Star Multi Care Continues Profitability for Three Consecutive Quarters

Apr 18, 2001, 01:00 ET from Star Multi Care Services, Inc.

    HUNTINGTON STATION, N.Y., April 18 /PRNewswire/ -- STAR MULTI CARE
 SERVICES, INC. (Nasdaq: SMCS) today reported continued profitable results for
 the third quarter and the nine months ended February 28, 2001.
     The Company reported that for the third consecutive quarter and for the
 nine months ended February 28, 2001, STAR MULTI CARE reported a profit.
 Stephen Sternbach, Chief Executive Officer of STAR MULTI CARE commented: "This
 clearly shows that our strategy is succeeding.  We should show a profit for
 the entire fiscal year ending May 31, 2001."
     Net income for the quarter ended February 28, 2001 increased to
 $22,135 from $20,406 for the quarter ended February 29, 2000, an increase of
 $1,729.  The increase in net income for the quarter is attributable to the
 restructuring efforts, as well as an increase in the gross profit margin.
     Net revenues for the quarter ended February 28, 2001 decreased $451,388 or
 5% to $9,012,180 from $9,463,568 for the quarter ended February 29, 2000.  The
 decrease in net revenue for the quarter ended February 28, 2001 from the
 quarter ended February 29, 2000 is primarily attributable to the elimination
 of poor margin contracts, closure of an unprofitable skilled nursing division
 in New Jersey and the closure or consolidation of several low volume offices.
     Net income for the nine months ended February 28, 2001 decreased to
 $78,906 from $164,942 for the same period last year, a decrease of $86,036.
     Net revenues for the nine months ended February 28, 2001 increased
 $259,617 or 1.0% to $30,001,679 from $29,742,062 for the nine months ended
 February 29, 2000.  This increase is primarily attributable to the acquisition
 of three branch locations in Pennsylvania in May 2000, offset by a decrease in
 revenue in the New Jersey, New York and Florida branches of the Company.
     Earnings per share were $.02 per share for the quarter and $.07 per share
 for the nine months ended February 28, 2001 as compared to earnings of
 $.01 per share for the quarter and earnings of $.07 per share for the nine
 months ended February 29, 2000.
 
     STAR MULTI CARE is a primary provider of proprietary, long term care and
 high-tech home health care services and staffing to hospitals and other
 medical facilities throughout the New York metropolitan area, New Jersey,
 southeastern Florida, Ohio and Pennsylvania.  The Company is headquartered in
 Huntington Station, New York.
 
                         STAR MULTI CARE SERVICES, INC.
                        Financial Highlights (Unaudited)
 
     For the Three Months Ended                      2/28/01        2/29/00
 
     Net Revenues                                  $9,012,180     $9,463,568
     Income from operations                          $220,403       $216,534
     Net income                                       $22,135        $20,406
 
     Net income per share:
       Basic                                            $0.02          $0.02
       Diluted                                          $0.02          $0.01
 
 
     For the Nine Months Ended                        2/28/01        2/29/00
 
     Net Revenues                                 $30,001,679    $29,742,062
     Income from operations                          $694,352       $803,409
     Net income                                       $78,906       $164,942
 
     Net income per share:
       Basic                                            $0.08          $0.23
       Diluted                                          $0.07          $0.07
 
 
     This announcement contains "forward looking statements".  Words
 "anticipate", "believe", "estimate", "expect" and other similar expressions as
 they relate to the Company and its management are intended to identify such
 forward looking statements.  Although the Company and its management believe
 that the statements contained in this announcement are reasonable, it can give
 no assurances that such statements will prove correct.  Factors that could
 affect the occurrence of events or results discussed herein are included with
 those mentioned in the Company's filings with the Securities and Exchange
 Commission.
 
 

SOURCE Star Multi Care Services, Inc.
    HUNTINGTON STATION, N.Y., April 18 /PRNewswire/ -- STAR MULTI CARE
 SERVICES, INC. (Nasdaq: SMCS) today reported continued profitable results for
 the third quarter and the nine months ended February 28, 2001.
     The Company reported that for the third consecutive quarter and for the
 nine months ended February 28, 2001, STAR MULTI CARE reported a profit.
 Stephen Sternbach, Chief Executive Officer of STAR MULTI CARE commented: "This
 clearly shows that our strategy is succeeding.  We should show a profit for
 the entire fiscal year ending May 31, 2001."
     Net income for the quarter ended February 28, 2001 increased to
 $22,135 from $20,406 for the quarter ended February 29, 2000, an increase of
 $1,729.  The increase in net income for the quarter is attributable to the
 restructuring efforts, as well as an increase in the gross profit margin.
     Net revenues for the quarter ended February 28, 2001 decreased $451,388 or
 5% to $9,012,180 from $9,463,568 for the quarter ended February 29, 2000.  The
 decrease in net revenue for the quarter ended February 28, 2001 from the
 quarter ended February 29, 2000 is primarily attributable to the elimination
 of poor margin contracts, closure of an unprofitable skilled nursing division
 in New Jersey and the closure or consolidation of several low volume offices.
     Net income for the nine months ended February 28, 2001 decreased to
 $78,906 from $164,942 for the same period last year, a decrease of $86,036.
     Net revenues for the nine months ended February 28, 2001 increased
 $259,617 or 1.0% to $30,001,679 from $29,742,062 for the nine months ended
 February 29, 2000.  This increase is primarily attributable to the acquisition
 of three branch locations in Pennsylvania in May 2000, offset by a decrease in
 revenue in the New Jersey, New York and Florida branches of the Company.
     Earnings per share were $.02 per share for the quarter and $.07 per share
 for the nine months ended February 28, 2001 as compared to earnings of
 $.01 per share for the quarter and earnings of $.07 per share for the nine
 months ended February 29, 2000.
 
     STAR MULTI CARE is a primary provider of proprietary, long term care and
 high-tech home health care services and staffing to hospitals and other
 medical facilities throughout the New York metropolitan area, New Jersey,
 southeastern Florida, Ohio and Pennsylvania.  The Company is headquartered in
 Huntington Station, New York.
 
                         STAR MULTI CARE SERVICES, INC.
                        Financial Highlights (Unaudited)
 
     For the Three Months Ended                      2/28/01        2/29/00
 
     Net Revenues                                  $9,012,180     $9,463,568
     Income from operations                          $220,403       $216,534
     Net income                                       $22,135        $20,406
 
     Net income per share:
       Basic                                            $0.02          $0.02
       Diluted                                          $0.02          $0.01
 
 
     For the Nine Months Ended                        2/28/01        2/29/00
 
     Net Revenues                                 $30,001,679    $29,742,062
     Income from operations                          $694,352       $803,409
     Net income                                       $78,906       $164,942
 
     Net income per share:
       Basic                                            $0.08          $0.23
       Diluted                                          $0.07          $0.07
 
 
     This announcement contains "forward looking statements".  Words
 "anticipate", "believe", "estimate", "expect" and other similar expressions as
 they relate to the Company and its management are intended to identify such
 forward looking statements.  Although the Company and its management believe
 that the statements contained in this announcement are reasonable, it can give
 no assurances that such statements will prove correct.  Factors that could
 affect the occurrence of events or results discussed herein are included with
 those mentioned in the Company's filings with the Securities and Exchange
 Commission.
 
 SOURCE  Star Multi Care Services, Inc.