Navigation Links
Comprehensive Care Corporation Announces Profitable Six Month Financial Results
Date:8/13/2012

TAMPA, Fla., Aug. 13, 2012 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare" or the "Company") (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 earnings of $1.7 million for the six months ended June 30, 2012.  Earnings per diluted common share were $0.02.  This compares to a $3.9 million loss in the first six months of 2011 and a $.07 loss per common share.

The Company announced that operating income for the first half of 2012 totaled $2.1 million compared to an operating loss of $3.1 million in the same period in 2011.  While revenues for the first six months declined slightly from $36.8 million in 2011 to $36.0 million in 2012, the cost of revenues decreased 13.9 percent from $35.3 million in 2011 to $30.4 million in the comparable period in 2012.

"The cost saving measures we accomplished earlier this year, with mid-level and senior executives taking salary reductions, and some layoffs, combined with ending contracts that were not profitable for CompCare, are paying rewards.  For the first six months of 2012, we were profitable, cash flow positive and were able to increase operating income and reduce our general and administrative expenses from $4.1 million in the first half of 2011 to $2.7 million for the comparable period this year," said Clark Marcus, Chairman and CEO. 

"I am especially pleased that our pharmacy management contracts were up 18.9 percent, or $3.1 million, to $19.4 million in the first six months of 2012 compared to the previous year due to a 3.6 percent increase in membership and an 11 percent contract rate increase with the health plan we serve in Puerto Rico.  We truly believe our strategies to reduce pharmaceutical costs for our clients will be a key element for our future growth," Mr. Marcus said.

"I am very proud of these financial results and the fact that CompCare's management team has solidified the foundation of the Company, improving it to support our growth. We have added senior level consultants with track records of success and we are dedicated to provide our shareholders continued growth in the future," Mr. Marcus concluded.

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. 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 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 CompCare's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, the ability of CompCare to maximize its market share with new pharmacy initiatives, the success and profitability of the new pharmacy initiatives, impact of senior level consultants on the results, the ability of CompCare and its staff to execute its business plan to generate exponential growth,  the ability of CompCare to offer and sell any of its products at a profit, 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 business, the profitability, if any, of our capitated contracts or other products, increases or variations in cost of care, seasonality, CompCare's ability to obtain additional financing, increased outsourcing of behavioral health services, and additional risk factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Any forward- looking statement in this release speaks only as of the date on which it is made. CompCare assumes no obligation to update or revise any forward-looking statements.

Investor Contacts:
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
940.262.3584


'/>"/>
SOURCE Comprehensive Care Corporation
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Regional Medical Center at Memphis Completes Rapid Six-Month Implementation of Comprehensive Perioperative and Anesthesia Solution from Surgical Information Systems
2. ACR Chooses NDSC to Deliver ACR Select, a Comprehensive EHR-Enabled Medical Imaging Clinical Decision Support Platform
3. The Jewish Hospital - Mercy Health Selects Remedy Informatics ComprehensiveBMT Product
4. Accuray Rolls Out Comprehensive Customer Service Program in Japan
5. Philips demonstrates innovations in nuclear medicine imaging with a comprehensive portfolio of NM applications for IntelliSpace Portal
6. Comprehensive Care Corporation Implements Steps to Increase Margins and Sustain Profitability
7. Comprehensive Care Corporation Announces Profit for First Quarter
8. Sensus Healthcare and Texas Dermatology Associates at Baylor University Medical Center Announce the Formation of the SRT University™ Comprehensive Education Series for Practitioners, Healthcare Professionals, and Patients
9. BioStorage Technologies to Lead Discussion on the Value of a Comprehensive Sample Management Strategy
10. Brainybrawn, Inc. announces Launch of its Web based Medical College Information Management Solution (Sanvi MCIMS), as well as Receipt of Order for Its Comprehensive Restaurant Information Management Solution for Managing Chain of Restaurants (Sanvi
11. Luminex Corporation Awarded $11 Million Contract by Defense Threat Reduction Agency (DTRA)
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/23/2017)... Sept. 22, 2017 Janssen Biotech, Inc. (Janssen) ... letter from the U.S. Food and Drug Administration (FDA) ... sirukumab for the treatment of moderately to severely active ... clinical data are needed to further evaluate the safety ... active RA. ...
(Date:9/19/2017)... --  ZirMed Inc ., a recognized leader in cloud-based revenue ... been ranked #1 by its users for the seventh consecutive ... Survey. ZirMed was recognized as the top-ranked end-to-end revenue cycle ... over 200 beds and holds one of the longest #1 ... ...
(Date:9/12/2017)... 12, 2017   EcoVadis , the leading platform for environmental, social ... annual edition of its Global CSR Risk and Performance Index. The report ... based on Scorecard Ratings that analyzed nearly 800,000 data points across the ... ... ...
Breaking Medicine Technology:
(Date:10/12/2017)... ... 2017 , ... Leading pediatric oncology experts at Children’s National Health System ... Congress of the International Society of Paediatric Oncology (SIOP) Oct. 12-15. Chaired by ... and Blood Disorders at Children’s National, and Stephen P. Hunger, M.D., Chief of ...
(Date:10/12/2017)... RAPIDS, Mich. (PRWEB) , ... October 12, 2017 ... ... Wellness, has been named one of Michigan’s 2017 Best and Brightest in Wellness® ... and Brightest in Wellness® awards program on Friday, Oct. 20 from 7:30 a.m. ...
(Date:10/12/2017)... BALTIMORE (PRWEB) , ... October 12, 2017 , ... ... average of $3,296 in property taxes a year. In some states—like New York, ... higher. , By contrast, many overseas retirement havens have extremely low property-tax rates, ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... University of California Berkeley, and other leading institutions in announcing the launch of ... institutions to change the way animals are raised for food. , Founding members ...
(Date:10/12/2017)... ... October 12, 2017 , ... Nvision Biomedical Technologies ... with the addition of industry sales leader, Thomas (Tom) Slott, as Senior Vice ... distribution and sales network, direct the efforts of the surgical sales teams, manage ...
Breaking Medicine News(10 mins):