LAGUNA NIGUEL, Calif., Feb. 28, 2007 (PRIME NEWSWIRE) -- OptimumCare Corporation (Pink Sheets:OPMC), a behavioral healthcare and temporary staffing services provider, today reported that the company had a profitable 2006 operating year.
For the three months ended December 31, 2006, with all figures unaudited, net revenues from continuing operations were $1,719,589, compared with revenues of $2,300,000 in the fourth quarter of the prior year. For the 12 months ended December 30, 2006, revenues were $7,519,588, compared with $10,100,000 in the prior 12 month period.
Pretax profits for the fourth quarter ended December 31, 2006, amounted to $141,000, or $.02 pretax income per fully diluted share, compared with pretax profit of $42,000 for the prior year fourth quarter. Pretax profits for the 12 months ended December 31, 2006, were $618,052, or approximately $.09 per fully diluted share, compared with pretax profit of $1,651,or $.00 per share, for the same period in 2005.
"OptimumCare enters 2007 with a well defined business plan," said Edward A. Johnson, Chairman & CEO. "The contract staffing segment, the temporary health care worker staffing segment, and the owned out patient clinic are operating profitably. We continue to identify reductions in our overhead cost structure, and see good growth in our staffing business, and out patient clinic."
Johnson noted that revenues for 2006 included $250,000 attributable to a settlement fee from a behavioral healthcare contract that was not renewed. He also pointed out that the year 2006 did not reflect certain discontinued operations included in revenues for the 2005 year. Included in these discontinued operations, he said, was the company's Heartline nurse staffing program, which was popular but unprofitable.
Created in 1987, OptimumCare Corporation provides healthcare services in two industry segments. The Behavioral Health Management Division provides management teams to client hospitals and medical centers on a long-term contract basis to run inpatient and outpatient behavioral health services. The Temporary Health Care Staffing Division provides temporary, social workers and other professionals to a broad base of medical and healthcare client sites.
Certain of the statements made herein constitute forward-looking statements that involve risks and uncertainties, including the risks associated with plans, the effects of changing economic and competitive conditions, government regulation which may affect facilities, licensing, healthcare reform which may affect payment 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.