Comprehensive Care’s Net Income Drops 8%

Comprehensive Care Corp. reported net income of $12.1 million for its fiscal year ended May 31, down 8% from $13.1 million a year earlier.

Revenue of $194.89 million was up a scant 1% from $192.9 million in fiscal 1986.

For the fiscal fourth quarter, Comprehensive Care reported net income of $2.8 million, contrasted with $384,000 a year earlier. Revenue for the quarter was $52.1 million, down 1.8% from $53.1 million.

The Irvine-based operator of alcohol, chemical dependency and psychiatric disorder treatment centers said its fiscal 1986 earnings were affected by a $5.7-million charge for the write-off of certain assets.

During fiscal 1987, the company closed 19 facilities, including nine adult dependency treatment operations and two adult psychiatric care unite. Comprehensive Care also opened two new chemical dependency units and one new adolescent psychiatric unit, ending the year with a total of 188 facilities and 46 outpatient programs.