Correction - Metropolitan Health Networks, Inc.Business Editors WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 20, 2002 In the news release, Metropolitan Health Networks, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: MDPA MDPA Minnesota Data Practices Act - News) Announces Third Quarter Results, moved over Business Wire on November 18, 2002, Metropolitan Health Networks, Inc. announces that the second paragraph should read: "The Company's revenues for the third quarter of 2002 were $37.7 million, an increase of 17% compared to $32.3 million for the same period in 2001. The Company reported a net loss of $2.0 million, or $0.06 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the third quarter of 2002, compared to a net income of $1,326,685 or $0.04 per diluted share for the same period in 2001. Included in the third quarter results were non-recurring losses on the disposal of MDPA's clinical laboratory totaling $1.3 million, or $0.04 per diluted share, which was previously discussed in its second quarter filing. The Company reported an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $310,000 for the third quarter of 2002. Revenues for its Provider Service Network (PSN (Packet-Switched Network) A communications network that uses packet switching technology. PSN - Packet Switch Node ) increased to $34.2 million in the third quarter of 2002 from $31.8 million in the comparable period for 2001. In addition, Metcare Rx., the Company's pharmacy division, showed continued growth, with revenue of $3.4 million for the third quarter compared to $486,000 for the same period last year." Rather than: "The Company's revenues for the third quarter of 2002 increased 17% over the prior year, from $32.3 million to $37.7 million. The Company reported a net loss of $2.0 million, or $0.19 per diluted share, including a non-recurring loss on the disposal of its clinical laboratory of $1.3 million, or $0.05 per diluted share, which was previously discussed in its second quarter filing and reported a loss from operations of $310,000. Revenues for its Provider Service Network (PSN) increased to $34.2 million in the third quarter of 2002 from $31.8 million in the comparable period for 2001. In addition, Metcare Rx., the Company's pharmacy division, showed continued growth, with revenue of $3.4 million for the third quarter compared to $486,000 for the same period last year" as originally issued. About Metropolitan Health Networks, Inc. METCARE is a growing healthcare organization in Florida. The Company currently provides healthcare services for approximately 45,000 patients and is part of a Network of physicians serving more than a million people from Miami to Daytona Beach Daytona Beach (dātō`nə), city (1990 pop. 61,921), Volusia co., NE Fla., on the Atlantic coast and Halifax River (a lagoon); inc. 1876. Center of a rapidly urbanizing area, in a region settled by Spanish Franciscans in the 17th cent. on Florida's East Coast. Metcare Rx Pharmacy Services provides comprehensive pharmacy benefits management programs and service to medical groups managed care organizations, long-term care facilities long-term care facility n. See skilled nursing facility. and outpatient hospital pharmacies A hospital pharmacy is concerned with pharmacy service to all types of hospital and differs considerably from a community pharmacy. Some pharmacists in hospital pharmacies may have more complex clinical medication management issues whereas pharmacists in community . Metcare Rx's integrated approach is designed to provide clients with programs and services that will allow them to deliver quality pharmaceutical care in a cost-effective manner. To learn more about Metropolitan Health Networks, Inc., please visit its website at www.metcare.com Certain statements contained in this news release, which are not based on historical facts, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as the term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, and are subject to uncertainties and risks in part detailed in the company's Securities and Exchange Commission SB-2, 10-K, 10-Q and 8-K filings, that may cause actual results to materially differ from projections. Although Metropolitan Health Networks, Inc. believes its expectations are reasonable assumptions within the bounds of its knowledge of its businesses and operations; there can be no assurance that actual results will not differ materially from their expectations. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the company's ability to continue as a going concern; the fact that the company has not achieved positive cash flows; volatility of the company's stock and price; the ability to raise funds for working capital and acquisitions; access to borrowed or equity capital on favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms and finalizing. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this report will, in fact, occur. |
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