CRC's 10Q, June 2010 (They admit the fuckery)

[Pile of Dead Kids]

http://ir.10kwizard.com/filing.php?ipag ... ource=1321

CRC's Recovery division made money hand over fist these last three months, generating thirty million dollars (!) in net profit (before corporate headquarters, which took $8M) and paying down part of their colossal debt.

Its "Healthy Living" division, on the other hand, did not. CRC finally got around to admitting some of what we already knew: that its "Healthy Living" division isn't worth anywhere near what they valued it as. This quarter they admitted facts, and wrote down an intangible asset impairment of $18M and a goodwill impairment of ~$43.7M. (Since it was never a real asset to begin with, the write-down of such impairment isn't a real loss.) This probably displeased the stockholders, who found themselves with about $40M less in equity than they did last quarter. Of course, it means that the "Healthy Living" division, which lost them another ~$1.3M (in real money, not non-assets) this quarter, is easier to get rid of. They still have a lot more non-assets to write down, of course.

Bottom line: CRC's a mostly-profitable company that might actually be able to get out of debt, even with its enormous mistake of purchasing Aspen Education. This should be a lesson to any other large health conglomerate considering getting involved in this industry. If an organization as large and well-backed as CRC Health can't make money off this business, what makes you think it's a good investment? Forget unethical and inhuman; the teen torture business is unprofitable.

Anyone want to buy some land in Utah and make some golf courses (or, for extra irony, the world's largest skatepark) out of it? Wait another six months; CRC'll sell it to you for a song.

(Edit: Just so we're clear, "these three months" and "this quarter" refer to April-June. SEC filings are two months after it happens. No way around it, unless someone at CRC cares to divulge real-time data for the amusement of Fornits.)