<PAGE> 1
CONFORMED
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, 1995
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)
350 West Bay Street
Costa Mesa, California 92627
-------------------------------------
(Address of principal executive office)
1
<PAGE> 2
COMPREHENSIVE CARE CORPORATION
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
MAY 31, 1995 AND MAY 31, 1994
================================================================================
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Report of Independent Certified Public Accountants ........................ 3 - 4
Statement of Net Assets Available for Benefits
May 31, 1995 and 1994 ................................................. 5
Statements of Changes in Net Assets Available for Benefits
Years Ended May 31, 1995,1994 and 1993................................. 6
Notes to Financial Statements ............................................. 7 - 29
Supplemental Schedules
Item 27(a) - Schedule of Assets Held for Investment Purposes .......... 31
Item 27(d) - Schedule of Reportable Transactions ...................... 32
</TABLE>
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.
2
<PAGE> 3
[LESLEY, THOMAS, SCHWARTZ AND POSTMAN, INC. LETTERHEAD]
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
January 11, 1996
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, 1995
and 1994, and the related statements of changes in net assets available for
benefits for the years ended May 31, 1995, 1994 and 1993. 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 estimated 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 respect, the net assets available for benefits as of May
31, 1995 and 1994, and the changes in net assets available for benefits for the
years ended May 31, 1995, 1994 and 1993 in conformity with generally accepted
accounting principles.
3
<PAGE> 4
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.
/s/ Lesley, Thomas Schwarz & Postman, Inc.
A Professional Accountancy Corporation
Newport Beach, California
4
<PAGE> 5
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
MAY 31,
---------------------------
1995 1994
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value (Notes 1 and 3)
Cash and cash equivalents $ 244,724 $ 299,374
Collective investment trusts -- 724,256
Guaranteed income contract 1,132,100 1,109,184
Common stock, Comprehensive Care Corporation 9,182 13,393
Participants' loans 43,103 113,923
---------- ----------
1,429,109 2,260,130
---------- ----------
Receivables
Receivable from sale of investments 748,130 --
Participants' contributions 14,655 52,638
Employer contributions 13,068 5,079
Accrued interest 7,690 7,555
---------- ----------
783,543 65,272
---------- ----------
Cash 2,700 --
---------- ----------
Total assets 2,215,352 2,325,402
---------- ----------
LIABILITIES
Accounts payable 6,462 6,767
---------- ----------
Total liabilities 6,462 6,767
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $2,208,890 $2,318,635
========== ==========
</TABLE>
See the accompanying notes to these financial statements
5
<PAGE> 6
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
STATEMENTS OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
-------------------------------------------------
1995 1994 1993
----------- ----------- -----------
<S> <C> <C> <C>
ADDITIONS
Investment income (Notes 1 and 3)
Net appreciation in fair value of
investments $ 130,720 $ 28,813 $ 77,198
Interest and dividends 104,134 129,041 140,572
----------- ----------- -----------
234,854 157,854 217,770
----------- ----------- -----------
Contributions
Participants 263,783 310,670 580,863
Employer 29,247 12,798 --
----------- ----------- -----------
293,030 323,468 580,863
----------- ----------- -----------
Total additions 527,884 481,322 798,633
----------- ----------- -----------
DEDUCTIONS
Benefits paid 618,146 854,646 819,523
Insurance premiums 1,967 6,077 9,582
Administrative expenses 17,516 18,712 29,930
----------- ----------- -----------
Total deductions 637,629 879,435 859,035
----------- ----------- -----------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS (109,745) (398,113) (60,402)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 2,318,635 2,716,748 2,777,150
----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 2,208,890 $ 2,318,635 $ 2,716,748
=========== =========== ===========
</TABLE>
See the accompanying notes to these financial statements
6
<PAGE> 7
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1995 AND 1994
NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING
POLICIES
The following description of the Comprehensive Care Corporation 401(k)
Plan (the "Plan") provides only general information. Participants should refer
to the Plan agreement for a more complete description of the Plan's provisions.
GENERAL - Effective August 1, 1986, Comprehensive Care Corporation (the
"Company") established 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.
ACCOUNTING ESTIMATES - The preparation of financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of increases and decreases to
net assets during the reporting period. Actual results could differ from those
estimates.
INVESTMENT VALUATION - The investments are recorded at quoted market
prices except for the guaranteed income contract and participant loans. The
guaranteed income contract is valued by The Hartford Life Insurance Company. The
guaranteed income contract is valued at cost plus any accrued interest. The
collective investment trusts are based on the quoted market values of the
underlying investments. The participant loans are valued at the outstanding
principal balance which the Plan administrator (the Company) has estimated
approximates fair value. 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.
7
<PAGE> 8
NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
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 matching 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.
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 years ended May 31, 1995 and 1994, the
Company made discretionary contributions of $29,247 and $12,798, respectively.
The Company did not make any discretionary contributions during the year ended
May 31, 1993. 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 accounts is determined in accordance with the following
table:
8
<PAGE> 9
NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
<TABLE>
<CAPTION>
NUMBER OF VESTED
YEARS OF SERVICE PERCENTAGE
---------------- ----------
<S> <C>
Less than one year 0%
One to two years 50%
Two or more years 100%
</TABLE>
In addition, a participant becomes one hundred percent (100%) vested in
his or her Company contribution accounts 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.
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.
9
<PAGE> 10
NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
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
total and permanent disability and who elects immediate distribution of his or
her benefits. If the value of the vested portion of participant's account at the
time of termination of 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, 1995, 1994 and 1993, amounts to be paid to participants who
have withdrawn from the Plan amounted to approximately $106,000, $25,000 and
$54,000, 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.
10
<PAGE> 11
NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
NON-DISTRIBUTED TESTING FOR EMPLOYEE AND EMPLOYER CONTRIBUTIONS - The
Plan, as required by the IRC, performs annual tests between highly compensated
participants versus non- highly compensated participants to insure that highly
compensated participants are not disproportionately favored under the Plan. If
the Plan fails the tests, it must refund some of the excess deferral
contributions. Excess deferral contributions, which are refunded within two and
one-half (2 -1/2) months of the Plan year end, are accrued as a liability to the
Plan. Excess deferral contributions which are not refunded within two and
one-half (2-1/2) months of the Plan year end are recorded as a distribution in
the Plan year which the refund is paid.
At May 31, 1995 the Plan did not accrue a liability for the refund of
excess deferral contributions, all of which were refunded later than two and
one-half (2 -1/2) months following the Plan year end. The total liability for
refunds of excess contributions at May 31, 1995 was $1,498.
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.
11
<PAGE> 12
NOTE 3 - 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 31,1995 and 1994 consisted of the
following:
<TABLE>
<CAPTION>
DESCRIPTION 1995 1994
- ----------- ---------- ----------
<S> <C> <C>
Investments at fair value as determined by quoted market price:
Cash and cash equivalents
Boatmen's Employee Benefit Short-Term Fund $ 244,724 $ 299,374
Common stock
Comprehensive Care Corporation 9,182 13,393
Investments at fair value as determined by a bank and
insurance company:
Collective investment trusts
Boatmen's Trust Co. Equity Index Fund I -- 617,587
Other -- 106,669
Guaranteed income contract
Hartford Guaranteed Income Fund 1,132,100 1,109,184
Investments at estimated fair value:
Participant loans 43,103 113,923
---------- ----------
$1,429,109 $2,260,130
========== ==========
</TABLE>
During 1995, 1994 and 1993, the Plan's investments (including
investments bought, sold and held during the respective periods) appreciated in
value by $130,720, $28,813 and $77,198, respectively, as follows:
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
------------------------------------------
1995 1994 1993
--------- --------- ---------
<S> <C> <C> <C>
Investments
Collective investment trusts $ 127,874 $ 27,689 $ 102,265
Guaranteed income contact -- -- --
Common stock, Comprehensive Care Corporation 2,846 1,124 (25,067)
--------- --------- ---------
Net appreciation $ 130,720 $ 28,813 $ 77,198
========= ========= =========
</TABLE>
12
<PAGE> 13
NOTE 3 - INVESTMENTS (CONTINUED)
As discussed in Note 1, participants are allowed to invest in various
investment fund. The following statements present the net assets available and
changes in net assets available by participant directed funds.
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
COMPCARE STOCK FUND
<TABLE>
<CAPTION>
MAY 31,
---------------------
1995 1994
------- -------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ 228 $ --
Collective investment trusts -- --
Guaranteed income contract -- --
Common stock, Comprehensive Care Corporation 9,182 13,393
Participants' loans -- --
------- -------
9,410 13,393
------- -------
Receivables
Participants' contributions -- --
Employer contributions -- --
Accrued interest -- --
Interfund transfers -- 1,164
------- -------
-- 1,164
------- -------
Cash 2,700 --
------- -------
Total assets 12,110 14,557
------- -------
LIABILITIES
Accounts payable 32 475
Interfund transfers payable -- --
------- -------
Total liabilities 32 475
------- -------
NET ASSETS AVAILABLE FOR BENEFITS $12,078 $14,082
======= =======
</TABLE>
13
<PAGE> 14
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
GUARANTEED INCOME FUND
<TABLE>
<CAPTION>
MAY 31,
---------------------------
1995 1994
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ -- $ 2,828
Collective investment trusts -- --
Guaranteed income contract 1,132,100 1,109,184
Common stock, Comprehensive Care Corporation -- --
Participants' loans -- --
---------- ----------
1,132,100 1,112,012
---------- ----------
Receivables
Participants' contributions 6,765 19,623
Employer contributions 6,243 2,220
Accrued interest 6,407 6,532
Interfund transfers -- 3,435
---------- ----------
19,415 31,810
---------- ----------
Total assets 1,151,515 1,143,822
---------- ----------
LIABILITIES
Accounts payable 3,218 2,457
Interfund transfers payable -- --
---------- ----------
Total liabilities 3,218 2,457
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $1,148,297 $1,141,365
========== ==========
</TABLE>
14
<PAGE> 15
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
EQUITY INDEX FUND
<TABLE>
<CAPTION>
MAY 31,
-----------------------
1995 1994
-------- --------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ -- $ 42,093
Collective investment trusts -- 617,587
Guaranteed income contract -- --
Common stock, Comprehensive Care Corporation -- --
Participants' loans -- --
-------- --------
-- 659,680
-------- --------
Receivables
Cash receivable from sale of investments 663,048 --
Participants' contributions 4,763 19,223
Employer contributions 3,878 1,674
Accrued interest -- 148
Interfund transfers -- 802
-------- --------
671,689 21,847
-------- --------
Total assets 671,689 681,527
-------- --------
LIABILITIES
Accounts payable 2,348 1,952
Interfund transfers payable -- --
-------- --------
Total liabilities 2,348 1,952
-------- --------
NET ASSETS AVAILABLE FOR BENEFITS $669,341 $679,575
======== ========
</TABLE>
15
<PAGE> 16
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
MONEY MARKET FUND
<TABLE>
<CAPTION>
MAY 31,
-----------------------
1995 1994
-------- --------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $153,996 $137,348
Collective investment trusts -- --
Guaranteed income contract -- --
Common stock, Comprehensive Care Corporation -- --
Participants' loans -- --
-------- --------
153,996 137,348
-------- --------
Receivables
Participants' contributions 1,958 7,395
Employer contributions 1,977 744
Accrued interest 803 477
Interfund transfers -- 1,478
-------- --------
4,738 10,094
-------- --------
Total assets 158,734 147,442
-------- --------
LIABILITIES
Accounts payable 504 358
Interfund transfers payable -- --
-------- --------
Total liabilities 504 358
-------- --------
NET ASSETS AVAILABLE FOR BENEFITS $158,230 $147,084
======== ========
</TABLE>
16
<PAGE> 17
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
INTERMEDIATE BOND FUND
<TABLE>
<CAPTION>
MAY 31,
-----------------------
1995 1994
-------- --------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ -- $ 7,746
Collective investment trusts -- 106,669
Guaranteed income contract -- --
Common stock, Comprehensive Care Corporation -- --
Participants' loans -- --
-------- --------
-- 114,415
-------- --------
Receivables
Cash receivable from sale of investments 85,083 --
Participants' contributions 1,168 5,546
Employer contributions 970 441
Accrued interest -- 19
Interfund transfers -- 97
-------- --------
87,221 6,103
-------- --------
Total assets 87,221 120,518
-------- --------
LIABILITIES
Accounts payable 360 392
Interfund transfers payable -- --
-------- --------
Total liabilities 360 392
-------- --------
NET ASSETS AVAILABLE FOR BENEFITS $ 86,861 $120,126
======== ========
</TABLE>
17
<PAGE> 18
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
PARTICIPANT LOAN FUND
<TABLE>
<CAPTION>
MAY 31,
----------------------
1995 1994
--------- ---------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $ --- $ 321
Collective investment trusts --- ---
Guaranteed income contract --- ---
Common stock, Comprehensive Care Corporation --- ---
Participants' loans 43,103 113,923
-------- --------
43,103 114,244
-------- --------
Receivables
Participants' contributions --- ---
Employer contributions --- ---
Accrued interest --- ---
Interfund transfers --- ---
-------- --------
--- ---
-------- --------
Total assets 43,103 114,244
-------- --------
LIABILITIES
Accounts payable --- ---
Interfund transfers payable --- 6,035
-------- --------
Total liabilities --- 6,035
-------- --------
NET ASSETS AVAILABLE FOR BENEFITS $ 43,103 $108,209
======== ========
</TABLE>
18
<PAGE> 19
NOTE 3- INVESTMENTS (CONTINUED)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
INSURANCE AND TRANSFER FUND
<TABLE>
<CAPTION>
MAY 31,
---------------
1995 1994
------ ------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $--- $ 938
Collective investment trusts --- ---
Guaranteed income contract
--- ---
Common stock, Comprehensive Care Corporation --- ---
Participants' loans --- ---
---- ------
--- 938
---- ------
Receivables
Participants' contributions --- 851
Employer contributions --- ---
Accrued interest --- 3
Interfund transfers --- ---
---- ------
--- 854
---- ------
Total assets --- 1,792
---- ------
LIABILITIES
Accounts payable --- 851
Interfund transfers payable --- 941
---- ------
Total liabilities --- 1,792
---- ------
NET ASSETS AVAILABLE FOR BENEFITS $--- $ ---
==== ======
</TABLE>
19
<PAGE> 20
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DEFERRED CONTRIBUTION FUND
<TABLE>
<CAPTION>
MAY 31,
-------------------
1995 1994
-------- --------
<S> <C> <C>
ASSETS
Investments, at fair value
Cash and cash equivalents $90,500 $108,100
Collective investment trusts --- ---
Guaranteed income contract --- ---
Common stock, Comprehensive Care Corporation --- ---
Participants' loans --- ---
------- --------
90,500 108,100
------- --------
Receivables
Participants' contributions --- ---
Employer contributions --- ---
Accrued interest 476 376
Interfund transfers --- ---
------- --------
476 376
------- --------
Total assets 90,976 108,476
------- --------
LIABILITIES
Accounts payable --- 282
Interfund transfers payable --- ---
-------- --------
Total liabilities --- 282
-------- --------
NET ASSETS AVAILABLE FOR BENEFITS $ 90,976 $108,194
======== ========
</TABLE>
20
<PAGE> 21
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
COMPCARE STOCK FUND
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
-------------------------------
1995 1994 1993
-------- --------- ---------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation (depreciation) in
fair value of investments $ 2,846 $ 1,124 $(25,067)
Interest and dividends --- 30 2
------- -------- --------
2,846 1,154 (25,065)
------- -------- --------
Contributions
Participants --- --- ---
Employer --- --- ---
------- -------- --------
--- --- ---
------- -------- --------
Total additions 2,846 1,154 (25,065)
------- -------- --------
DEDUCTIONS
Benefits paid 3,534 24,162 17,513
Insurance premiums --- --- ---
Administrative expenses 78 99 713
Interfund transfers 1,238 (13,496) 416
------- -------- --------
Total deductions 4,850 10,765 18,642
------- -------- --------
NET DECREASE IN NET ASSETS AVAILABLE FOR
BENEFITS (2,004) (9,611) (43,707)
NET ASSETS AVAILABLE FOR BENEFITS, beginning
of year 14,082 23,693 67,400
------- -------- --------
NET ASSETS AVAILABLE FOR BENEFITS, end of year
$12,078 $ 14,082 $ 23,693
======= ======== ========
</TABLE>
21
<PAGE> 22
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
GUARANTEED INCOME FUND
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
--------------------------------------
1995 1994 1993
---------- ---------- ----------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation (depreciation) in
fair value of investments $ --- $ --- $ ---
Interest and dividends 85,801 107,744 111,588
---------- ---------- ----------
85,801 107,744 111,588
---------- ---------- ----------
Contributions
Participants 111,314 117,069 214,854
Employer 13,200 5,620 ---
---------- ---------- ----------
124,514 122,689 214,854
---------- ---------- ----------
Total additions 210,315 230,433 326,442
---------- ---------- ----------
DEDUCTIONS
Benefits paid 250,218 462,269 436,617
Insurance premiums --- --- ---
Administrative expenses 7,833 8,306 14,448
Interfund transfers (54,669) (41,074) 2,266
---------- ---------- ----------
Total deductions 203,382 429,501 453,331
---------- ---------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS AVAILABLE FOR
BENEFITS 6,933 (199,068) (126,889)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 1,141,365 1,340,433 1,467,322
---------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $1,148,298 $1,141,365 $1,340,433
========== ========== ==========
</TABLE>
22
<PAGE> 23
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
EQUITY INDEX FUND
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
--------------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $120,110 $ 26,287 $ 91,668
Interest and dividends --- 369 1,175
-------- -------- --------
120,110 26,656 92,843
-------- -------- --------
Contributions
Participants 91,462 108,941 159,582
Employer 9,483 4,287 ---
-------- -------- --------
100,945 113,228 159,582
-------- -------- --------
Total additions 221,055 139,884 252,425
-------- -------- --------
DEDUCTIONS
Benefits paid 207,332 148,607 189,907
Insurance premiums --- --- ---
Administrative expenses 6,528 5,958 8,366
Interfund transfers 17,428 1,426 (31,094)
-------- -------- --------
Total deductions 231,288 155,991 167,179
-------- -------- --------
NET INCREASE (DECREASE) IN
NET ASSETS AVAILABLE FOR
BENEFITS (10,233) (16,107) 85,246
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 679,575 695,682 610,436
-------- -------- --------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $669,342 $679,575 $695,682
======== ======== ========
</TABLE>
23
<PAGE> 24
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
MONEY MARKET FUND
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
--------------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation (depreciation) in
fair value of investments $ --- $ --- $ ---
Interest and dividends 8,154 7,101 10,468
-------- -------- --------
8,154 7,101 10,468
-------- -------- --------
Contributions
Participants 36,049 42,151 151,275
Employer 4,153 1,798 ---
-------- -------- --------
40,202 43,949 151,275
-------- -------- --------
Total additions 48,356 51,050 161,743
-------- -------- --------
DEDUCTIONS
Benefits paid 40,424 122,119 113,151
Insurance premiums --- --- ---
Administrative expenses 1,296 1,486 4,725
Interfund transfers (4,507) 12,920 65,895
-------- -------- --------
Total deductions 37,213 136,525 183,771
-------- -------- --------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 11,143 (85,475) (22,028)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 147,084 232,559 254,587
-------- -------- --------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $158,227 $147,084 $232,559
======== ======== ========
</TABLE>
24
<PAGE> 25
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
INTERMEDIATE BOND FUND
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
--------------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation in fair value of
investments $ 7,764 $ 1,402 $ 10,597
Interest and dividends --- 303 473
-------- -------- --------
7,764 1,705 11,070
-------- -------- --------
Contributions
Participants 22,990 36,235 45,499
Employer 2,411 1,093 ---
-------- -------- --------
25,401 37,328 45,499
-------- -------- --------
Total additions 33,165 39,033 56,569
-------- -------- --------
DEDUCTIONS
Benefits paid 43,189 67,405 39,754
Insurance premiums --- --- ---
Administrative expenses 1,265 1,371 1,678
Interfund transfers 21,975 (8,336) (14,587)
-------- -------- --------
Total deductions 66,429 60,440 26,845
-------- -------- --------
NET INCREASE (DECREASE) IN
NET ASSETS AVAILABLE FOR
BENEFITS (33,264) (21,407) 29,724
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 120,126 141,533 111,809
-------- -------- --------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 86,862 $120,126 $141,533
======== ======== ========
</TABLE>
25
<PAGE> 26
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
PARTICIPANT LOAN FUND
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
-------------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation (depreciation) in
fair value of investments $ --- $ --- $ ---
Interest and dividends 4,967 8,049 11,743
-------- -------- --------
4,967 8,049 11,743
-------- -------- --------
Contributions
Participants --- --- ---
Employer --- --- ---
-------- -------- --------
--- --- ---
-------- -------- --------
Total additions 4,967 8,049 11,743
-------- -------- --------
DEDUCTIONS
Benefits paid 73,449 29,902 22,581
Insurance premiums --- --- ---
Administrative expenses --- 492 ---
Interfund transfers (3,376) 32,991 (38,006)
-------- -------- --------
Total deductions 70,073 63,385 (15,425)
-------- -------- --------
NET INCREASE (DECREASE) IN
NET ASSETS AVAILABLE FOR
BENEFITS (65,106) (55,336) 27,168
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 108,209 163,545 136,377
-------- -------- --------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 43,103 $108,209 $163,545
======== ======== ========
</TABLE>
26
<PAGE> 27
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
INSURANCE AND TRANSFER FUND
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
----------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation (depreciation) in $ --- $ --- $ ---
fair value of investments
Interest and dividends --- 978 43
----- ----- -----
--- 978 43
----- ----- -----
Contributions
Participants 1,967 6,274 9,653
Employer --- --- ---
----- ----- -----
1,967 6,274 9,653
----- ----- -----
Total additions 1,967 7,252 9,696
----- ----- -----
DEDUCTIONS
Benefits paid --- 182 ---
Insurance premiums 1,967 6,077 9,582
Administrative expenses --- 4 ---
Interfund transfers --- 989 114
----- ----- -----
Total deductions 1,967 7,252 9,696
----- ----- -----
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS --- --- ---
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year --- --- ---
----- ----- -----
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ --- $ --- $ ---
===== ===== =====
</TABLE>
27
<PAGE> 28
NOTE 3 - INVESTMENTS (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DEFERRED CONTRIBUTION FUND
<TABLE>
<CAPTION>
YEARS ENDED MAY 31,
--------------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
ADDITIONS
Investment income
Net appreciation (depreciation) in $ --- $ --- $ ---
fair value of investments
Interest and dividends 5,131 4,467 5,080
-------- -------- --------
5,131 4,467 5,080
-------- -------- --------
Contributions
Participants --- --- ---
Employer --- --- ---
-------- -------- --------
--- --- ---
-------- -------- --------
Total additions 5,131 4,467 5,080
-------- -------- --------
DEDUCTIONS
Benefits paid --- --- ---
Insurance premiums --- --- ---
Administrative expenses 516 996 ---
Interfund transfers 21,832 14,580 14,996
-------- -------- --------
Total deductions 22,348 15,576 14,996
-------- -------- --------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS (17,217) (11,109) (9,916)
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 108,194 119,303 129,219
-------- -------- --------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 90,977 $108,194 $119,303
======== ======== ========
</TABLE>
28
<PAGE> 29
NOTE 4 - STOCK SPLIT
In October 1994, the Company made a one for ten reverse stock split on
the Company's issued and outstanding stock.
29
<PAGE> 30
SUPPLEMENTAL SCHEDULES
30
<PAGE> 31
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
SUPPLEMENTAL SCHEDULE
MAY 31, 1995
PLAN #001
FEIN #: 95-2594724
ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<TABLE>
<CAPTION>
(c)DESCRIPTION OF INVESTMENT INCLUDING
(a) (b)IDENTITY OF ISSUE BORROWER, MATURITY DATE, RATE OF INTEREST, (e)CURRENT
LESSOR OR SIMILAR PARTY COLLATERAL, PAR OR MATURITY VALUE (d)COST VALUE
------- --------------------------- ------------------------------------- ---------- ----------
<S> <C> <C> <C> <C>
Comprehensive Care Corporation Common Stock, 23,788 Shares $ 84,726 $ 9,182
Boatmen's Employee Benefit Money Market, 4.3% $ 244,724 $ 244,724
Short Term Fund
Hartford Life Insurance Company Guaranteed Investment Contract, Various $1,132,100 $1,132,100
Rates
Participant Loans Participant Loans, 7.75% - 8.75% $ 43,103 $ 43,103
</TABLE>
See Independent Auditor's Report and the accompanying notes to the financial
statements
31
<PAGE> 32
COMPREHENSIVE CARE CORPORATION 401(k) PLAN
SUPPLEMENTAL SCHEDULE
MAY 31, 1995
PLAN #001
FEIN #: 95-2594724
ITEM 27(d) - SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
<TABLE>
<CAPTION>
h)Current
Value of
Asset on
a)Identity of Party c)Purchase d)Selling e)Lease f)Expense g)Cost of Transaction i)NetGain
Involved b)Description Of Asset Price Price Rental Incurred Asset Date or (Loss)
- -------------------- ----------------------- ---------- --------- ------- --------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Boatmen's Bank, Money Market, 4.3%, 211 $533,091 $ --- $--- $--- $533,091 $533,091 $ ---
Boatmen's Employee Purchases
Benefit Short-Term
Fund
Boatmen's Bank, Money Market, 4.3%, 162 $ --- $570,146 $--- $--- $570,146 $570,146 $ ---
Boatmen's Employee Sales
Benefit Short-Term
Fund
Boatmen's Trust Co., Common Trust, 20 $ 26,468 $ --- $--- $--- $ 26,468 $ 26,468 $ ---
Collective Employee Purchases
Benefit Trust Fund J
Boatmen's Trust Co., Common Trust, 20 Sales $ --- $140,796 $--- $--- $133,137 $140,796 $ 7,659
Collective Employee
Benefit Trust Fund J
Boatmen's Trust Co., Common Trust, 20 $105,190 $ --- $--- $--- $105,190 $105,190 $ ---
Collective Employee Purchases
Benefit Trust Fund I
Boatmen's Trust Co., Common Trust, 15 Sales $ --- $842,497 $--- $--- $722,777 $842,497 $119,720
Collective Employee
Benefit Trust Fund I
</TABLE>
See Independent Auditor's Report and the accompanying notes to the financial
statements
32
<PAGE> 33
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: March 13, 1996
33
