CHCR News .15 Comprehensive Care Corporation Announces Preliminary Revenue and Expected Profitability for the Second Quarter 2012

2012-06-25 05:02 ET - News Release

TAMPA, Fla., June 25, 2012 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare" or the "Company") (OTCBB: CHCR) announced today that it expects to report a profit for the second quarter of 2012, with revenues for the quarter of approximately $18 million.  Revenues for the same quarter in 2011 were $18.6 million.  However, during that quarter, the Company posted a loss of $4 million.

Commenting on the expected results for the quarter, Robert J. Landis, CompCare's Chief Financial Officer, stated: "The Company is particularly excited about our second quarter expected results since, if realized, it will be the first time in many years that the Company has been able to post a profit for two consecutive quarters.  The improvement in results from the second quarter of 2011 to the second quarter of 2012, we believe, is primarily attributable to our Pharmacy Management Program which is now achieving traction and our cost reduction efforts to streamline our internal systems.  Part of the shift in the pharmacy program occurred from our establishing Company-owned clinics in areas where we experience high patient utilization and cost.  The clinics have the effect of reducing those costs and providing us with a greater opportunity to directly service the needs of the patients.  Based on our best current available information, for example, the Company expects to realize a profit in its at-risk pharmacy operations in April, and this trend continues in May where preliminary numbers indicate an increase profit in the Company's at-risk pharmacy operations.  While there can be no assurances that this trend will continue or that there might not be subsequent positive or negative adjustments to the April and May results, the upward trend is what we were looking for since we believe that it indicates the viability of the overall program.