CHICAGO, April 22 /PRNewswire/ -- First Commonwealth, Inc.
(Nasdaq: FCWI), a leading managed dental benefits company, today reported net
income of $760,000 for the first quarter of 1997, an increase of 14% over the
$669,000 recorded in the first quarter of 1996. First quarter earnings per
share were $0.20 compared with $0.19 for the same period in 1996. Total
revenue for the first quarter was $13.5 million, up 38% from $9.8 million in
1996.
"These results reflect the continued execution of our growth strategy
throughout the upper Midwest," stated Christopher C. Multhauf, the Company's
Chairman and Chief Executive Officer. "During this first quarter, we not only
completed the integration of the Wisconsin Smileage Dental Services
acquisition, but we made strong progress integrating the acquisition of
Missouri-based Champion Dental Services, Inc. Our new market initiatives in
Detroit and Indianapolis became operational on schedule January 1, 1997. We
believe we are on track in executing the fundamentals necessary for long-term
growth in the markets in which we now operate."
First Commonwealth, Inc. is a regionally focused managed dental benefits
company with operations in Illinois, Indiana, Michigan, Missouri, and
Wisconsin. The company markets a broad range of innovative dental benefit
plans designed to meet the needs of a wide range of employers and currently
serves over 500,000 members through its managed care, indemnity/PPO and fee
income products. First Commonwealth, Inc. shares trade on the Nasdaq National
Market under the symbol FCWI.
FIRST COMMONWEALTH, INC. AND SUBSIDIARIES
Selected Consolidated Data
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
1997 1996
Consolidated Statement of Income Data:
Subscriber revenue
Managed care $10,529 $7,097
Indemnity/PPO 2,732 2,492
Fee income 202 184
Total subscriber revenue 13,463 9,773
Benefit coverage expenses
Managed care 6,617 4,086
Indemnity/PPO 2,145 1,940
Fee income -- --
Total benefit coverage expenses 8,762 6,026
Gross margin
Managed care 3,912 3,011
Indemnity/PPO 587 552
Fee income 202 184
Total gross margin 4,701 3,747
Selling, general and administrative expense 3,518 2,794
Operating income 1,183 953
Interest income, net 107 162
Income before income taxes 1,290 1,115
Provision for income taxes 530 446
Net income $760 $669
Weighted average common and
equivalent shares outstanding 3,715,211 3,496,125
Earnings per share $0.20 $0.19
March 31, December 31,
1997 1996
Balance Sheet Data:
Total current assets $17,110 $21,022
Total assets 30,581 34,454
Total current liabilities 9,671 14,330
Total liabilities 9,858 14,498
Preferred stock 0 0
Stockholders' equity 20,723 19,956
SOURCE First Commonwealth, Inc.
 back to top
CONTACT:
David W. Mulligan, President and Chief
Operating Officer, of First Commonwealth, Inc., 312-644-1800
|
