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Clear Choice Health Plans Releases Restated Financial Statements for the First and Second Quarters 2006 and Financial Results for Third Quarter 2006

Posted on: Thursday, 21 December 2006, 00:00 CST

Central Oregon Independent Health Services, Inc. ("Clear Choice Health Plans") announced today the release of its unaudited restated first and second quarter 2006 financial statements as well as its unaudited 2006 third quarter results of operations. As previously disclosed in its press release, dated September 20, 2006, the Company announced certain adjustments to its first and second quarter 2006 unaudited financial statements and that it would be restating these financial statements. These financial statements are available for review on the Clear Choice Health Plans' web page www.clearchoicehp.com; Click on investors; Click on the appropriate link under Investor Reports.

The first and second quarter 2006 financial statements have been restated, reflecting the following adjustments for the six months ended June 30, 2006: a reduction in total revenues for this period of approximately $1.4 million, an increase of expenses of approximately $1.7 million resulting in a reduction of pretax earnings for this period of approximately $3.1 million and a reduction for this period of approximately $1.9 million in net income for the six months ending June 30, 2006. As a result of these adjustments, the Company will report for the six month period ending June 30, 2006, total revenues of approximately $80.1 million, net income of approximately $5 million and earnings per share of approximately $2.72.

For the three months ending September 30, 2006, total revenues increased $7.1 million compared to the three months ending September 30, 2005. Net Income for the nine months ending September 30, 2006, decreased $1.5 million compared to the nine months ending September 30, 2005. Earnings per share decreased to $3.76 for the nine months ending September 30, 2006, compared to $4.69 for the nine months ending September 30, 2005.

About Clear Choice Health Plans

Clear Choice Health Plans emphasizes access to care with a full panel of physicians and hospitals, customer-focused service and comprehensive health insurance. The company offers a variety of Medicare Advantage and commercial health plans to groups, individuals, and families throughout Central, Eastern and the Columbia Gorge region of Oregon, as well as group plans and administrative services to employers throughout Oregon.

Safe Harbor Statement under the Securities Litigation Reform Act of 1995

Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. The words "believe,""estimate,""expect,""intend,""anticipate,""plan,""appears,""will," and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.

Source: Business Wire

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