First American Health Concepts reports 32 percent rise in revenues.PHOENIX--(BUSINESS WIRE)--Oct. 11, 1996--First American Health American Health Inc. is a company that manufactures health supplements. It is located in Holbrook, New York. One of its products is labeled the "Chewable Original Papaya Enzyme" with the attached registered trademark, "The 'After Meal Supplement'". Concepts Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FAHC FAHC Fletcher Allen Health Care FAHC Filipino Association for Health Careers FAHC Finnish/American Heritage Center FAHC Fully Allocated Historical Costs ) reported a 32 percent increase in revenues for the fourth quarter ended July July: see month. 31, 1996, fueled by a year-long investment in people and technology that has resulted in lower net earnings. FAHC, which markets and administers third-party managed vision care plans nationwide under the trade name Eye Care Plan of America (ECPA (Electronic Communications Privacy Act of 1986) Signed into law in 1986, the ECPA extends legal protection against wiretapping and other forms of unauthorized interception to e-mail, cellular telephones, pagers, computer transmissions and communications ), reported revenues of $1,551,000 for the quarter, compared to $1,172,000 in the prior year. Net income for the quarter was $74,000 or $.03 per share on 2,554,000 equivalent shares outstanding compared with $133,000 or $.05 per share for the same period in fiscal 1995. For the fiscal year ended July 31, 1996, revenues increased 22 percent to a record $5,678,000 compared to $4,657,000 a year earlier. Net income was $359,000 or $.14 per share on 2,565,000 equivalent shares compared to $668,000 or $.25 per share a year ago. FAHC chairman John W. Heidt said, "Management and the board remain confident the previously announced investments in quality assurance activities, integrated managed care information systems and sales infrastructure, resulting in short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. earnings sacrifices, will pay off in higher revenues and earnings growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. . Benefits are already being felt through an improved competitive position and increased sales activity." "ECPA's insured and self-funded plans are the fastest growing segment of our business," FAHC president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John A. Raycraft said. "We expect new enrollments to accelerate as plan sponsors recognize our ability to provide significant cost-containment, quality and accessibility in ECPA benefit plans." Revenues from the company's non-insured vision care plans increased 20 percent over 1995 reflecting the continuing popularity of those plans among value-conscious employers and consumers. FAHC's overall financial condition and liquidity remain strong with nearly $4.2 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . Working capital exceeds $3.7 million. Total assets were $6.7 million at July 31, 1996, up six percent from $6.3 million at July 31, 1995. FAHC serves nearly 10 million members, an estimated 24 million people including dependents, and maintains the largest provider network of its type. -0-
First American Health Concepts Inc.
Financial Highlights
Fourth Quarter recap Fiscal 1996 Fiscal 1995
Revenues $1,551,000 $1,172,000
Operating Expenses $1,464,000 $1,050,000
Net Income $ 74,000 $ 133,000
Net Income Per Share $0.03 $0.05
Fiscal Year recap Fiscal 1996 Fiscal 1995
Revenues $5,678,000 $4,657,000
Operating Expenses $5,297,000 $3,822,000
Net Income $ 359,000 $ 668,000
Net Income Per Share $0.14 $0.25
CONTACT: Charlotte Buchen Communications, Phoenix 602/952-8050 |
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