LAGUNA NIGUEL, Calif., Nov. 14, 2003 (PRIMEZONE) -- OptimumCare Corporation (OTCBB:OPMC), a behavioral healthcare and temporary staffing services provider, today announced a 28% gain net revenues from continuing operations in its third quarter, compared with the same period last year. It also reported that its growing temporary staffing services operations accounted for 54% of revenues in the first nine months of this year
For the quarter ended September 30, 2003, OptimumCare had net revenues from continuing operations of $1,596,755, compared with $1,249,023 in the third quarter of last year. The company had a net loss from continuing operations of $179,043 for the quarter, or $0.03 per fully diluted share, compared with a loss of $295,902, or $0.05 per fully diluted share, in the same period last year. In addition, in the quarter just ended, the company had a loss from discontinued operations of $471,877, or $0.08 per fully diluted share, resulting in a combined loss of $650,920, or $0.11 per fully diluted share. Management previously announced its decision to suspend operations in its Florida health care staffing offices.
For the nine months ended September 30, 2003, net revenues from continuing operations were $4,506,451, up nearly 16%, compared with revenues of $3,901,122 in the first nine months of last year. The company had a net loss from continuing operations of $291,425, or $0.05 per fully diluted share, compared with a net loss of $338,671, or $0.06 per share, for the prior year nine-month period. In addition, in the first nine months of this year, the company had a loss from discontinued operations of $528,340, or $0.09 per fully diluted share, resulting in a combined loss of $819,675, or $0.14 per fully diluted share.
"We believe that OptimumCare is well positioned for the current and future growth we are experiencing," said Edward A. Johnson, Chairman & CEO. "We are successfully growing revenues through a combination of both internal growth and acquisitions in the temporary health care staffing field. We also are aggressively reducing expenses, especially SG&A.
"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," Johnson added.
"The numbers reported this quarter reflect clearly the changes we are bringing to OptimumCare," the CEO continued. "All major indicators suggest continuing operations are moving in the direction we would like - revenues are up, costs are down, net loss is declining, and our balance sheet remains strong.
"Both the contract staffing segment and our temporary health care worker staffing segment are operating profitably going forward, and we have worked hard to reduce our overhead cost structure. We continue to see good growth quarter over quarter in our staffing business, and we will continue to acquire strategic staffing offices and business units," Johnson concluded.
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 Nine Nine Three Three
Months Months Months Months
September September September September
30, 30, 30, 30,
2003 2002 2003 2002
---------- ---------- ---------- ----------
Total Revenues $4,506.451 $3,901,122 $1,596,755 $1,249,023
Loss from continuing
operations before ($393,818) ($533,697) ($221,442) ($474,828)
taxes
Net Loss from
continuing
operations ($291,425) ($338,671) ($179,043) ($295,902)
after taxes
Loss from
discontinued
operations before ($713,973) 0 ($627,369) 0
taxes
Net Loss from
discontinued ($528,340) 0 ($471,877) 0
operations after
taxes
Net Loss ($819,765) ($338,671) ($650,920) ($295,902)
Diluted Loss per
share, Continuing ($.05) ($.06) ($.03) ($.05)
Operations
Diluted Loss per
share, Discontinued ($.09) 0 ($.08) 0
Operations
Diluted Net Loss per ($.14) ($.06) ($.11) ($.05)
share
Total Assets
Shares used for 5,908,675 5,908,675 5,908,675 5,908,675
diluted earnings per
share