Newsletter Articles | April 30, 1990
Accounting Errors Plague Charter
OPEN MINDS The Behavioral Health & Social Service Industry Analyst
Industry News
Charter Medical Corporation revealed on March 15, 1990 that it had discovered internal accounting errors (underreporting of bad debt, contractual allowances, and expenses) made knowingly by some of the companys managers. Subsequently, Charter posted a $67 million loss on revenues of $475.2 million for the quarter ended March 31, the companys largest loss since going private in 1988. The year earlier, the company had a $14.6 million loss on revenue of $397.3 million.</p . . .
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