Community Psychiatric Centers: The Laguna Hills psychiatric...

Community Psychiatric Centers: The Laguna Hills psychiatric and long-term critical care services company reported a profit of $2.4 million, or 6 cents a share, for its latest quarter. That was down 31% from earnings of $3.5 million, or 8 cents a share, for the same period a year earlier. The company attributed the earnings decline to increased start-up costs incurred by its Transitional Hospitals Corp. subsidiary, which now operates 12 long-term critical care facilities, compared to three facilities a year ago. Revenue for the company’s second quarter, which ended May 31, rose 26% to $108.4 million from $85.8 million.

For the first half of its fiscal year, the company recorded a profit of $3 million, or 7 cents a share. That contrasted with a loss of $34.4 million, or 80 cents a share, for the same period a year earlier, which includes a restructuring charge of almost $55 million. Six-month revenue was up 18% to $201.3 million from $170.8 million.