TAMPA, Fla., Nov. 14, 2012 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral health, substance abuse and pharmacy management services provider for managed care companies throughout the U.S. and Puerto Rico, today reported its third consecutive profitable quarter. The Company reported its at-risk pharmacy contract revenue increased approximately 19 percent in the third quarter of 2012 as compared to the third quarter of 2011 and was a key to achieving profitable nine month financial results.
The Company reported net income of $2.724 million for the nine months ended September 30, 2012, or $0.04 per diluted common share. This compares to a net loss of $6.479 million or $0.12 per share loss in the first nine months of 2011. Net income for the third quarter totaled $1.037 million, or $0.01 per diluted common share, compared to a $2,550 million loss or $.04 per share loss in the same period in 2011.
In addition to the positive pharmacy results, the Company reported cost saving measures previously announced, as well as continuing efforts to streamline its processes helped with achieving another profitable quarter.
Established in 1969, CompCare provides behavioral health, substance abuse and pharmacy management services for managed care companies throughout the United States and Puerto Rico. 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 .
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 ability of CompCare and its staff to execute its business plan, 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.
E & E Communications
SOURCE Comprehensive Care Corporation