TAMPA, Fla., Nov. 14, 2012 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral health, substance abuse and pharmacy management services provider for managed care companies throughout the U.S. and Puerto Rico, today reported its third consecutive profitable quarter. The Company reported its at-risk pharmacy contract revenue increased approximately 19 percent in the third quarter of 2012 as compared to the third quarter of 2011 and was a key to achieving profitable nine month financial results.
The Company reported net income of $2.724 million for the nine months ended September 30, 2012, or $0.04 per diluted common share. This compares to a net loss of $6.479 million or $0.12 per share loss in the first nine months of 2011. Net income for the third quarter totaled $1.037 million, or $0.01 per diluted common share, compared to a $2,550 million loss or $.04 per share loss in the same period in 2011.
In addition to the positive pharmacy results, the Company reported cost saving measures previously announced, as well as continuing efforts to streamline its processes helped with achieving another profitable quarter.
About CompCare:Established in 1969, CompCare provides behavioral health, substance abuse and pharmacy management services for managed care companies throughout the United States and Puerto Rico. 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 . Forward-Looking Statements