THE ADMAR GROUP REPORTS FIRST QUARTER RESULTS
THE ADMAR GROUP REPORTS FIRST QUARTER RESULTS SANTA ANA, Calif., June 12 /PRNewswire/ -- The Admar Group Inc.
(NASDAQ: ADMR) today announced operating results for the first quarter ended April 30, 1992.
For the first quarter ended April 30, 1992, Admar's revenues increased 5.9 percent from $2,440,000 to $2,584,000 because of the growth of several clients and new clients effective Jan. 1, 1992. As a result of planned expenditures to develop future growth, operating expenses increased 21.7 percent from $2,340,000 to $2,848,000 for the first quarter ended April 30, 1992, as compared to the first quarter ended April 30, 1991. Additionally, income before income taxes resulted in a loss of $264,000, as compared to a profit of $100,000 for the comparable quarter in 1991. Net income decreased for the first quarter in 1992 to ($264,000) from $57,000 in 1991 when including the estimated provision for income taxes. In commenting on the results, Richard H. Toral, chief executive officer and chairman of the board, stated, "For the first time in our history as a public company, our investment spending for organizational and marketing restructuring has caused Admar to report a loss for the first quarter but has also slightly increased revenues. These results were planned and should improve as the revenues continue to increase." 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 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 Managed Benefits Division, a third- party administrator providing services to self-insured employers. THE ADMAR GROUP INC. Consolidated Statements of Income (Unaudited) Three months ended April 30, 1992 1991 Revenue $2,584,000 $2,440,000 Income before provision for income taxes (264,000) 100,000 Provision for income taxes --- 43,000 Net income (264,000) 57,000 Per share data: Net income ($.031) ($.001) Weighted average shares outstanding 8,383,610 8,183,600 -0- 6/12/92 /CONTACT: Edward Evans, VP-finance of The Admar Group, 714-953-9600/ (ADMR) CO: The Admar Group Inc. ST: California IN: HEA SU: ERN
JL-KJ -- LA004 -- 9801 06/12/92 15:59 EDT
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|Date:||Jun 12, 1992|
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