Feb 5 2011
Continucare Corporation (NYSE: CNU) today reported record financial results for its second quarter of fiscal 2011. Financial highlights for the quarter include:
“Our second quarter results marked our 15th consecutive quarter of year-over-year improvement”
- Total revenue increased to $80.3 million, a 7% increase compared to $75.3 million for the same period last year;
- Income from operations increased to $10.1 million, a 17% increase compared to $8.6 million for the same period last year;
- Net income increased to $6.2 million, a 17% increase compared to $5.3 million for the same period last year;
- Earnings per diluted share increased to $0.10 compared to $0.09 per diluted share for the same period last year.
For the six-month period ended December 31, 2010, total revenue increased to $159.3 million compared to $151.2 million for the same period last year. Income from operations during the six-month period increased 13% to $19.5 million compared to $17.2 million for the same period last year. Net income for the six-month period increased 13% to $12.0 million, or $0.19 per diluted share, compared to $10.6 million, or $0.17 per diluted share, for the same period last year.
Continucare's cash and cash equivalents increased to $38.2 million at December 31, 2010 compared to $37.5 million at June 30, 2010, while working capital increased to $51.4 million at December 31, 2010 compared to $49.5 million at June 30, 2010. Total liabilities decreased to $15.4 million at December 31, 2010 compared to $17.8 million at June 30, 2010. Shareholders' equity was $148.7 million at December 31, 2010 compared to $136.0 million at June 30, 2010.
"Our second quarter results marked our 15th consecutive quarter of year-over-year improvement," said Richard C. Pfenniger, Jr., Continucare's Chairman and Chief Executive Officer. "Higher revenues and outstanding utilization outcomes resulted in improved margins, record operating profits and increased net income. At quarter end, our cash and working capital positions also reached new record levels and our balance sheet remained virtually free of long-term debt."
SOURCE Continucare Corporation