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REGIONAL EARNINGS

Frawley's 2nd Quarter Again Reflects Struggle

August 30, 1994

Frawley Corp., the Encino-based company that operates Schick chemical dependency treatment centers, continued its financial struggles in the June quarter.

The company recorded a loss of $586,000 in the second quarter that ended June 30, compared to a loss of $325,000 in the year-earlier period. Revenue in the latest quarter was $1.62 million, down 40% from revenue of $2.73 million during the same three-month period of 1993.

For its six-month period, the company reported a loss of $1.28 million on revenue of $3.43 million, compared with a year-earlier loss of $741,000 on revenue of $5.23 million.

Cost-cutting among health insurers has caused declining enrollment at Frawley's treatment centers in recent years. Since April, the company has closed two of its three primary addiction treatment hospitals. The company has also lost money on sales of its Southern California real estate holdings.

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