NEEDHAM, MA....January 7, 1997.... CareMatrix Corporation (AMEX: CMD) announced today that construction has recently begun on four assisted living facilities in the Northeast. These facilities are located in Darien, Connecticut; Southington, Connecticut; Glen Cove, New York; and Ossining, New York and are targeted for the affluent, upper income senior population residing in Fairfield County, Connecticut and Westchester County and Nassau County in New York. Together, these facilities represent a total of 384 units and an estimated combined project cost of $52.8 million.
"We are pleased that construction has commenced on these facilities, each of which is located in one of our primary cluster markets," remarked Robert M. Kaufman, President, CareMatrix Corporation. "We expect these locations to be operational during 1997. At present, CareMatrix has 38 facilities in development and, we are continuing with our aggressive growth strategy through both internal growth and acquisitions."
Kaufman noted, "CareMatrix expects to exceed analysts' estimates for both revenue and results per share for the fourth quarter of 1996 as well as the full year. Additionally, in line with analysts' expectations, we expect the Company to become profitable in the first quarter of 1997 and we remain optimistic that we will meet or exceed our targets for the full year."
CareMatrix Corporation, based in Needham, Massachusetts, develops and operates a full range of senior housing services including assisted living, supportive independent living, and specialized programs for people with early or mid-Alzheimer's disease. The Company operates 22 communities throughout the United States and has 38 communities in development.
This release contains certain forward-looking statements regarding the Company's future plans, operations, and prospects. The Company's actual results could differ materially from the results anticipated in these forward-looking statements as a result of uncertainties, including risks relating to demand, pricing, competition, construction, and other factors identified in the Company's filings with the Securities and Exchange Commission.
