CompCare Loses $3 Million for Fiscal Year

Comprehensive Care Corp. said Tuesday that it lost about $3 million for its fiscal year, and that Chief Operating Officer Stuart Ghertner will resign shortly, after only a few months on the job.

Ghertner, a consultant to the health management company since 1994, became chief operating officer earlier this year after serving in that role on an interim basis. The previous chief operating officer resigned last August, according to a CompCare official.

Chriss W. Street, CompCare chairman and chief executive, told investors in a conference call Tuesday that Ghertner will remain a consultant to the company and help find a replacement. Ghertner recently was also named president of the company’s Tampa-based behavioral health division, which generates most of its sales, said Kerri Ruppert, the company’s chief financial officer.

Ghertner, who lives in Las Vegas, had previously expected to spend much of his time at CompCare’s corporate headquarters in Corona del Mar, but decided the Tampa division needed a president based there full-time and someone else should be hired, Ruppert said.

Street and Ghertner couldn’t be reached for comment.

In New York Stock Exchange trading, CompCare dropped $1.25 a share Tuesday to close at $11.

It reported losses of $2.9 million, or 94 cents a share, for its fiscal year ended May 31, an improvement over a loss of $4.2 million, or $1.60 a share, for the prior year. Revenue increased 22% to $39.5 million from $32.5 million in the same period.

Results for the recent year included a restructuring charge of $200,000, a non-operating loss of $400,000, expenses of $800,000 in performance compensation and an extraordinary gain of $2.2 million on a debenture exchange.

The company reported a loss of $1.2 million, or 39 cents a share, for the quarter ended May 31, compared with a loss of $2.5 million, or 94 cents a share, for the same quarter last year. Revenue rose 33% to $11.4 million from $8.5 million.

The recent quarterly results reflected a $140,000 non-operating loss and prior-period results included a $231,000 gain on the sale of assets.