Navigation Links
Comprehensive Care Corporation Announces Profit for First Quarter
Date:5/22/2012

TAMPA, Fla., May 22, 2012 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral health, substance abuse and psychotropic pharmacy management services provider for managed care companies throughout the U.S., today announced that its revenues for the first quarter of 2012 ending March 31, 2012 totaled $17,890,000.  Net income totaled $80,000 for the quarter.

"We are pleased to announce that CompCare achieved a profit, albeit modest, for its first quarter of 2012.  This was an important goal for CompCare following completion of significant changes in our business structure and the streamlining and automation of key business functions," said Robert Kulbick, the Company's new president. 

"We are especially pleased that our at-risk pharmacy contracts produced $9,597,000 in revenue in the first three months of 2012.  The 19.8 percent increase over the first quarter of last year is attributable primarily to a 9.9 percent increase in members and a contract rate increase, effective Jan. 1, 2012, from our major customer in Puerto Rico for whom CompCare manages the psychotropic drug benefits," Mr. Kulbick explained. "We are also pleased that general and administrative costs decreased in the quarter to $515,000 compared to $1,161,000 in the same period in 2011."

"For the past two years, CompCare's management team has worked hard to improve the foundation of the Company, such that it can support substantial, profit oriented growth.  We now offer services in 46 U.S. states, the District of Columbia, and Puerto Rico, compared to a much smaller number in 2009. We have recently launched the expansion of our drug management program on an at-risk basis to health plans and self insured entities to reduce their drug spend. Plus we have expanded our service provider network to approximately 35,000 providers.  There is still much work to be done.  However, we are proud of our progress and committed to further improving the Company's performance at all levels," Mr. Kulbick said.

About CompCare:
Established in 1969, CompCare provides behavioral health, substance abuse and psychotropic pharmacy management services for managed care companies throughout the United States.  Headquartered in Tampa, Florida, CompCare focuses on personalized attention, flexibility, a commitment to high-quality services and innovative approaches to behavioral health that address both the specific needs of clients and changing healthcare industry demands. The Company's recently filed 10-Q is available at www.sec.gov. For more information, please call 813-288-4808 or visit our website at www.compcare.com

Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release, including but not limited to our ability to achieve substantial, profit oriented growth, our ability to further improve the Company's performance at all levels and our ability to expand our drug management program on an at-risk basis are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, changes in local, regional, and national economic and political conditions, the effect of governmental regulation, competitive market conditions, varying trends in member utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new and existing business, our ability to expand and manage our provider network,  the profitability, if any, of our recently acquired or previously existing capitated contracts, the costs incurred in seeking new contracts, the loss or termination of any existing contract, increases or variations in cost of care, seasonality, the Company's ability to obtain additional financing, and additional risk factors as discussed in the reports filed by the Company with the Securities and Exchange Commission, which is available on its website at www.sec.gov.

Investor Contacts:
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
949.707.5365


'/>"/>
SOURCE Comprehensive Care Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Siemens Showcases Its Most Comprehensive and Advanced Breast Care Portfolio
2. Clinsys(R) TPS Teams Provide Comprehensive Clinical Development Plans
3. Comprehensive Safety Tests Published on Ruyan(R) Smoking Alternatives
4. Algeta Completes Comprehensive Phase II Clinical Program With Alpharadin for Treating Bone Metastases in Patients With Advanced Prostate Cancer
5. Chemstar Corporation Offers Comprehensive Deep Cleaning Programs to Combat Salmonella, Listeria, and E. coli in Retail Supermarkets
6. Mayo Clinic Proceedings: A Comprehensive Review of Addiction to Prescription Painkillers Among Patients and Physicians
7. ARKRAY, Inc. Long Term Care Division Launches Comprehensive Service Program - Assure(R) Brilliance
8. Doctors Cite Time, Low Reimbursement As Barriers To Providing Comprehensive Diabetes Care, Survey Results Show
9. Greenway Medical Technologies PrimeSuite 2011 Receives CCHIT 2011 Comprehensive Certification
10. Philips Introduces Multi-Modality Breast Workspace to Complement Comprehensive Portfolio of Diagnostic Imaging Solutions for Breast Care
11. Carl Zeiss Chooses AT&T as Global Provider For Comprehensive Communications Services
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... -- Research and Markets has announced the addition ... - Forecast to 2022" report to their offering. ... to date financial data derived from varied research sources to ... potential impact on the market during the next five years, ... of sub markets, regional and country level analysis. The report ...
(Date:6/23/2016)... 2016 Research and Markets has announced ... report to their offering. ... a favourable commercial environment for MedImmune to enter. The US ... will serve to drive considerable growth for effective anti-influenza medications. ... cap sales considerably, but development is still in its infancy. ...
(Date:6/23/2016)... 2016 , , , WHEN: ... 2016 , , , , LOCATION: , , , Online, ... , , EXPERT PANELISTS:  , , , Frost & Sullivan,s Global ... Bird; Senior Industry Analyst, Divyaa Ravishankar and Unmesh Lal, Program Manager ... pharmaceutical industry is witnessing an exceptional era. Several new demand spaces, ...
Breaking Medicine Technology:
(Date:6/26/2016)... ... , ... Pixel Film Studios Released ProSlice Levels, a Media Slicing Effect ... a whole new perspective by using the title layers in ProSlice Levels to ... ProSlice Levels contains over 30 Different presets to choose from. FCPX users ...
(Date:6/25/2016)... ... June 25, 2016 , ... Experts from the American Institutes ... Research Meeting June 26-28, 2016, at the Hynes Convention Center in Boston. , ... advance care planning, healthcare costs and patient and family engagement. , AIR researchers ...
(Date:6/25/2016)... ... June 25, 2016 , ... First Choice Emergency Room , ... Sesan Ogunleye, as the Medical Director of its new Mesquite-Samuell Farm facility. , ... our new Mesquite location,” said Dr. James M. Muzzarelli, Executive Medical Director of First ...
(Date:6/25/2016)... ... June 25, 2016 , ... Conventional wisdom preaches the benefits of ... of the latter, setting the bar too high can result in disappointment, perhaps even ... progress toward their goal. , Research from PsychTests.com reveals that behind ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was ... his family verbally and physically. , “When something upset him, he couldn’t control his emotions,” ... He would throw rocks at my other children and say he was going to kill ...
Breaking Medicine News(10 mins):