United American Healthcare Corporation Announces Fiscal 2009 First Quart...( DETROIT Nov. 4 /- United American...),Health
DETROIT, Nov. 4 /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 fiscal first quarter ended Sept. 30, 2008.
Revenues increased five percent to $6.5 million for the first fiscal quarter ended Sept. 30, 2008, compared with revenues of $6.2 million for the first quarter of fiscal 2008. Total expenses increased two percent to $6.2 million in the fiscal 2009 first quarter, compared to $6.1 million in the prior fiscal year's first quarter. For the first quarter of fiscal 2009, the Company reported net income of $190,000, or $0.02 per basic share, compared with net income of $73,000, or $0.01 per basic share, in the comparable quarter a year ago. The increase was primarily due to an increase in Medicare Advantage "Special Needs Plan" (MA-SNP) revenue of the Company's subsidiary, UAHC Health Plan of Tennessee (UAHC-TN), and a decrease in marketing, general and administrative expenses due to the pending expiration of UAHC-TN's TennCare contract to serve Medicaid beneficiaries in the West Grand Region of Tennessee.
The increase in fiscal 2009 first quarter revenue helped to offset an eight percent decrease in TennCare-related fixed administrative fee revenue from the prior fiscal year's first quarter, principally due to a decrease in the number of UAHC-TN's TennCare enrollees. As of Sept. 30, 2008, UAHC-TN's total TennCare enrollment was 97,000 members, down from 107,000 members a year earlier.
"As we continued the transition of our TennCare business to new
providers, we maintained firm control over our expenses and utilization of
our assets
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