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Metropolitan Health Networks Reports 2008 Second Quarter Results
Date:8/5/2008

r year period. The company's HMO realized a year to date segment loss of $3.3 million before allocated overhead and income taxes, which compares to a segment loss of $5.6 million before allocated overhead and income taxes for the same period last year. As discussed below, the Company has entered into a definitive agreement for the sale of its HMO. Corporate overhead for the first six months of 2008 totaled $4.9 million compared to $4.5 million for the same period in 2007.

Second Quarter Financial Highlights:

The company recognized revenue of $82.2 million for the second quarter as compared to $69.9 million in the 2007 second-quarter, a 17.6% increase. Net income for the 2008-second quarter was $3.7 million or $0.07 per share, diluted as compared to $1.5 million or $0.03 per share, diluted for the same quarter last year.

The company's PSN realized a segment gain of $8.9 million before allocated overhead and income taxes in the 2008 second-quarter. This compares to a segment gain of $6.6 million before allocated overhead and income taxes in the prior year's second quarter. The company's HMO realized a segment loss of $690,000 before allocated overhead and income taxes, which compares to a segment loss of $1.7 million before allocated overhead and income taxes in the second quarter of 2007. Corporate overhead for the second quarter totaled $2.3 million in both 2008 and 2007.

Customer Information:

The number of Medicare Advantage customers increased by 2,700 between June 2007 and June 2008 to 33,100 as of June 30, 2008. Total customers at June 30, 2008 for each of the Company's segments were approximately 25,700 for the core PSN business and 7,400 for the Medicare Advantage HMO launched mid-year 2005. Customer months, the combined total customers for each month of the measurement period, increased to 99,400 in the second quarter of 2008, up from 91,800 in the 2007 period.

Medical Expense Ratio Highlights:

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SOURCE Metropolitan Health Networks, Inc.
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