United American Healthcare Corporation Announces Fiscal 2009 Second Quarter Results
Posted on: Thursday, 5 February 2009, 15:00 CST
Revenues decreased
For the first six months of fiscal 2009, revenues fell
"We have largely completed the transition of our TennCare business to new
managed care organizations, resulting in a sizable reduction in our revenue
base," said
UAHC-TN's Medicare Advantage "Special Needs Plan" (MA-SNP) business
comprised 50 percent of the Company's total revenue in the fiscal 2009 second
quarter. MA-SNP medical premiums revenues were
The Company previously reported that on
Management expects to incur substantial expenses related to the impending
TennCare contract discontinuance. The net loss is estimated in the range of
As of
"We will continue managing prudently in this transition to the discontinuance of UAHC-TN's TennCare contract," concluded Brooks. "In the face of these immediate challenges, as well as the broader challenges in the overall economy, the Company's management team and board continue to take actions to reduce expenses and conserve cash until a final decision is made concerning the strategic options available to the Company."
Fiscal 2009 Second Quarter Conference Call
United American Healthcare Corporation will host a conference call at
Participation in the call's question-and-answer session will be limited to institutional investors and analysts. Individual investors and retail brokers are invited to listen via a live webcast. To listen, please go to the investor section of the Company's website at www.uahc.com. The webcast will be archived on the United American Healthcare website for 90 days from the date of the call.
About United American Healthcare Corporation
United American Healthcare Corporation (UAHC) is a full-service healthcare
management company that pioneered the delivery of healthcare services to
Medicaid recipients since 1985. UAHC owns and manages UAHC Health Plan, which
is based in western
United American Healthcare Corporation Safe Harbor Statement
Forward-looking statements by United American Healthcare Corporation, including those in this announcement, involve known and unknown risks, which may cause actual results and corporate developments to differ materially from those expected. Factors that could cause results and developments to differ materially from expectations include, without limitation, the effects of state and federal regulations, the effects of acquisitions and divestitures, and other risks described from time to time in each of United American Healthcare's SEC reports, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and reports on Form 8-K.
United American Healthcare Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) Three Months Ended Six Months Ended December 31, December 31, 2008 2007 2008 2007 Revenues Fixed administrative fees $ 1,173 $ 3,677 $ 4,596 $ 7,383 Variable administrative fees 944 280 944 280 Medical premiums 2,395 2,707 5,257 4,789 Interest and other income 274 384 482 784 Total revenues 4,786 7,048 11,279 13,236 Expenses Medical expenses 2,267 2,551 4,790 4,415 Marketing, general and administrative 3,692 4,089 7,331 8,280 Depreciation and amortization 56 51 117 91 Loss on disposal of fixed assets 135 - 135 - Total expenses 6,150 6,691 12,373 12,786 Earnings (loss) from operations before income taxes (1,364) 357 (1,094) 450 Income tax expense - 101 80 121 Net earnings (loss) $ (1,364) $ 256 $ (1,174) $ 329 Net earnings (loss) per common share - basic Net earnings (loss) per common share $ (0.16) $ 0.03 $ (0.13) $ 0.04 Weighted average shares outstanding 8,728 8,612 8,731 8,636 Net earnings (loss) per common share - diluted Net earnings (loss) per common share $ (0.16) $ 0.03 $ (0.13) $ 0.04 Weighted average shares outstanding 8,728 8,778 8,731 8,797 United American Healthcare Corporation and Subsidiaries CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) December 31, June 30, 2008 2008 (Unaudited) Assets Current assets Cash and cash equivalents $ 6,025 $ 10,713 Marketable securities 10,624 8,774 Accounts receivable - State of Tennessee, net 1,900 1,093 Interest receivable 282 551 Other receivables 318 374 Prepaid expenses and other 310 299 Total current assets 19,459 21,804 Property and equipment, net 211 472 Marketable securities 7,618 7,514 Restricted assets 421 421 Other assets 586 586 Total assets $ 28,295 $ 30,797 Liabilities and Shareholders' Equity Current liabilities Medical claims payable $ 2,060 $ 2,563 Accounts payable and accrued expenses 1,353 1,726 Accrued compensation and related benefits 525 896 Accrued rent 117 90 Other current liabilities 858 1,183 Total current liabilities 4,913 6,458 Total liabilities 4,913 6,458 Commitments and contingencies Shareholders' equity Preferred stock, 5,000,000 shares authorized; none issued Common stock, no par, 15,000,000 shares authorized; 8,689,520 and 8,734,214 issued and outstanding at December 31, 2008 and June 30, 2008, respectively 18,499 18,558 Paid in capital - stock options 1,334 1,153 Warrants 444 444 Retained earnings 3,087 4,261 Accumulated other comprehensive income (loss), net of deferred federal income taxes 18 (77) Total shareholders' equity 23,382 24,339 Total liabilities and shareholders' equity $ 28,295 $ 30,797SOURCE United American Healthcare Corporation
Source: PR Newswire
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