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Previous: COMMERCIAL METALS CO, 8-K, 1994-11-30 |
Next: CONSOLIDATED NATURAL GAS CO, U-1/A, 1994-11-30 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
[ X ] Annual Report pursuant to Section 15(d) of the
Securities Act of 1934 (Fee Required)
For the fiscal year ended May 31, 1994
OR
[ ] Transition report pursuant to Section 15(d) of the
Securities Exchange Act of 1934 (No Fee Required)
For transition period from _______________ to
_______________
Commission File Number 0-5751
COMPREHENSIVE CARE CORPORATION
401(k) PLAN
______________________________
(Full title of the Plan)
COMPREHENSIVE CARE CORPORATION
______________________________
(Name of issuer of the securities held pursuant to the Plan)
16305 Swingley Ridge Drive
Suite 100
Chesterfield, Missouri 63017
______________________________
(Address of principal executive office)
<PAGE>
<PAGE>
COMPREHENSIVE CARE CORPORATION
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
MAY 31, 1994 AND MAY 31, 1993
PAGE
Report of Independent Certified Public Accountants 3
Statement of Net Assets Available for Benefits
May 31, 1994 and 1993 4
Statements of Changes in Net Assets Available for Benefits
Years Ended May 31, 1994, 1993 and 1992 5
Notes to Financial
Statements 6-27
Supplemental Schedules
Item 27a - Schedule of Assets Held for Investment
Purposes 29
Item 27d - Schedule of Reportable Transactions 30
Other schedules are omitted because they are not applicable or are
not a required disclosure under the Employee Retirement Income
Security Act of 1974 and regulations issued by the Department of
Labor.
<PAGE>
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
November 9, 1994
To the Plan Administrator of the
Comprehensive Care Corporation
401(k) Plan
We have audited the accompanying statements of net assets
available for benefits of the Comprehensive Care Corporation
401(k) Plan as of May 31, 1994 and 1993, and the related
statements of changes in net assets available for benefits for the
years ended May 31, 1994, 1993 and 1992. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we plan
and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets available
for benefits as of May 31, 1994 and 1993, and the changes in net
assets available for benefits for the years ended May 31, 1994,
1993 and 1992 in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules of assets held for investment purposes and
reportable transactions are presented for the purpose of
additional analysis and are not a required part of the basic
financial statements but are supplementary information required by
the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the
auditing procedures applied in our audits of the basic financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
<PAGE>
<PAGE>
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
Year Ended May 31,
--------------------
1994 1993
---- ----
<S> <C> <C>
ASSETS
Investments, at fair value (Notes 1 and 4)
Cash and cash equivalents $ 299,374 $ 425,042
Collective investment trusts 724,256 803,471
Guaranteed income contract 1,109,184 1,279,369
Common stock, Comprehensive Care Corporation 13,393 23,521
Participants' loans 113,923 162,962
------------- --------------
2,260,130 2,694,365
------------- --------------
Receivables
Participants' contributions 52,638 25,500
Employer contributions 5,079 ---
Accrued interest 7,555 10,547
-------------- --------------
65,272 36,047
------------- --------------
Total assets 2,325,402 2,730,412
------------- --------------
LIABILITIES
Accounts payable 6,767 13,664
------------- --------------
Total liabilities 6,767 13,664
------------- --------------
NET ASSETS AVAILABLE FOR BENEFITS $ 2,318,635 $ 2,716,748
============= ==============
</TABLE>
See accompanying notes to these financial statements.<PAGE>
<PAGE>
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
Years Ended May 31,
-----------------------------------------------
1994 1993 1992
-------------- -------------- --------------
<S> <C> <C> <C>
ADDITIONS
Investment income (Notes 1 and 4)
Net appreciation (depreciation) in fair
value of investments $ 28,813 $ 77,198 $ (67,910)
Interest and dividends 129,041 140,572 201,043
-------------- ------------- --------------
157,854 217,770 133,133
-------------- ------------- --------------
Contributions
Participants 310,670 580,863 704,767
Employer 12,798 --- ---
-------------- ------------- --------------
323,468 580,863 704,767
-------------- ------------- --------------
Total additions 481,322 798,633 837,900
-------------- ------------- --------------
DEDUCTIONS
Benefits paid 854,646 819,523 1,447,503
Insurance premiums 6,077 9,582 36,855
Administrative expenses 18,712 29,930 44,193
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan (Note 3) --- --- 977,593
-------------- ------------- --------------
Total deductions 879,435 859,035 2,506,144
-------------- ------------- --------------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS (398,113) (60,402) (1,668,244)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 2,716,748 2,777,150 4,445,394
-------------- ------------- --------------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 2,318,635 $ 2,716,748 $2,777,150
============== ============= ==============
</TABLE>
See accompanying notes to these financial statements.<PAGE>
<PAGE>
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1994 AND 1993
NOTE 1 - THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES
The Plan - Effective August 1, 1986, Comprehensive Care
Corporation (the ``Company'') established the Comprehensive Care
Corporation Employee Savings Plan (the ``Plan'') which is a
defined contribution plan for the benefit of its eligible
employees.
On May 31, 1987, a rollover of the assets from the
Comprehensive Care Corporation Stock Bonus Plan was made into the
Plan.
Investment Valuation - Quoted market prices are used to
value investments. Any net unrealized appreciation or
depreciation for the period is reflected in the statement of
changes in net assets available for benefits.
Dividend and Interest Income - Dividend income is recorded
on the ex-dividend date. Interest income is recorded as earned on
the accrual basis.
Eligibility - Employees who have attained age 21 are
eligible to participate in the Plan on the first day of the month
coinciding with or next following the completion of six
consecutive months of employment, commencing on the date the
employee commences service. Employees who are covered under a
collective bargaining agreement are ineligible to participate
unless the agreement specifically provides for coverage under the
Plan. In addition, those employees who are designated as on-call
employees, employees covered by another qualified retirement plan,
non-resident aliens who receive no compensation in the U.S., per
diem employees and temporary employees who are designated as on-
call employees, are ineligible to participate. No employee will
be eligible to commence participation in the Plan so long as his
or her participation in the Plan or an offer of participation
would violate applicable federal or state securities laws.
Participant Accounts - The following separate accounts are
maintained for each participant:
1. The ``Employee Match Account'' is for Company
contributions.
2. The ``Employee 401(k) Account'' is for employee
compensation deferral contributions.
3. The ``Rollover Account'' is for amounts received
from other qualified retirement plans.
4. The ``Stock Bonus Account'' is for employee
deferral contributions transferred to the Plan from
the predecessor Plan.
5. The ``Employer Stock Bonus Account'' is for Company
contributions transferred to the Plan from the
predecessor Plan.<PAGE>
<PAGE>
NOTE 1 - THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Contributions - Each participant may contribute from two
percent (2%) to fifteen percent (15%) of his or her compensation
to the Plan. The Company may make a discretionary contribution to
the Plan for all employees on the basis of his or her
compensation. During the year ended May 31, 1994, the Company
made a discretionary contribution of approximately $13,000. The
Company did not make any discretionary contributions during the
years ended May 31, 1993 and 1992. Contributions cannot exceed
limits as prescribed by Federal income tax law.
Vesting - Each participant is one hundred percent (100%)
vested in his or her contributions. The non-forfeitable
percentage of each participant's Company contribution account is
determined in accordance with the following table:
Number of Vested
Years of Service
Percentage
Less than one year 0%
One to two years 50%
Two or more years 100%
In addition, a participant becomes one hundred percent
(100%) vested in his or her Company contribution account upon
attainment of normal retirement date (age 65) while employed by
the Company, or termination from employment due to total and
permanent disability.
Investment of Funds - A participant may choose among the
following investment funds in which his or her respective Employee
401(k) Account, and Rollover Account are to be invested in whole
number multiples of ten percent (10%), except that only amounts
allocated to his or her Employee 401(k) Account may be invested in
the Insurance Fund, subject to the limitations described in the
Plan:
1. The ``CompCare Stock Fund'' invests entirely in
Comprehensive Care Corporation common stock.
2. The ``Guaranteed Income Fund'' invests in assets
with a fixed rate of return.
3. The ``Equity Index Fund'' invests in a registered
collective investment trust which concentrates in
diversified corporate equity investments.
4. The ``Money Market Fund'' invests in a registered
collective investment trust which concentrates in
diversified money market accounts.
5. The ``Intermediate Bond Fund'' invests in a
registered collective investment trust which
concentrates in diversified debt instruments.
6. The ``Insurance and Transfer Fund'' invests in
individual insurance policies.
<PAGE>
<PAGE>
NOTE 1 - THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
7. The ``Participant Loan Fund'' represents the unpaid
principal of participant loans issued against the
participant's vested interest in the Plan.
8. The ``Deferred Contribution Fund'' represents
unallocated assets which were funded by the Company
and are restricted for future Company
contributions.
Distribution of Plan Benefits - Each participant may elect
to have his or her benefits distributed as follows:
1. A lump sum in cash or in kind, or
2. Monthly installments over a period of time not to
exceed the lesser of (A) ten years, or (B) the life
expectancy of the participant or the combined life
expectancy of the participant and his or her
designated beneficiary.
The installment payment option is, however, not available
for a participant who terminates employment before attaining age
65 or by reason of a total and permanent disability and who elects
immediate distribution of his or her benefits. If the value of
the vested portion of a participant's account at the time of
termination or employment with the Company is equal to or less
than $3,500, the participant will receive an immediate lump sum
payment. All such distributions will be paid in cash except that
any participant who has at least one hundred (100) shares of
CompCare stock allocated to his or her accounts, may elect to
receive that portion of his or her accounts invested in the
CompCare Stock Fund in shares of CompCare stock rather than in
cash. Fractional shares will always be distributed in cash.
The Plan records benefit expenses when paid.
At May 31, 1994, 1993 and 1992, amounts to be paid to
participants who have withdrawn from the Plan amounted to
approximately $25,000, $54,000 and $148,000, respectively.
Participant Forfeitures - All amounts representing
forfeitures are used to reduce the amount of Company contributions
declared for that Plan year. If amounts forfeited exceed required
Company contributions for the applicable period, then such amounts
shall be used to offset administrative expenses of the Plan.
Plan Fees and Commissions - The Plan pays a substantial
portion of the administrative expenses related to the operation of
the Plan.
Plan Termination - Although it has not expressed any intent
to do so, the Company has the right under the Plan to terminate
the Plan subject to the provisions of ERISA. In the event of
termination, all amounts credited to a participant's deferral
account will be fully vested.
<PAGE>
<PAGE>
NOTE 2 - TAX STATUS
On May 24, 1988, the Internal Revenue Service issued a
determination letter with respect to the Plan as adopted August 1,
1986. The Plan has, however, been amended substantially since the
issuance of the letter. An application for determination
regarding the qualified status of the amended Plan was submitted
to the Internal Revenue Service on September 15, 1989. On April
10, 1990, the Internal Revenue Service issued a favorable
determination letter regarding the qualified status of the Plan as
amended.
The amended Plan is qualified, therefore the participants
in the Plan are not subject to federal or state income taxes on
their contributions or the Company's contributions, or on the
income or realized gains from sales of securities received by the
trustee and credited to their accounts until they receive a
distribution from the Plan.
NOTE 3 - PARTIAL ROLLOVER OF PLAN ASSETS
Effective June 1, 1991, RehabCare Corporation, a wholly-
owned subsidiary of the Company, adopted the RehabCare Corporation
401(k) Plan for its eligible employees. The RehabCare
Corporation's employee's portion of assets in the Comprehensive
Care Corporation 401(k) Plan were rolled into the RehabCare
Corporation 401(k) Plan.
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS
The Plan's investments are held by a bank-administered
trust fund, except for the guaranteed income contract which is on
deposit with an insurance company. The following tables present
the fair values of investments. Investments that represent five
percent (5%) or more of the Plan's net assets are separately
identified.
Fair value of investments at May 31, 1994 and 1993
consisted of the following:
<TABLE>
<CAPTION>
Number Number
Description of Shares 1994 of Shares 1993
- ------------- -------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Investments at fair value as determined
by quoted market price:
Cash and Cash Equivalents
Boatmen's Employee Benefit Short Term Fund --- $ 299,374 --- $425,042
Collective Investment Trusts
Boatmen's Trust Co. Equity Index Fund I 60,001 617,587 8,143 687,297
Other 3,867 106,669 4,271 116,174
Guaranteed Income Contract
Hartford Guaranteed Income Fund --- 1,109,184 --- 1,279,369
Common Stock
Comprehensive Care Corporation 23,788 13,393 34,187 23,521
Participant loans --- 113,923 --- 162,962
$2,260,130 $2,694,365
========== ==========
</TABLE>
During 1994, 1993 and 1992, the Plan's investments
(including investments bought, sold and held during the respective
periods) appreciated (depreciated) in value by $28,813, $77,198
and ($67,910), respectively, as follows:
<TABLE>
Year Ended May 31,
-------------------------------------------------------
1994 1993 1992
------------- -------------- --------------
<S> <C> <C> <C>
Investments at fair value as determined by
quoted market price
Cash and Cash Equivalents $ --- $ --- $ ---
Collective Investment Trusts 27,689 102,265 122,459
Guaranteed Income Contact --- --- ---
Common Stock, Comprehensive Care Corporation 1,124 (25,067) (190,369)
Participant loans --- --- ---
------------- ------------ --------------
Net appreciation (depreciation) $28,813 $77,198 $ (67,910)
============= ============ ==============
</TABLE>
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
The following statements present the net assets
available and changes in net assets available by participant
directed funds.
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
CompCare Stock Fund
May 31,
--------------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ --- $ ---
Collective investment trusts --- ---
Guaranteed income contract --- ---
Common stock, Comprehensive Care Corporation 13,393 23,521
Participant loans --- ---
------ ------
13,393 23,521
------ ------
Receivables
Participants' contributions --- ---
Employer contributions --- ---
Accrued interest --- ---
Interfund transfers 1,164 536
------ -------
1,164 536
------ -------
Total assets 14,557 24,057
------ -------
LIABILITIES
Accounts payable 475 364
Interfund transfers payable --- ---
------ -------
Total liabilities 475 364
------ -------
NET ASSETS AVAILABLE FOR BENEFITS $ 14,082 $ 23,693
====== ======
</TABLE>
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
Guaranteed Income Fund
May 31,
--------------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ 2,828 $ 1
Collective investment trusts --- ---
Guaranteed income contract 1,109,184 1,279,369
Common stock, Comprehensive Care Corporation --- ---
Participant loans --- ---
--------- ---------
1,112,012 1,279,370
--------- ---------
Receivables
Participants' contributions 19,623 9,946
Employer contributions 2,220 ---
Accrued interest 6,532 8,796
Interfund transfers 3,435 48,889
--------- ---------
31,810 67,631
--------- ---------
Total assets 1,143,822 1,347,001
--------- ---------
LIABILITIES
Accounts payable 2,457 6,568
Interfund transfers payable --- ---
--------- ---------
Total liabilities 2,457 6,568
--------- ---------
NET ASSETS AVAILABLE FOR BENEFITS $ 1,141,365 $ 1,340,433
========= ==========
</TABLE>
See accompanying notes to financial statements.<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
Equity Index Fund
May 31,
--------------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ 42,093 $ ---
Collective investment trusts 617,587 27,520
Guaranteed income contract --- 687,297
Common stock, Comprehensive Care Corporation --- ---
Participant loans --- ---
--------- ---------
659,680 714,817
--------- ---------
Receivables
Participants' contributions 19,223 8,844
Employer contributions 1,674 ---
Accrued interest 148 159
Interfund transfers 802 ---
--------- ---------
21,847 9,003
--------- ---------
Total assets 681,527 723,820
--------- ---------
LIABILITIES
Accounts payable 1,952 3,926
Interfund transfers payable --- 24,212
--------- ---------
Total liabilities 1,952 28,138
--------- ---------
NET ASSETS AVAILABLE FOR BENEFITS $ 679,575 $ 695,682
========= =========
</TABLE>
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
Money Market Fund
May 31,
--------------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ 137,348 $ 247,485
Collective investment trusts --- ---
Guaranteed income contract --- ---
Common stock, Comprehensive Care Corporation --- ---
Participant loans --- ---
--------- ---------
137,348 247,485
Receivables
Participants' contributions 7,395 2,903
Employer contributions 744 ---
Accrued interest 477 1,068
Interfund transfers 1,478 ---
--------- ---------
10,094 3,971
--------- ---------
Total assets 147,442 251,456
--------- ---------
LIABILITIES
Accounts payable 358 2,047
Interfund transfers payable --- 16,850
--------- ---------
Total liabilities 358 18,897
--------- ---------
NET ASSETS AVAILABLE FOR BENEFITS $ 147,084 $ 232,559
========= =========
</TABLE>
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
Intermediate Bond Fund
May 31,
--------------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ 7,746 $ 22,241
Collective investment trusts 106,669 116,174
Guaranteed income contract --- ---
Common stock, Comprehensive Care Corporation --- ---
Participant loans --- ---
------- -------
114,415 138,415
Receivables
Participants' contributions 5,546 3,807
Employer contributions 441 ---
Accrued interest 19 70
Interfund transfers 97 ---
------- -------
6,103 3,877
Total assets 120,518 142,292
LIABILITIES
Accounts payable 392 759
Interfund transfers payable --- ---
Total liabilities 392 759
NET ASSETS AVAILABLE FOR BENEFITS $120,126 $141,533
======= =======
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
Participant Loan Fund
May 31,
--------------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $321 $512
Collective investment trusts --- ---
Guaranteed income contract --- ---
Common stock, Comprehensive Care Corporation --- ---
Participant loans 113,923 162,962
------- -------
114,244 163,474
------- -------
Receivables
Participants' contributions --- ---
Employer contributions --- ---
Accrued interest --- 71
Interfund transfers --- ---
------- -------
--- 71
------- -------
Total assets 114,244 163,545
------- -------
LIABILITIES
Accounts payable --- ---
Interfund transfers payable 6,035 ---
------- -------
Total liabilities 6,035 ---
------- -------
NET ASSETS AVAILABLE FOR BENEFITS $108,209 $163,545
======= =======
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
Insurance and Transfer Fund
May 31,
--------------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ 938 $ ---
Collective investment trusts --- ---
Guaranteed income contract --- ---
Common stock, Comprehensive Care Corporation --- ---
Participant loans --- ---
------- -------
938 ---
------- -------
Receivables
Participants' contributions 851 ---
Employer contributions --- ---
Accrued interest 3 4
Interfund transfers --- ---
------- -------
854 4
------- -------
Total assets 1,792 4
------- -------
LIABILITIES
Accounts payable 851 ---
Interfund transfers payable 941 4
------- -------
Total liabilities 1,792 4
------- -------
NET ASSETS AVAILABLE FOR BENEFITS $ --- $ ---
======= =======
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
Deferred Contribution Fund
May 31,
--------------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ 108,100 $ 127,283
Collective investment trusts --- ---
Guaranteed income contract --- ---
Common stock, Comprehensive Care Corporation --- ---
Participant loans --- ---
-------- --------
108,100 127,283
-------- --------
Receivables
Participants' contributions --- ---
Employer contributions --- ---
Accrued interest 376 379
Interfund transfers --- ---
-------- ---------
376 379
-------- ---------
Total assets 108,476 127,662
-------- ---------
LIABILITIES
Accounts payable 282 ---
Interfund transfers payable --- 8,359
-------- ---------
Total liabilities 282 8,359
-------- ---------
NET ASSETS AVAILABLE FOR BENEFITS $ 108,194 $ 119,303
======== =========
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
CompCare Stock Fund
Years Ended May 31,
------------------------------------------
1994 1993 1992
--------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation (depreciation) in fair
value of investments $ 1,124 $ (25,067) $ (190,369)
Interest and dividends 30 2 2,359
1,154 (25,065) (188,010)
Contributions
Participants --- --- ---
Employer --- --- ---
-------- ------- -------
--- --- ---
-------- ------- -------
Total additions 1,154 (25,065) (188,010)
-------- ------- -------
DEDUCTIONS
Benefits paid 24,162 17,513 203,779
Insurance premiums --- --- (4)
Administrative expenses 99 713 2,233
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan --- --- 59,624
Interfund transfers (13,496) 416 (279,075)
-------- ------- -------
Total deductions 10,765 18,642 (13,443)
-------- ------- -------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS (9,611) (43,707) (174,567)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 23,693 67,400 241,967
-------- ------- -------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 14,082 $ 23,693 $ 67,400
======= ======= =======
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
Guaranteed Income Fund
Years Ended May 31,
------------------------------------------
1994 1993 1992
--------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $ --- $ --- $ ---
Interest and dividends 107,744 111,588 162,491
-------- -------- ---------
107,744 111,588 162,491
-------- -------- ---------
Contributions
Participants 117,069 214,854 347,639
Employer 5,620 --- ---
-------- -------- ---------
122,689 214,854 347,639
-------- -------- ---------
Total additions 230,433 326,442 510,130
-------- -------- ---------
DEDUCTIONS
Benefits paid 462,269 436,617 744,416
Insurance premiums --- --- ---
Administrative expenses 8,306 14,448 21,072
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan --- --- 625,020
Interfund transfers (41,074) 2,266 643,254
-------- -------- ---------
Total deductions 429,501 453,331 2,033,762
-------- -------- ---------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS (199,068) (126,889) (1,523,632)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 1,340,433 1,467,322 2,990,954
--------- --------- ---------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 1,141,365 $ 1,340,433 $ 1,467,322
========= ========= ==========
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
Equity Index Fund
Years Ended May 31,
------------------------------------------
1994 1993 1992
--------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $ 26,287 $ 91,668 $ 120,103
Interest and dividends 369 1,175 7,733
-------- -------- --------
26,656 92,843 127,836
-------- -------- ---------
Contributions
Participants 108,941 159,582 179,934
Employer 4,287 --- ---
-------- -------- ---------
113,228 159,582 179,934
-------- -------- ---------
Total additions 139,884 252,425 307,770
DEDUCTIONS
Benefits paid 148,607 189,907 315,608
Insurance premiums --- --- ---
Administrative expenses 5,958 8,366 11,814
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan --- --- 272,230
Interfund transfers 1,426 (31,094) 286,944
--------- --------- ---------
Total deductions 155,991 167,179 886,596
--------- --------- ---------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS (16,107) 85,246 (578,826)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 695,682 610,436 1,189,262
--------- --------- ---------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 679,575 $ 695,682 $ 610,436
======== ======== =========
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
Money Market Fund
Years Ended May 31,
------------------------------------------
1994 1993 1992
--------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $ --- $ --- $ ---
Interest and dividends 7,101 10,468 10,232
--------- -------- -------
7,101 10,468 10,232
--------- -------- -------
Contributions
Participants 42,151 151,275 102,165
Employer 1,798 --- ---
-------- -------- --------
43,949 151,275 102,165
-------- -------- --------
Total additions 51,050 161,743 112,397
-------- -------- --------
DEDUCTIONS
Benefits paid 122,119 113,151 77,366
Insurance premiums --- --- ---
Administrative expenses 1,486 4,725 6,627
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan --- --- ---
Interfund transfers 12,920 65,895 (226,183)
-------- -------- ---------
Total deductions 136,525 183,771 (142,190)
-------- -------- ---------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS (85,475) (22,028) 254,587
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 232,559 254,587 ---
-------- -------- ---------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 147,084 $ 232,559 $ 254,587
======== ======== =========
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
Intermediate Bond Fund
Years Ended May 31,
------------------------------------------
1994 1993 1992
--------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $ 1,402 $ 10,597 $ 2,356
Interest and dividends 303 473 3,019
------ -------- -------
1,705 11,070 5,375
------ -------- -------
Contributions
Participants 36,235 45,499 60,023
Employer 1,093 --- ---
------- -------- -------
37,328 45,499 60,023
------- -------- -------
Total additions 39,033 56,569 65,398
------- -------- -------
DEDUCTIONS
Benefits paid 67,405 39,754 39,855
Insurance premiums --- --- ---
Administrative expenses 1,371 1,678 2,447
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan --- --- ---
Interfund transfers (8,336) (14,587) (88,713)
------- ------- -------
Total deductions 60,440 26,845 (46,411)
------- ------- -------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS (21,407) 29,724 111,809
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 141,533 111,809 ---
------- ------- -------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $120,126 $141,533 $111,809
======= ======= =======
</TABLE>
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
Participant Loan Fund
Years Ended May 31,
------------------------------------------
1994 1993 1992
--------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $ --- $ --- $ ---
Interest and dividends 8,049 11,743 8,894
------- ------- -------
8,049 11,743 8,894
------- ------- -------
Contributions
Participants --- --- ---
Employer --- --- ---
------- ------- -------
--- --- ---
------- ------- -------
Total additions 8,049 11,743 8,894
------- ------- -------
DEDUCTIONS
Benefits paid 29,902 22,581 66,479
Insurance premiums --- --- ---
Administrative expenses 492 --- ---
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan --- --- 20,719
Interfund transfers 32,991 (38,006) (214,681)
------- ------- -------
Total deductions 63,385 (15,425) (127,483)
------- ------- -------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS (55,336) 27,168 136,377
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 163,545 136,377 ---
------- ------- -------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $108,209 $163,545 $136,377
======= ======= =======
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
Insurance and Transfer Fund
Years Ended May 31,
------------------------------------------
1994 1993 1992
--------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $ --- $ --- $ ---
Interest and dividends 978 43 31
------- ------- -------
978 43 31
------- ------- -------
Contributions
Participants 6,274 9,653 15,006
Employer --- --- ---
------- ------- -------
6,274 9,653 15,006
------- ------- -------
Total additions 7,252 9,696 15,037
------- ------- -------
DEDUCTIONS
Benefits paid 182 --- ---
Insurance premiums 6,077 9,582 36,859
Administrative expenses 4 --- ---
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan --- --- ---
Interfund transfers 989 114 1,389
------- ------- -------
Total deductions 7,252 (9,696) 38,248
------- ------- -------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS --- --- (23,211)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year --- --- 23,211
------- ------- -------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ --- $ --- $ ---
======== ======== ========
/TABLE
<PAGE>
<PAGE>
NOTE 4 - INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
Deferred Contribution Fund
Years Ended May 31,
------------------------------------------
1994 1993 1992
--------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $ --- $ --- $ ---
Interest and dividends 4,467 5,080 6,284
---------- ---------- ----------
4,467 5,080 6,284
---------- ---------- ----------
Contributions
Participants --- --- ---
Employer --- --- ---
---------- ---------- ----------
--- --- ---
---------- ---------- ----------
Total additions 4,467 5,080 6,284
---------- ---------- ----------
DEDUCTIONS
Benefits paid --- --- ---
Insurance premiums --- --- ---
Administrative expenses 996 --- ---
Rollover of Plan assets to RehabCare
Corp. 401(k) Plan --- --- ---
Interfund transfers 14,580 14,996 (122,935)
---------- ---------- ----------
Total deductions 15,576 14,996 (122,935)
---------- ---------- ----------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS (11,109) (9,916) (129,219)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 119,303 129,219 ---
---------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 108,194 $ 119,303 $ 129,219
========= ======== =========
/TABLE
<PAGE>
<PAGE>
NOTE 5 - SUBSEQUENT EVENT
In October 1994, the Company made a one for ten reverse
stock split on the Company's issued and outstanding stock.
<PAGE>
<PAGE>
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
SUPPLEMENTAL SCHEDULE
MAY 31, 1994
PLAN #001
FEIN #: 95-2594724
ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<TABLE>
(c) Description of Investment
(b) Identity of Issue Including Maturity Date,
Borrower, Lessor Rate of Interest, Collateral, (e)Current
(a) or Similar Party Par or Maturity Value (d) Cost Value
- -------- ------------------------------ --------------------------- -------- -----------
<S> <S> <S> <C> <C>
Comprehensive Care Corporation Common Stock, 23,788 Shares $ 142,796 $ 13,393
Boatmen's Employee Benefit
Short-Term Fund Money Market, 4.3% $ 299,374 $ 299,374
Hartford Life Insurance Co. Guaranteed Investment Contract,
Various Rates $1,109,184 $1,109,184
Boatmen's Trust Company Common Trust, Collective
Employee Benefit Trust
Fund I, 60,001 Shares $ 520,867 $ 617,587
Boatmen's Trust Company Common Trust, Collective
Employee Benefit Trust
Fund J, 3,867 Shares $ 104,867 $ 106,669
Participant Loans Participant Loans,
Various Rates $ 113,923 $ 113,923
/TABLE
<PAGE>
<PAGE>
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
SUPPLEMENTAL SCHEDULE
MAY 31, 1994
PLAN #001
FEIN #: 95-2594724
ITEM 27(d) - SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
<TABLE>
h)Current
Value
Value of
Asset on
a)Identity of b)Description c)Purchase d)Selling e)Lease f)Expense g)Cost of Transaction i)Net Gain
Party Involved Of Asset Price Price Rental Incurred Asset Date or(Loss)
- ------------------ ------------- ---------- --------- ------- --------- --------- ----------- ----------
<S> <S> <C> <C> <C> <C> <C> <C> <C>
Boatmen's Bank,
Boatmen's Employee Money Market
Benefit Short-Term 4.3%, 262
Fund Purchases $1,357,319 $ --- $ --- $ --- $1,357,319 $1,357,319 $ ---
Boatmen's Bank,
Boatmen's Employee Money Market
Benefit Short-Term 4.3%,
Fund 201 Sales $ --- $1,507,904 $ --- $ --- $1,507,904 $1,507,904 $ ---
Boatmen's Trust Co.
Collective Employee Common Trust,
Benefit Trust 7 Purchases
Fund J $ 146,473 $ --- $ --- $ --- $ 146,473 $ 146,473 $ ---
Boatmen's Trust Co.,
Collective Employee Common Trust,
Benefit Trust 6 Sales
Fund J $ --- $ 157,381 $ --- $ --- $ 154,867 $ 157,381 $ 2,514
Boatmen's Trust Co.,
Collective Employee Common Trust,
Benefit Trust 5 Purchases
Fund I $ 94,208 $ --- $ --- $ --- $ 94,208 $ 94,028 $ ---
Boatmen's Trust Co.,
Collective Employee Common Trust,
Benefit Trust 11 Sales
Fund I $ --- $ 190,206 $ --- $ --- $ 186,363 $ 190,206 $ 3,843
/TABLE
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Committee which administers the Plan has duly caused
this annual report to be signed by the undersigned, thereunto duly
authorized.
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
By: /s/ Kerri Ruppert
-------------------------
Kerri Ruppert
Committee Member
Dated: November 21, 1994
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