Lower bad debt expenses
and better margins also contributed to the improved earnings.
Since 1994, bad debt expenses
as a percentage of the receivable portfolio has remained constant.
05 better than 3Q05, due to lower sales, distribution, and administrative expenses and lower bad debt expenses
and revenues trailed expectations, as revenue was 4.
Expenses increased significantly as the Company chose to account for asset impairment, legal settlement and bad debt expenses
during the second quarter while concurrently investing in personnel, legal and accounting expenses related to the SEC review.
Despite the improvement illustrated in CNA's operating results in 2004, its core property/casualty results were affected by the funding of prior year liabilities and bad debt expenses
SCLHS' management has been able to implement relatively effective cost controls; however, Fitch notes that nationwide pressures such as rising salary, supply, insurance, and bad debt expenses
as well as increased capital spending, continue to hamper the industry's financial performance.
Despite positive six month interim period results from Barrow, 2002 audited results showed a substantial deterioration of all financial ratios because of rising nursing expenses and a significant increase in bad debt expenses
and contractual allowances due to a change in accounting methodology.
The company further announced today that it does not intend to pay a quarterly dividend to shareholders for the three months ended June 30, 2000, because it will incur certain bad debt expenses
and will take write-offs of certain prepaid offering expenses previously incurred in connection with a proposed secondary public offering which the company intended to complete prior to entering into a merger agreement with Medallion Financial Corp.
The majority of the net loss in the most recent quarter was associated with non-cash bad debt expenses
of $347,368 related to AMP3.
Ormond said, "a number of areas are having an effect on potential earnings, including the penalty cost of temporary facility staffing in certain markets, as well as at the corporate headquarters; bad debt expenses
uncovered by new systems roll-outs; and higher interest expense due to delayed receipt of cash from the September 30, 1999 asset sale closings.
09 after adjustments for foreign currency fluctuations and a reserve for possible bad debt expenses
The press release also revealed that: (1) the Company expected to restate its financial results and amend its interim reports on Form 10-Q for the quarters ended December 31, 1995, March 31, 1996, and June 30, 1996; (2) there would likely be "adjustments relating to the use of reserves and recognition of certain bad debt expenses
, collection expenses, and facilities closure costs;" and (3) the Company was reviewing the status of its compliance under its senior bank credit agreement.