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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 res
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SOURCE Comprehensive Care Corporation
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