LOUISVILLE, Ky., June 30 /PRNewswire/ -- Caretenders HealthCorp
(Nasdaq: CTND) today reported its financial results for the quarter and year
ended March 31, 1999.
For the quarter ended March 31, 1999 the Company reported net income from
operations (excluding non-recurring items) of $217,478 or $0.07 per share
versus net income of $294,175 or $0.09 per share in the prior year. The lower
operating results were due to the impact of reimbursement changes (including
the Interim Payment System for Medicare home health services) legislated by
the Balanced Budget Act of 1997. For the year ended March 31, 1999 the
Company reported net loss from operations (excluding non-recurring items) of
$126,140 or $0.04 per share versus net income of $1,411,811 or $0.45 per share
in the prior year. Net loss for the year of $6.2 million or $2.00 per share
included the previously reported non-recurring items set forth below.
Non-Recurring Items:
As previously announced, in the fourth quarter, the Company completed the
sale of its Richmond, VA, nursing operations to Olsten Corp, (NYSE: OLS) a
national home health provider, and in a separate action closed its Boston, MA,
home medical equipment operations. These activities resulted in the $1.6
million Q4 charge shown below. The effected operations generated revenues of
$3.7 million and contributed pre-tax losses of $476,000 in the year ended
March 31, 1999. Non-recurring items reported throughout the year are
summarized in the following table (Please refer to the Company's previously
issued reports on Form 10Q for additional information on items reported prior
to Q4):
After-Tax
Description Quarter Amount EPS
Net Loss $ (6,227,667) $ (2.00)
Goodwill write-down Ql (4,585,361) (1.47)
Accounting Change Q1 (382,515) (0.12)
Restructuring charge Q2 (323,125) (0.10)
Columbia Settlement Gain Q3 793,125 0.25
Loss on Boston Closure &
Richmond Sale Q4 (1,603,651) (0.51)
Total Non-recurring items (6,101,527) (1.96)
Net Loss Before Non-Recurring
Items $ (126,140) $ (0.04)
Financial Results for the Quarter and Year Ended March 31, 1999:
Quarter Ended March 31, Year Ended March 31,
1999 1998 % 1999 1998 %
Net Revenues $24,149,868 $27,391,677 -11.8% $97,161,643 $95,182,600 2.1%
Net income (loss) from
operations before
non-recurring
items $ 217,478 $ 294,175 -26.1% $ (126,140)$ 1,411,811 NM
Non-recurring items, net of tax:
Goodwill
write-down -- -- (4,585,361) --
Cumulative effect
on prior years of
change in accounting
principle -- -- (382,515) --
Loss on Disposal of
Operations (1,603,651) -- (1,603,651) --
Litigation
Settlement Gain -- -- 793,125 --
Restructuring
Charge -- -- (323,125) --
Net Income
(loss) $(1,386,173) $ 294,175 NM $(6,227,667) $1,411,811 NM
Weighted Average Shares Outstanding
Basic 3,120,413 3,120,413 0.0% 3,120,413 3,120,413 0.0%
Diluted 3,120,413 3,120,413 0.0% 3,120,413 3,161,706 -1.3%
Earnings Per Share - Basic
Net income (loss)
from
operations $0.07 $0.09 -26.1% $ (0.04) $0.45 NM
Goodwill
write-down -- -- (1.47) --
Cumulative effect
on prior years
of change in
accounting
principle -- -- 0.0% (0.12) -- 0.0%
Loss on Disposal
of Operations (0.51) -- 0.0% (0.51) -- 0.0%
Litigation
Settlement Gain -- -- 0.0% 0.25 -- 0.0%
Restructuring
Charge -- -- 0.0% (0.10) -- 0.0%
Net Income
(loss) $ (0.44) $ 0.09 NM $ (2.00) $0.45 NM
NM - not meaningful
Caretenders HealthCorp provides home and community based health care
services in Kentucky, Maryland, Alabama, Massachusetts, Connecticut, Indiana,
Ohio, and Florida.
SOURCE Caretenders HealthCorp
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Company News On-Call:
http://www.prnewswire.com/comp/784275.html or fax,
800-758-5804, ext. 784275
CONTACT:
William Yarmuth or Steve Guenthner of
Caretenders HealthCorp, 502-899-5355
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