CompCare Reports 48% Decline in Net for Second Quarter
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Comprehensive Care Corp., an Irvine-based health care firm, posted a 48% earnings decrease for its fiscal 1987 second quarter ended Nov. 30. The drop in net earnings, to $2.5 million from $4.7 million for the same period last year, had been predicted by company officials.
Revenues for the second quarter dropped to $45.5 million from $46.7 million recorded during last year’s second fiscal quarter.
Earlier this month, CompCare’s chairman and chief executive officer said he expected net earnings to fall 38% to 48% for the second quarter of fiscal 1987. He blamed the decline on a decreased occupancy rate and patients’ shorter stays at the firm’s drug and alcohol rehabilitation centers.
For the first half of its fiscal 1987, CompCare’s net earnings of $7.2 million were down 30.5% from the $9.4 million posted for the same time period last year.
First-half revenues for fiscal 1987 totaled $96.1 million, a 5.7% increase from $90.9 million posted a year ago.
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