Printer Friendly

UNITED AMERICAN HEALTHCARE CORPORATION REPORTS RECORD EARNINGS IN THIRD QUARTER

 UNITED AMERICAN HEALTHCARE CORPORATION
 REPORTS RECORD EARNINGS IN THIRD QUARTER
 DETROIT, May 7 /PRNewswire/ -- United American Healthcare Corporation (NASDAQ: UAHC) today announced results for its third quarter ended March 31, 1992, which included a 37-percent gain in net income over the year-earlier quarter. Net earnings were $1,372,866, up from $998,826.
 Revenues for the quarter totaled $9,013,183, compared to $9,068,110 in the March 1991 quarter, reflecting a decline in CountyCare membership.
 Net earnings per share were 27 cents, up from 25 cents, despite a 27-percent increase in outstanding shares. There were 5,060,393 in this year's quarter and 3,980,393 in the year-earlier quarter as new shares were sold in the company's initial public offering in April 1991.
 Included in the third-quarter revenues was a 1992 Medicaid rate increase adjustment for OmniCare Health Plan in Michigan which resulted in a fee increase to the company, as earlier announced.
 For the nine months, net earnings were up 19 percent to $3,659,526 from $3,069,954. United American posted revenues of $27,244,819, up from $26,811,752.
 Per-share earnings were 72 cents on 5,060,393 shares. This compares to 77 cents with 3,980,393 shares outstanding in the year-earlier nine months.
 "Looking forward, we see two other potential revenue increases," said Dr. Julius V. Combs, M.D., chairman. "First, while the 1992 Medicaid rate has been increased, there has never been an adjustment for 1991 over 1990. This means that we could see a one-time retroactive payment to OmniCare to adjust for that and a resulting fee to the company," Dr. Combs said.
 "Second, although we have suspended participation in the CountyCare program, it is still possible that it will be reinstated through legislative action," he continued. "We have great confidence in the merits of the CountyCare program and believe that it will ultimately be acknowledged.
 "We feel that some of CountyCare's funding uncertainties have affected the price of United American's stock. We want to make it clear that, should these gains occur, they would come on top of a very solid revenue base, which was also bolstered in the third quarter by the new Third Party Administrator agreement with the Bing Group of Detroit.
 "We are actively pursuing additional TPA agreements which we believe will make significant additions to our revenues and net income and become an important part of our managed care business. TPA agreements are similar to the management services we provide to OmniCare Health Plan and Personal Physician Care of Ohio. We feel the stage has been set for a strong finish in the fourth quarter of our fiscal year," Dr. Combs concluded.
 United American Healthcare Corp. is a health care management company. UAHC provides a full range of services to two health maintenance organizations -- OmniCare Health Plan in Southeast Michigan and Personal Physician Care of Ohio, based in Cleveland -- and provides TPA services.
 UNITED AMERICAN HEALTHCARE CORPORATION AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited)
 Three Months Ended
 March 31,
 1992 1991
 Revenues
 Management fees from
 related parties $ 6,059,558 $ 5,691,408
 Product development
 fee from related party --- ---
 Wayne County capitation fees 2,722,897 3,277,142
 Interest and other 230,728 99,560
 Total revenues 9,013,183 9,068,110
 Expenses
 Salaries, fringe benefits
 and payroll taxes 2,508,421 2,232,868
 Promotion and advertising 690,274 944,261
 Depreciation and amortization 65,429 102,082
 General, administrative and
 other operating expenses 1,339,375 1,360,489
 Wayne County medical payments 2,321,758 2,929,584
 Total expenses 6,925,257 7,569,284
 Earnings before income
 tax expense 2,087,926 1,498,826
 Income tax expense (credit)
 Current 715,060 550,000
 Deferred --- (50,000)
 715,060 500,000
 Net earnings $ 1,372,866 $ 998,826
 Net earnings per common
 share $ .27 $ .25
 Shares Outstanding 5,060,393 3,980,393
 Nine Months Ended
 March 31,
 1992 1991
 Revenues
 Management fees from
 related parties $17,238,109 $16,630,265
 Product development
 fee from related party 612,098 ---
 Wayne County capitation fees 8,747,989 9,842,893
 Interest and other 646,623 338,594
 Total revenues 27,244,819 26,811,752
 Expenses
 Salaries, fringe benefits
 and payroll taxes 7,323,193 6,665,719
 Promotion and advertising 1,834,577 2,590,635
 Depreciation and amortization 269,403 304,369
 General, administrative and
 other operating expenses 3,942,370 4,410,155
 Wayne County medical payments 8,428,007 8,270,920
 Total expenses 21,797,550 22,241,798
 Earnings before income
 tax expense 5,447,269 4,569,954
 Income tax expense (credit)
 Current 1,787,743 1,550,000
 Deferred --- (50,000)
 1,787,743 1,500,000
 Net earnings $ 3,659,526 $3,069,954
 Net earnings per common
 share $ .72 $ .77
 Shares Outstanding 5,060,393 3,980,393
 Three Months Ended
 Medical Loss Ratio March 31,
 1992 1991
 OmniCare Health Plan 77 pct. 81 pct.
 Personal Physician Care 81 pct. 77 pct.
 Managed Care Enrollment March 31,
 1992 1991
 OmniCare Health Plan 95,276 96,481(a)
 Personal Physician Care 16,476 19,444
 CountyCare 11,361 14,106
 (a) -- Before any adjustment or reconciliation of state numbers to actual experience.
 -0- 5/7/92
 /CONTACT: Dr. Julius V. Combs, M.D., chairman and CEO, United American Healthcare Corporation, 313-874-2852; or Dixie Watterson, 708-564-5610, Bruce Marcus, 212-580-0703, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of The Investor Relations Company, for United American Healthcare Corporation/
 (UAHC) CO: United American Healthcare Corporation ST: Michigan IN: HEA SU: ERN


SM -- DE012 -- 7665 05/07/92 13:18 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 7, 1992
Words:950
Previous Article:AMERITECH SAYS MFJ BILL MASQUERADING AS POPULISM IS ANTI-CONSUMER AND ANTI-COMPETITIVE
Next Article:JOHN HANCOCK UNIT ACQUIRES PATRIOT; SIGNS PACT WITH NM CAPITAL MANAGEMENT, INC.
Topics:


Related Articles
UNITED HEALTHCARE REPORTS RECORD THIRD QUARTER REVENUE UP 41 PERCENT, NET EARNINGS UP 116 PERCENT
UNITED HEALTHCARE REPORTS RECORD THIRD QUARTER
UNITED AMERICAN HEALTHCARE CORPORATION ANNOUNCES STRONG FIRST-QUARTER RESULTS
UNITED AMERICAN HEALTHCARE CORPORATION REPORTS SECOND QUARTER RESULTS; SEES STRONG SECOND HALF
UNITED AMERICAN HEALTHCARE REPORTS EXPANSION AND DEVELOPMENT; WILL IMPACT THIRD QUARTER PROFIT
UNITED AMERICAN REPORTS HIGHER YEAR END RESULTS
UNITED AMERICAN HEALTHCARE ANNOUNCES THIRD QUARTER RESULTS; REVENUES UP 53% AND EPS UP 92%
UNITED HEALTHCARE REPORTS RECORD THIRD QUARTER; STRONG GROWTH CONTINUES: NET EARNINGS UP 47 PERCENT, ENROLLMENT UP 19 PERCENT
UNITED AMERICAN HEALTHCARE ANNOUNCES THIRD QUARTER RESULTS; REVENUES UP 64% AND EPS UP 31%
United American Healthcare Corporation Announces Fiscal 2008 Third Quarter Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters