COLUMBIA, S.C., Feb. 13 /PRNewswire-FirstCall/ -- UCI Medical Affiliates, Inc. (OTC Bulletin Board: UCIA) announced today that revenue for the quarter ended December 31, 2007 increased seven percent to $18,259,000 from $17,043,000 for the quarter ended December 31, 2006.
The Company reported pretax net income of $381,000 or $.04 per share for the quarter ended December 31, 2007, as compared to $1,356,000 or $.14 per share for the quarter ended December 31, 2006. The Company reported net income of $230,000 or $.02 per share for the quarter ended December 31, 2007, as compared to $844,000 or $.09 per share for the quarter ended December 31, 2006.
"UCI has produced another solid quarter, particularly in the face of a deteriorating economy. Our 59 offices produced revenue growth of seven percent, though our margins decreased as an expected result of this growth," said D. Michael Stout, M.D., President and Chief Executive Officer. "We take great pride in our enhanced position as the premier medical care delivery organization in South Carolina."
The Company's December 31, 2007 balance sheet reflects total assets of $30,507,000 as compared to $30,722,000 at September 30, 2007 while stockholders' equity at December 31, 2007 was $18,101,000 as compared to $17,871,000 at September 30, 2007.
"With the opening of our Carolina Forest office in November, we now have seven offices in the Grand Strand region," said Jerry F. Wells, Jr., CPA, Executive Vice President and Chief Financial Officer. "We are also pleased to announce the recent opening of our Florence office, which is allowing us to expand our services to reach even more patients in South Carolina."
UCI Medical Affiliates, Inc. provides non-medical management and administrative services for freestanding medical centers, which operate as Doctors Care, Progressive Physical Therapy Services, Luberoff Pediatrics and Carolina Orthopedic and Sports Medicine providing family care, urgent care, and occupational healthcare in 58 offices in South Carolina and one in Knoxville, Tennessee.
Certain of the statements contained in this Report on Form 10-Q that
are not historical facts are forward-looking statements subject to the safe
harbor created by the Private Securities Litigation Reform Act of 1995. We
caution readers of this Form 10-Q that such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements to be materially
different from those expressed or implied by such forward-looking
statements. Although our management believes that their expectations of
future performance are based on reasonable assumptions within the bounds of
their knowledge of their business and operations, we have no assurance that
actual results will not differ materially from their expectations. Factors
that could cause actual results to differ from expectations include, among
other things, (1) the difficulty in controlling our costs of providing
healthcare and administering our network of centers; (2) the possible
negative effects from changes in reimbursement and capitation payment
levels and payment practices by insurance companies, healthcare plans,
government payors and other payment sources; (3) the difficulty of
attracting primary care physicians; (4) the increasing competition for
patients among healthcare providers; (5) possible government regulations
negatively impacting our existing organizational structure; (6) the
possible negative effects of prospective healthcare reform; (7) the
challenges and uncertainties in the implementation of our expansion and
development strategy; (8) the dependence on key personnel; (9) adverse
conditions in the stock market, the public debt market, and other capital
markets (including changes in interest rate conditions); (10) the strength
of the United States economy in general and the strength of the local
economies in which we conduct operations may be different than expected
resulting in, among other things, a reduced demand for practice management
services; (11) the demand for our products and services; (12) technological
changes; (13) the ability to increase market share; (14) the adequacy of
expense projections and estimates of impairment loss; (15) the impact of
change in accounting policies by the Securities and Exchange Commission;
(16) unanticipated regulatory or judicial proceedings; (17) the impact on
our business, as well as on the risks set forth above, of various domestic
or international military or terrorist activities or conflicts; (18) other
factors described in this report and in our other reports filed with the
Securities and Exchange Commission; and (19) our success at managing the
risks involved in the foregoing.
Contact: Jerry F. Wells, Jr., CPA, Executive Vice President and Chief
UCI Medical Affiliates, Inc.
4416 Forest Drive
Columbia, South Carolina 29206
|SOURCE UCI Medical Affiliates, Inc.|
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