TAMPA, Fla.--(BUSINESS WIRE)-- Comprehensive Care Corporation ("CompCare" or the "Company") (OTCBB:CHCR) announced today that it expects to report revenue for its fourth quarter ended December 31, 2010 of between $17.5 million and $18.0 million, representing a significant increase over revenue of approximately $7.9 million for the third quarter of 2010 and far outpacing revenue of approximately $3.8 million for the fourth quarter of 2009. For its fiscal year ended December 31, 2010, CompCare expects to report revenue of approximately $35 million, an increase of 146% compared to approximately $14.2 million reported for the year ended December 31, 2009.
Commenting on the quarter, Clark A. Marcus, CompCare’s Chairman and CEO, stated, “We signed a significant number of new contracts in 2010 that became fully operational during the fourth quarter. As a result, revenue for the fourth quarter of 2010, estimated to be between $17.5 million and $18.0 million, increased over 100% compared to the third quarter of 2010. We expect this growth to continue during 2011. The increased revenue in the fourth quarter resulted, for the most part, from efforts and programs put in place during the earlier part of the year which began getting traction in the second and third quarters of 2010. We believe that we enter 2011 with a strong foundation for growth based on a strong management and sales team of experienced healthcare professionals and the ability to compete for a broader range of new, larger contracts. We believe that our pipeline, compared to a year ago, is even stronger and the breadth of our products deeper, which we expect will give us the ability to increase our range of potential customers.”
Revenue and other financial estimates contained in this press release have not been audited or reviewed by CompCare’s independent auditors, and accordingly they express no opinion or other form of assurance as to this information. The Company provides no assurance that these preliminary results will not change following the Company’s completion of its financial audit of results of operations for fiscal 2010, which is expected to be completed during March 2011.
Established in 1969, CompCare provides behavioral health, substance abuse and employee assistance programs for governmental agencies, managed care companies and employer groups 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. 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 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, and CompCare’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 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.
KEYWORDS: United States North America Florida
INDUSTRY KEYWORDS: Health Professional Services Human Resources Other Professional Services General Health Managed Care