Pacific Health Care Organization, Inc. Reports Second Quarter 2013 Results
14 Agosto 2013 - 8:12PM
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
Website: http://www.pacifichealthcareorganization.com/
CONTACT: Fred Odaka, CFO
fodaka@medexhco.com
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