| FOR IMMEDIATE RELEASE |
FOR:
CONTACT:
|
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
|
Carematrix Reports Record First Quarter Results
Needham, MA, July 22, 1997 -- CareMatrix Corporation, (AMEX: CMD), a fully integrated assisted living company, today announced record revenues and earnings for the quarter ended June 30, 1997. The Company reported net income of $1,228,364 or $0.07 per share on revenues of $14,930,479. This compares to a profit of $814,600 or $0.05 per share on revenue of $13,091,518 in the first quarter of 1997. For the six month period ended June 30, 1997, the Company reported net income of $2,042,964 or $0.12 per share on revenues of $28,021,997. We are very pleased to have continued our trend of increasing revenues and earnings,@ remarked Robert M. Kaufman, President of CareMatrix. AWe exceeded consensus estimates for both the quarter and six months ended June 30 for revenues and earnings and remain comfortable with analysts= estimates for the year. Our development pipeline remains strong with over 50 facilities in our pipeline, including 19 in construction. In addition, we expect 7 facilities representing 792 units to commence operations in the next 90 days.@
Mr. Kaufman continued, AWe continue to evaluate a number of acquisitions and recently announced the leasing of a 324-unit premier retirement facility in Broward County, Florida, one of our primary cluster markets. Our balance sheet remains very strong with nearly $50 million in cash and less than $10 million of debt. Furthermore, Chancellor Senior Housing, the owner of a majority of our development facilities, has received commitments for over $400 million, helping to ensure the continuity of our development. CareMatrix 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 Six Months Ended
June 30, 1997 March 31, 1997 June 30, 1997
Revenue $ 14,930,479 $ 13,091,518 $ 28,021,997
Net earnings applicable to common
shareholders 1,228,364 814,600 2,042,964
Earnings per share applicable to
common shareholders $0.07 $0.05 $0.12
Average shares outstanding 17,432,963 17,315,872 17,372,096
|
