Newport Beach, CA, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Pacific Health Care Organization, Inc., (the "Company") (OTCQB: PFHO) today announced its financial results for the second quarter ended June 30, 2013.
Quarterly Results
The Company reported net income of $288,543, or $0.36 per basic and fully diluted share for the second quarter ended June 30, 2013 compared to net income of $186,382, or $0.23 per basic and fully diluted share, for the second quarter ended June 30, 2012. For the first six months of 2013, the Company reported net income of $492,428 or $0.61 per basic and fully diluted share, compared to net income of $342,753 or $0.43 per basic and fully diluted share for the first six months of 2012.
Total revenues for the second quarter 2013 were $1,592,608, compared to $1,123,911 for the same period in 2012, an increase of $468,597 or 42 percent. For the first six months of 2013, the Company recorded total revenue of $2,976,718 compared to total revenues of $2,189,368 for the same period in 2012, an increase of $787,350, or 36 percent.
Cash provided by operations increased to $382,259 during the six months ended June 30, 2013, from $143,531 for the same period in 2012, an increase of $238,839 or 166 percent.
"We are encouraged by the effects of our strategic planning and believe that we are now beginning to reap the benefits of expanding our marketing efforts in the form of solid growth in revenues. With our achievements in our second quarter we should yield satisfactory results in the remaining quarters of the year. Of course, we cannot be certain that our growth rate will continue at the current rate and we continue to simplify and align our operations to better adapt to market fluctuations," commented Tom Kubota, chief executive officer.
About Pacific Health Care Organization, Inc.
The Company is a specialty workers' compensation managed care company providing a range of services primarily to California employers and claims administrators. Workers' compensation costs continue to increase due to rising medical costs, inflation, fraud and other factors. Medical and indemnity costs associated with workers' compensation in the state of California are billions of dollars annually. The Company's focus goes beyond the medical cost of claims, its goal is to reduce the entire cost of the claim, including medical, legal and administrative costs. Through its wholly-owned subsidiaries, the Company provides a range of effective workers' compensation cost containment services, including but not limited to , Health Care Organizations, Medical Provider Networks, HCO + MPN, Workers' Compensation Carve-Outs, Utilization Review, Medical Bill Review, and Nurse Case Management.
"Safe Harbor" Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. Statements regarding the Company's current expectations, estimates and projections reflect certain beliefs and assumptions made by management based on currently available information, all of which are beyond the Company's control and subject to change. Such forward-looking statements include, but are not limited to statements regarding the Company's results of operations, including the benefits of the Company's expanded marketing efforts, anticipated future growth, the Company's ability to sustain growth rates and the Company's business plans and expansion efforts. These forward-looking statements are not guarantees of future results and by their nature involve substantial risks, uncertainties and assumptions that could cause the Company's actual results to differ materially and adversely from those expressed in any forward-looking statement depending on a variety of factors, many of which are not within the Company's control. These factors include but are not limited to economic conditions generally and in the industry in which the Company and its customers participate; competition within the industry, including competition from much larger competitors; legislative requirements or changes which could render the Company's services less competitive or obsolete; the failure to successfully develop new services and/or products or to anticipate current or prospective customers' needs; price increases or employee limitations; and delays, reductions, or cancellations of contracts previously entered. The Company hereby qualifies all its forward-looking statements by these cautionary statements and undertakes no obligation to amend this report or revise publicly these forward looking statements (other than pursuant to reporting obligations imposed on registrants pursuant to the Securities Exchange Act of 1934, as amended) to reflect subsequent events or circumstances.
To view the annual, quarterly and current reports and other information the Company files with the U.S. Securities and Exchange Commission go to: http://www.sec.gov/
Pacific Health Care Organization, Inc.
1201 Dove Street, Suite 300
Newport Beach, California 92660
(949) 721-8272