Pacific Health Care Organization, Inc. Reports Third Quarter 2013 Results
14 Novembre 2013 - 6:40PM
Pacific Health Care Organization Inc., (the "Company") (OTCQB:
PFHO) today announced its financial results for the third quarter
ended September 30, 2013.
Quarterly Results
The Company reported net income of $333,042, or $0.42 per basic
and fully diluted share for the third quarter ended September 30,
2013 compared to net income of $186,573, or $0.23 per basic and
fully diluted share, for the third quarter ended September 30,
2012. For the first nine months of 2013, the Company reported net
income of $825,470 or $1.03 per basic and fully diluted share,
compared to net income of $529,326 or $0.66 per basic and fully
diluted share for the first nine months of 2012.
Total revenues for the third quarter 2013 were $1,703,570,
compared to $1,326,801 for the same period in 2012, an increase of
$376,769 or 28 percent. For the first nine months of 2013,
the Company recorded total revenue of $4,680,288 compared to total
revenues of $3,516,169 for the same period in 2012, an increase of
$1,164,119, or 33 percent.
Cash provided by operations increased to $470,823 during the
nine months ended September 30, 2013, from $107,746 for the same
period in 2012, an increase of $363,077 or 337 percent.
Cash balance at September 30, 2013 and 2012 was $933,109 and
$407,754 respectively.
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 the claim, 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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