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United American Healthcare Corporation Announces Fiscal 2008 Third Quarter Results
Date:5/13/2008

DETROIT, May 13 /PRNewswire-FirstCall/ -- United American Healthcare Corporation (Nasdaq: UAHC), which owns and provides comprehensive management services to a full-service managed care organization in Tennessee, today announced financial results for its third fiscal quarter ended March 31, 2008.

Revenues increased 82 percent to $8.3 million for the third fiscal quarter ended March 31, 2008, compared with revenues of $4.6 million for the third quarter of the prior fiscal year. The increase in third fiscal quarter revenue is primarily attributable to medical premiums revenues of the Company's subsidiary, UAHC Health Plan of Tennessee (UAHC-TN), from its Medicare Advantage "Special Needs Plan" (MA-SNP), which comprised 35 percent of the Company's total revenues in the fiscal 2008 third quarter. The increase in MA-SNP revenues during the third fiscal quarter helped offset a 6 percent enrollment-related decrease in TennCare-related fixed administrative fee revenue from the prior fiscal year's third quarter. In addition, UAHC-TN had variable administrative revenues associated with the TennCare modified risk arrangement of $1.4 million in the fiscal 2008 third quarter. As of March 31, 2008, UAHC-TN's total enrollment was approximately 101,044 members, down from approximately 109,000 members a year earlier.

Total expenses increased 130 percent to $10.5 million in the fiscal 2008 third quarter, compared to $4.6 million in the prior fiscal year's third quarter, principally due to medical expenses related to UAHC-TN's MA-SNP, which was launched in Jan. 2007, and a goodwill impairment charge as discussed below.

On April 22, 2008, UAHC-TN learned that it will no longer have a TennCare contract to serve Medicaid beneficiaries in t
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SOURCE United American Healthcare Corporation
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