| FOR IMMEDIATE RELEASE |
FOR:
CONTACT:
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CareMatrix Corporation
Robert M. Kaufman, President
CareMatrix Corporation
781/433-1000
Robert P. Jones/Jill Ruja
David Sassoon - Media Contact
Morgen-Walke Associates
212/850-5600
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Carematrix Announces Profitable First Quarter
- Exceeds Analysts' Estimates-
Needham, MA, April 24, 1997 -- CareMatrix Corporation, (AMEX: CMD), a fully integrated assisted living company, today announced that it had reached profitability for the first quarter of 1997.
The Company reported net income of $814,600 or $0.05 per share on revenues of $13,091,518. This compares to a loss of $485,394 or ($0.03) per share on revenues of $8,649,170 in the fourth quarter of 1996.
"We are very pleased to have turned profitable so early in our existence," remarked Robert M. Kaufman, President of CareMatrix. "We exceeded consensus estimates for the quarter for both revenues and earnings and remain comfortable with analysts' estimates for the year. Our occupancy levels remain high; we are meeting our development goal with 46 facilities in our pipeline, including 15 in construction; and, we continue to evaluate a number of potential acquisitions. The strength of our balance sheet and our borrowing capability position us well to take advantage of the many opportunities that exist in this industry."
CareMatrix Corporation is a leading provider of senior housing services including assisted living, supportive independent living and specialized programs for people with Alzheimer's disease.
This release contains 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.
CAREMATRIX CORPORATION
Consolidated Statement of Operations
Three Months Ended
March 31, 1997 December 31, 1996
Revenue $13,091,518 $8,649,170
Net earnings (loss) applicable $814,600 ($485,394)
to Common shareholders
Earnings (loss) per share $0.05 ($0.03)
applicable to Common shareholders
Average shares outstanding 17,315,872 15,057,042
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