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TAMPA — Comprehensive Care Corp. (symbol: CHCR) lost $10.4 million in 2010 despite generating $35.2 million in revenues, a 148% increase over the year. The loss actually represents a significant improvement for the Tampa-based health program administrator, which lost $18.9 million in 2009.
The company's preliminary earnings release failed to offer a updated list of detailed expenses, but results from the first nine months of 2010 show CompCare struggles with low margins on its revenues. The company earned just $1.8 million in gross profits on $17.3 million in revenues to start the year; that plus $9 million in expenses led to a $7.3 million operating loss in the year's first three quarters.
Business had been slow for CompCare before the fourth quarter of 2010. In the last three months of the year, the firm earned $17.9 million, representing more than half of the year's total business.
Clark Marcus, chairman and CEO, says CompCare now serves more than 1 million members in 18 states and Puerto Rico, a net increase of 340,000 customers from 2009.
CompCare provides behavioral health, substance abuse and employee assistance programs for governmental agencies, managed care companies and employer groups throughout the United States. With a stock price of 51 cents per share, the company has an enterprise value of roughly $27 million.
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