Community Psychiatric Centers in Laguna Hills reported that profit for its latest fiscal quarter nearly doubled to $4.1 million, or 9 cents a share, from $2.1 million, or 5 cents a share, for the same period a year earlier.
Revenue for the company’s third quarter, which ended Aug. 31, was down 2% to $80 million from $81.7 million. The company, which provides psychiatric and long-term acute-care services, said the decline reflected the elimination of psychiatric hospitals that were slated for sale or closure when it took a restructuring charge during the first quarter of 1993.
For the nine-month period, the company recorded a loss of $30.4 million, or 71 cents a share, which included a first-quarter restructuring charge of nearly $55 million. For the same period a year earlier, the company posted a profit of $22 million, or 49 cents a share. Nine-month revenue dropped 4% to $250.8 million from $260.8 million.