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

p> CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Six Months Ended Three Months Ended

June 30, June 30,

2008 2007 2008 2007

(unaudited) (unaudited) (unaudited) (unaudited)

REVENUE: $158,225,536 $138,038,090 $82,211,038 $69,936,634

MEDICAL EXPENSE:

Medical claims

expense 132,450,182 115,810,183 67,213,177 58,316,918

Medical center

costs 6,389,936 5,479,700 3,238,402 2,788,620

Total Medical

Expense 138,840,118 121,289,883 70,451,579 61,105,538

GROSS PROFIT 19,385,418 16,748,207 11,759,459 8,831,096

OPERATING EXPENSES:

Payroll, payroll

taxes and benefits 7,014,102 6,703,455 3,261,665 3,376,485

Marketing and

advertising 1,600,527 2,031,701 232,424 422,432

General and

administrative 5,582,621 5,693,440 2,451,525 2,702,062

Total Operating

Expenses 14,197,250 14,428,596 5,945,614 6,500,979

OPERATING INCOME 5,188,168 2,319,611 5,813,845 2,330,117

OTHER INCOME (EXPENSE):

Interest income 225,917 707,245 144,850 326,015

Other income (expense) (6,416) (17,221) (9,279) (19,769)

Total other

income (expense) 219,501 690,024 135,571 306,246

INCOME BEFORE

INCOME TAX

EXPENSE 5,407,669 3,009,635 5,949,416 2,636,363

INCOME TAX EXPENSE: 2,041,048 1,250,400 2,244,898 1,105,400

NET INCOME $ 3,366,621 $1,759,235 $3,704,518 $1,530,963

NET EARNINGS PER

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SOURCE Metropolitan Health Networks, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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