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

nsolidated MER decreased from 87.9% in the first half of 2007 to 87.7% in the first six months of 2008. The MER for the PSN business segment was 86.9% in the first six months of both 2008 and 2007. The HMO's MER decreased to 90.5% in the six months ended Junes 30, 2008 compared to 92.4% for the same period in 2007.

Balance Sheet Highlights:

Cash and equivalents at June 30, 2008 totaled $37.5 million as compared to $38.7 million at December 31, 2007. The company had a working capital surplus that increased to approximately $35.1 million at quarter end, compared to a surplus of approximately $29.2 million as of December 31, 2007. The mid-year adjustments totaling approximately $6.6 million discussed above were accrued at June 30 and subsequently received in July. The company has no outstanding debt and stockholders' equity totaled $42.4 million at June 30, 2008.

Sale of the HMO:

As announced on June 30, the company is selling its HMO to Humana for an estimated $14 million, the transaction expected to close by October 1, 2008. In the transaction, the company is retaining the opportunity to provide care for the HMO's customers, today numbering about 7,400. Metropolitan Health Networks is transitioning the HMO's business into its core PSN, or Provider Service Network, business and is significantly expanding its relationship and opportunity with Humana in the 13 counties in which the HMO operates. The company expects to work in conjunction with Humana in exploring new opportunities in additional counties.

In the course of analyzing the proposed sale of the HMO, the company developed a range of projections regarding its future operating performance after giving effect to the proposed sale of the HMO and Metropolitan's entry into new risk provider agreements with Humana. Based upon these projections, the company believes that the sale of the HMO and the new risk provider agreements offer it an opportunity to immediately improve upon its po
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SOURCE Metropolitan Health Networks, Inc.
Copyright©2008 PR Newswire.
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