December 19, 2014 8:56 AM ET

Healthcare Providers and Services

Company Overview of CRC Health Corporation

Company Overview

CRC Health Corporation, together with its subsidiaries, provides treatment services related to substance abuse, troubled youth, addiction diseases, and behavioral disorders primarily in the United States. The company offers chemical dependency and other behavioral health disorders treatments on an inpatient and outpatient basis. Its services include inpatient/residential care, partial/day treatment, intensive outpatient groups, therapeutic living/half-way house environments, aftercare centers, and detoxification. The company also provides treatment services to patients who abuse addictive substances, such as alcohol, illicit drugs, or opiates, including prescription drugs, as well as treat o...

20400 Stevens Creek Boulevard

Suite 600

Cupertino, CA 95014

United States

Founded in 1995

3,688 Employees

Phone:

877-272-8668

Fax:

408-367-0030

Key Executives for CRC Health Corporation

Chief Executive Officer
Age: 56
Co-Founder and Senior Vice President of Real Estate
Chief Financial Officer
Age: 49
Chief Clinical Officer
Age: 66
Chief Medical officer and Member of Clinical Advisory Board
Age: 61
Compensation as of Fiscal Year 2014.

CRC Health Corporation Key Developments

CRC Health Corporation Announces Preliminary Financial Results for the Year Ended December 31, 2013

CRC Health Corporation announced preliminary financial results for the year ended December 31, 2013. For the period, the company reported net client service revenues from continuing operations of approximately $414.6 million; pro forma net client service revenues from continuing operations of approximately $456.0 million, reflecting $43.4 million of additional revenue from the acquisition of Habit OPCO on February 28, and a $2.0 million reduction of revenue related to certain discontinued operations activity initiated in the first quarter of 2014. Adjusted EBITDA of approximately $100.5 million; and pro forma Adjusted EBITDA of approximately $119.8 million, reflecting the acquisition of Habit OPCO on February 28, 2014.

CRC Health Corporation Announces Management Changes, Effective March 14, 2014

On March 10, 2014, CRC Health Corporation appointed Jerome Rhodes to the position of Chief Executive Officer, effective March 14, 2014. Jerry Rhodes has served as Chief Operating Officer of the Company for the past three years, and previously as the President of the Company's Recovery Division. In connection with the appointment of Mr. Rhodes as Chief Executive Officer, the Company simultaneously accepted the resignation of Andrew Eckert as Chief Executive Officer and as an officer of the Company, also to become effective March 14, 2014. Mr. Eckert will remain on the Board of Directors of the Company and will continue to serve as the Chairman of the Board. Mr. Rhodes, age 56, has been serving as Chief Operating Officer of the Company since May 2011.

CRC Health Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

CRC Health Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net client service revenues of $116,403,000, operating income of $16,386,000, income from continuing operations before income taxes of $4,906,000, loss from continuing operations, net of tax of $1,837,000 and net loss of $6,496,000 against net client service revenues of $113,459,000, operating income of $20,685,000, income from continuing operations before income taxes of $8,474,000, income from continuing operations, net of tax of $2,450,000 and net income of $1,833,000 a year ago. Adjusted EBITDA was $30,921,000 compared to $32,454,000 a year ago. EBITDA was $6,568,000 compared to $24,961,000 a year ago. Net loss attributable to the company was $6,496,000 against income of $2,267,000 a year ago. Net client service revenues increased $5.2 million, or 5.9%, primarily due to a $2.7 million increase in residential facilities and a $2.5 million increase in CTC facilities. Operating income decreased $1.8 million, or 6.1%. The decrease was primarily the result of an increase in operating expenses at residential facilities due to increases in salaries, wages and benefits, outside services and other operating costs associated with increased patient days, and an increase in operating expenses at CTC facilities due to increased marketing activities and salaries, wages and benefits associated with increased patient days. For the nine months, the company reported net client service revenues of $336,139,000, operating income of $50,782,000, income from continuing operations before income taxes of $16,163,000, income from continuing operations, net of tax of $9,796,000 and net loss of $9,151,000 against net client service revenues of $323,041,000, operating income of $56,036,000, income from continuing operations before income taxes of $19,981,000, income from continuing operations, net of tax of $9,194,000 and net income of $6,874,000 a year ago. Net cash provided by operating activities was $34,682,000 compared to $43,088,000 a year ago. Additions of property and equipment were $16,595,000 compared to $11,328,000 a year ago. Adjusted EBITDA was $83,108,000 compared to $81,773,000 a year ago. EBITDA was $37,484,000 compared to $68,251,000 a year ago. Net loss attributable to the company was $9,151,000 against income of $7,308,000 a year ago. Net client service revenues increased primarily due to an $8.6 million increase in residential facilities and a $6.8 million increase in CTC facilities. Operating income increased $0.6 million, or 0.7%. The increase was primarily the result of increases in net client service revenues noted above, offset by an increase in operating expenses at residential facilities due to increases in salaries, wages and benefits, outside services and other operating costs associated with increased patient days, and an increase in operating expenses at CTC facilities due to increased marketing activities and salaries, wages and benefits associated with increased patient days.

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