THE CARE GROUP REPORTS RECORD REVENUES
THE CARE GROUP REPORTS RECORD REVENUES LAKE SUCCESS, N.Y., Nov. 12 /PRNewswire/ -- The Care Group, Inc.
(NASDAQ-NMS: CARE), which primarily provides home health care and infusion therapy to AIDS patients, today reported record revenues of $6,692,667 for the quarter ended Sept. 30, 1991.
Net income for the same period was $250,926 or 6 cents per share. This compares with revenues of $2,971,707 and net income of $118,018, or 4 cents per share for the same period of 1990. Ann Mittasch, president, commented, "Sales and earnings for the third quarter reflect the integration of the acquisitions made earlier this year. We believe that the Care Group has emerged as a leading provider of comprehensive specialized home health care services. During the fourth quarter our Care Line pharmacy in New York City will open and begin to provide infusion therapies which will give us three operating pharmacies for infusion therapy." Presently the company has infusion therapy pharmacies in Baltimore and Dallas. For the nine months ended Sept. 30, 1991, the company reported revenues of $15,383,159 compared to revenues of $9,015,668 for the nine months ended Sept. 30, 1990. The company received net proceeds of $1,028,000 on Oct. 31, 1991, from the exercise of the over-allotment option from its secondary offering which was completed on Oct. 25, 1991. The Care Group has branches in New York City, Melville, N.Y.; Baltimore; Washington; Atlanta; Margate, Fla.; Houston, Dallas and Beaumont, Texas. The care Group's corporate offices are located at One Hollow Lane, Lake Success, N.Y., 11042. THE CARE GROUP, INC. Selected Financial Results Three months ended Sept. 30 1991 1990 Gross revenues $6,692,667 $2,971,707 Net income $250,926 $118,018 Earnings per share $0.06 $0.04 Weighted average number of common shares & common share equivalents outstanding 3,927,981 3,236,708 Nine months ended Sept. 30 1991 1990 Gross revenues $15,383,159 $9,015,668 Net income $431,834 $427,516 Earnings per share $0.12 $0.14 Weighted average number of common shares & common share equivalents outstanding 3,704,361 3,198,009 -0- 11/12/91 /CONTACT: Pat Celli, CFO of Care Group, 516-869-8383/ (CARE) CO: The Care Group Inc. ST: New York IN: HEA SU: ERN CK-SM -- NY047 -- 3436 11/12/91 11:56 EST
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|Date:||Nov 12, 1991|
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