markets and administers managed health care services which facilitate the delivery and manage the cost of providing health care through contracted insurance carriers and self-insured employer groups. Admar's services are marketed as an adjunct to employee health care benefit plans. Programs include alternate delivery systems comprised of group medical plans; Preferred Provider Organizations and Exclusive Provider Organizations; the HealthWatch Medical Review System, designed to ensure appropriate use of hospitalization for medical/surgical, substance abuse, mental health, catastrophic illness and injuries; HealthWatch Advantage, a hospital and surgical negotiation program; and Advantage Benefits Co., a third party administrator providing services to self-insured employers. THE ADMAR GROUP INC. Consolidated Statements of Income Nine Months Ended Oct. 31, (Unaudited) 1991 1990 Revenue $7,334,000 $7,867,000 Income before provision for income taxes 311,000 498,000 Provision for income taxes 110 000 214,000 Net income 201,000 284,000 Per share data: Net income $.025 $0.36 Weighted average shares outstanding 8,184,000 7,970,000 Third Quarter Ended Oct. 31, (Unaudited) 1991 1990 Revenue $2,443,000 $2,592,000 Income before provisions for income taxes 111,000 82,000 Provision for income taxes 39,000 35,000 Net income 72,000 47,000 Per share data: Net income $.009 $.006 Weighted average shares outstanding 8,184,000 8,018,000 -0- 12/11/91 /CONTACT: Edward Evans, VP-finance of The Admar Group, 714-953-9600/ (ADMR) CO: The Admar Group Inc. ST: California IN: HEA SU: ERN
EH-DM -- LA003 -- 1396 12/11/91 11:02 EST
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|Date:||Dec 11, 1991|
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