Printer Friendly

UNITED AMERICAN HEALTHCARE CORPORATION REPORTS SECOND-QUARTER RESULTS, NEW PRODUCT INTRODUCTION

UNITED AMERICAN HEALTHCARE CORPORATION REPORTS SECOND-QUARTER RESULTS,
 NEW PRODUCT INTRODUCTION
 DETROIT, Jan. 30 /PRNewswire/ -- United American Healthcare Corporation (NASDAQ: UAHC) today announced results for the second quarter and half ended Dec. 31, 1991, along with OmniCarePlus, a new product developed for OmniCare Health Plan by UAHC.
 Revenues for the quarter totaled $9,309,382, compared to $9,465,527 in the December 1990 quarter. Net earnings in the recent quarter were $1,086,688, or 21 cents a share, with 5,060,393 shares outstanding. For the year-earlier period, the company posted net earnings of $1,172,768, or 29 cents a share, with 3,980,393 shares outstanding.
 For the half, UAHC reported revenues of $18,231,636, compared to $17,743,642 in the year earlier half. Net earnings in the recent half were $2,286,660, or 45 cents a share, with 5,060,393 shares outstanding. For the year-earlier period, UAHC reported net earnings of $2,071,128, or 52 cents a share, with 3,980,393 shares outstanding.
 The number of shares outstanding has increased substantially in the current fiscal year since 1,080,000 new shares were issued at the time of the company's initial public offering on April 23, 1991.
 "Now that OmniCarePlus was approved by the State of Michigan at the end of the year, we have begun marketing this new benefit developed by United American for OmniCare," said Julius V. Combs, chairman and chief executive officer. "The new benefit offers OmniCare members more choices and flexibility as they can choose to go outside the HMO provider network for many health services. We believe OmniCare will gain marketing strength as a result of this product.
 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. Through CountyCare, a program of Wayne County, Michigan, the company provides comprehensive health care services to approximately 12,000 general assistance recipients.
 UNITED AMERICAN HEALTHCARE CORPORATION AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF EARNINGS
 Three Months Ended
 Dec. 31,
 1991 1990
 (Unaudited)
 Revenues
 Management fees from
 related parties $5,556,608 $5,971,674
 Product development fee
 from related party 612,098 ---
 Wayne County capitation
 fees 2,914,907 3,351,112
 Interest and other 225,769 142,741
 Total revenues 9,309,382 9,465,527
 Expenses
 Salaries, fringe benefits
 and payroll taxes 2,450,170 2,292,401
 Promotion and advertising 725,267 1,009,773
 Depreciation and amortization 99,536 101,898
 General, administrative and
 other operating expenses 1,373,328 1,719,504
 Wayne County medical payments 3,074,110 2,604,353
 Total expenses 7,722,411 7,727,929
 Earnings before income
 tax expense 1,586,971 1,737,598
 Income tax expense 500,283 564,830
 Net earnings $1,086,688 $1,172,768
 Net earnings per common share $ .21 $ .29
 Shares outstanding 5,060,393 3,980,393
 Six Months Ended
 Dec. 31,
 1991 1990
 Revenues
 Management fees from
 related parties $11,178,551 $10,938,857
 Product development fee
 from related party 612,098 ---
 Wayne County capitation
 fees 6,025,092 6,565,751
 Interest and other 415,895 239,034
 Total revenues 18,231,636 17,743,642
 Expenses
 Salaries, fringe benefits
 and payroll taxes 4,814,772 4,432,851
 Promotion and advertising 1,144,303 1,646,374
 Depreciation and amortization 203,974 202,287
 General, administrative and
 other operating expenses 2,602,995 3,049,666
 Wayne County medical payments 6,106,249 5,341,336
 Total expenses 14,872,293 14,672,514
 Earnings before income
 tax expense 3,359,343 3,071,128
 Income tax expense 1,072,683 1,000,000
 Net earnings $2,286,660 $2,071,128
 Net earnings per common share $ .45 $ .52
 Shares outstanding 5,060,393 3,980,393
 -0- 1/30/92
 /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 PDT


SB -- DE010 -- 5199 01/30/92 11:28 EST
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:Jan 30, 1992
Words:724
Previous Article:SAVING THE OZONE LAYER: MERCEDES CONTINUING CFC PHASEOUT
Next Article:UTILITIES STATE OBJECTIONS TO STATE'S CLEAN AIR BILL
Topics:


Related Articles
UNITED AMERICAN REPORTS HIGHER YEAR END RESULTS
UNITED AMERICAN HEALTHCARE ANNOUNCESRECORD FIRST-QUARTER EARNINGS, REVENUES
UNITED HEALTHCARE REPORTS SECOND QUARTER NET EARNINGS GROWTH OF 20 PERCENT
UNITED HEALTHCARE REPORTS SECOND QUARTER EARNINGS EXPECTATIONS
IDX SYSTEMS CORPORATION REPORTS RECORD SECOND QUARTER RESULTS; COMPANY'S EARNINGS EXCEED THE STREET'S CONSENSUS ESTIMATE
United HealthCare Reports Second Quarter Earnings And Continued Record Enrollment Growth
United American Healthcare Reports 135% Increase in Revenues For Fourth Quarter
United HealthCare Corporation Reports First Quarter Earnings of $0.54 Per Share
United HealthCare Announces Second Quarter Results, Including Realignment Related Charges
United American Healthcare Corporation Announces Fiscal Second Quarter 2006 Results.

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