Printer Friendly

PHYSICIAN CORPORATION OF AMERICA'S SECOND QUARTER EARNINGS RISE SHARPLY

 MIAMI, Aug. 2 /PRNewswire/ -- Net income of Physician Corporation of America (NASDAQ: PCAM) for the second quarter ended June 30, 1993 rose to $9.4 million, or $.53 per share compared to a loss of $1.2 million, or an $.08 per share loss for the same period in 1992, the managed care company announced today.
 Second quarter revenues increased 55 percent to $124.6 million from $80.3 million a year ago.
 Net income for the six months ended June 30 was $17.2 million or $1.06 per share, compared to $2.6 million or $.17 per share, for the first half of 1992. Revenues for the first six months of 1993 increased to $245.4 million from $156.4 million from the preceding year.
 Total HMO membership increased 26 percent to 337,000 for June 1993, vs. 265,000 for June 1992 which was the primary factor behind the significant rise in revenues.
 On Aug. 1, 1993, the company enrolled 22,000 Medicaid members in its Austin, Texas plan under a pilot program for the state of Texas to bring managed care to the Medicaid population. As a result, approximately half of PCA's total membership of 370,000 for August 1993 are Medicaid members.
 The second quarter 1993 earnings per share computation is based upon 17,713,000 fully diluted shares outstanding which includes the 2,625,000 shares of common stock sold through a public offering in the second quarter of 1993.
 Physician Corporation of America provides comprehensive health care services through its health maintenance organizations located in Florida and Texas. The company's HMOs cover commercial groups and individuals as well as beneficiaries of government programs.
 PHYSICIAN CORPORATION OF AMERICA
 SUMMARY FINANCIAL RESULTS
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (In thousands except per share data and operating statistics)
 Revenues $124,556 $80,338 $245,419 $156,370
 Operating
 income (loss) $15,063 ($582) $28,634 ($969)
 Net earnings
 (loss) $9,389 ($1,221) $17,232 $2,558
 Earnings per
 share:
 Primary $0.53 ($0.08) $1.06 $0.17
 Fully diluted $0.53 ($0.08) $1.04 $0.17
 Shares used in:
 Primary 17,593,782 14,938,858 16,210,161 14,938,858
 Fully
 diluted 17,713,884 14,938,858 16,550,183 14,938,858
 Current ratio --- --- 1.34 to 1.00 .74 to 1.00
 Total assets --- --- $196,726 $93,576
 Medical
 loss ratio 72.3 pct. 86.7 pct. 72.6 pct. 87.1 pct.
 Administrative
 ratio 15.0 pct. 14.1 pct. 15.2 pct. 13.8 pct.
 Period end
 membership:
 Commercial --- --- 174,233 164,342
 Medicare --- --- 8,503 1,873
 Medicaid --- --- 153,998 99,001
 --- --- 336,734 265,216
 -0- 8/2/93
 /CONTACT: Kamal Hamid, financial analyst of Physician Corporation of America, 305-267-6223/
 (PCAM)


CO: Physician Corporation of America ST: Florida IN: HEA INS SU: ERN

AW-RC -- FL001 -- 8143 08/02/93 08:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 2, 1993
Words:496
Previous Article:IMF MANAGING DIRECTOR ISSUES STATEMENT AT CONCLUSION OF MONETARY NEGOTIATIONS IN BRUSSELS
Next Article:HIT MOVIE 'THE LAWNMOWER MAN' COMING TO CD-ROM MARKETPLACE; PC AND MAC TITLE TO BE AVAILABLE FOURTH QUARTER '93
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters