LAGUNA NIGUEL, Calif., Aug. 12, 2003 (PRIMEZONE) -- OptimumCare Corporation (OTCBB:OPMC), a behavioral healthcare and temporary staffing services provider, today announced that net revenues of $1,905,474 for the second quarter, ended June 30, 2003, were up 52%, compared with $1,255,595 in the same period last year, with temporary staffing services now representing 60% of revenues for the first six months of the year.
The company reported a net loss of $97,162 or $0.02 per diluted share. This compares with a reported net profit of $83,382 for the second quarter in 2002, which included a one time revenue item, and without that item the loss before income taxes for the 2002 second quarter would have been comparable to the current quarter.
For the six months ended June 30, 2003, net revenues were $3,326,953, with a loss of $0.03 per share, compared with revenues of $2,652,099, and a loss of $0.01 per share for the prior year six-month period.
"We are continuing to execute on our announced strategy of growing the revenues of OptimumCare through a combination of both internal growth and acquisitions in the temporary health care staffing field," said Edward A. Johnson, Chief Executive Officer. "Our contract services business continues to perform well, and we have an aggressive marketing program in place to selectively increase the number of our psychiatric program contracts."
Mr. Johnson added, "Our temporary health care worker staffing segment is growing through acquisition and internal growth, and represented roughly 60% of revenues for the first six months of 2003. We are experiencing quarter over quarter growth in our acquired temporary staffing business, and we will continue to acquire strategic staffing offices and business units. We are investing significant time and resources in the acquisition search process."
Created in 1987 to respond to opportunities presented by increasing utilization of behavioral health services, OptimumCare Corporation today provides a wide range of inpatient and outpatient behavioral health services through a network of affiliated hospitals and medical centers. In addition, the company has a growing presence in the temporary health care staffing business.
Certain of the statements made herein constitute forward-looking statements that involve risks and uncertainties, including risks associated with plans, the effects of changing economic and competitive conditions, government regulation which may affect facilities, licensing, healthcare reform which may affect payout amounts and timing, availability of sufficient working capital, program development efforts and timing, and market acceptance of new programs which may affect future sales growth and/or costs of operations. Additional information may be obtained by reviewing the Company's reports filed from time to time with the SEC.
SELECTED FINANCIAL RESULTS
(UNAUDITED)
Period Ending Six Months Six Months Three Months Three Months
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
Total Revenues $3,326,953 $2,652,099 $1,905,474 $1,255,595
Income (loss)
before taxes ($ 258,980) ($ 58,869) ($ 158,955) $ 143,483
Income (loss)
after taxes ($ 168,844) ($ 42,769) ($ 97,162) $ 83,382
Diluted Earnings
(loss) per
share ($ .03) ($ .01) ($ .02) $ .01
Total Assets $2,633,258 $ 2,754,122 $2,633,258 2,754,122
Shares used for
diluted earnings
per share 5,908,675 5,976,213 5,908,675 6,043,751