TAMPA, Fla., May 22, 2012 /PRNewswire/ -- Comprehensive
Care Corporation ("CompCare") (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 that its revenues for the first quarter of 2012
ending March 31, 2012 totaled
$17,890,000. Net income totaled
$80,000 for the quarter.
"We are pleased to announce that CompCare achieved a profit,
albeit modest, for its first quarter of 2012. This was an
important goal for CompCare following completion of significant
changes in our business structure and the streamlining and
automation of key business functions," said Robert Kulbick, the Company's new
president.
"We are especially pleased that our at-risk pharmacy contracts
produced $9,597,000 in revenue in the
first three months of 2012. The 19.8 percent increase over
the first quarter of last year is attributable primarily to a 9.9
percent increase in members and a contract rate increase, effective
Jan. 1, 2012, from our major customer
in Puerto Rico for whom CompCare
manages the psychotropic drug benefits," Mr. Kulbick explained. "We
are also pleased that general and administrative costs decreased in
the quarter to $515,000 compared to
$1,161,000 in the same period in
2011."
"For the past two years, CompCare's management team has worked
hard to improve the foundation of the Company, such that it can
support substantial, profit oriented growth. We now offer
services in 46 U.S. states, the District
of Columbia, and Puerto
Rico, compared to a much smaller number in 2009. We have
recently launched the expansion of our drug management program on
an at-risk basis to health plans and self insured entities to
reduce their drug spend. Plus we have expanded our service provider
network to approximately 35,000 providers. There is
still much work to be done. However, we are proud of our
progress and committed to further improving the Company's
performance at all levels," Mr. Kulbick said.
About CompCare:
Established in 1969, CompCare provides behavioral health,
substance abuse and psychotropic pharmacy management services for
managed care companies throughout the United States.
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. The Company's recently
filed 10-Q is available at www.sec.gov. For more
information, please call 813-288-4808 or visit our website at
www.compcare.com.
Forward-Looking Statements
Except for statements of historical fact, the matters
discussed in this press release, including but not limited to our
ability to achieve substantial, profit oriented growth, our ability
to further improve the Company's performance at all levels and our
ability to expand our drug management program on an at-risk basis
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 the
company's control that may cause actual results to differ
materially from stated expectations. These risk factors include,
among others, 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 and existing
business, our ability to expand and manage our provider
network, the profitability, if any, of our recently acquired
or previously existing capitated contracts, the costs incurred in
seeking new contracts, the loss or termination of any existing
contract, increases or variations in cost of care, seasonality, the
Company's ability to obtain additional financing, and additional
risk factors as discussed in the reports filed by the Company with
the Securities and Exchange Commission, which is available on its
website at www.sec.gov.
Investor Contacts:
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
949.707.5365
SOURCE Comprehensive Care Corporation