United American Healthcare Corporation Announces Fiscal 2009 Second Quart... ( DETROIT Feb. 5 /- United American...)

United American Healthcare Corporation Announces Fiscal 2009 Second Quarter Results

Date:2/5/2009

DETROIT, Feb. 5 /PRNewswire-FirstCall/ -- United American Healthcare Corporation (Nasdaq: UAHC), which owns and provides comprehensive management services to a managed care organization in Tennessee, today announced financial results for its fiscal second quarter ended Dec. 31, 2008.

Revenues decreased $2.2 million, or 32 percent, to $4.8 million for the second quarter ended Dec. 31, 2008, compared with revenues of $7.0 million for the second quarter of the prior fiscal year. The decline was primarily the result of the transfer of members from the Company's subsidiary, UAHC Health Plan of Tennessee (UAHC-TN), to other service providers on Nov. 1, 2008 in advance of the impending expiration of UAHC-TN's TennCare contract to serve Medicaid beneficiaries in the West Grand Region of Tennessee. Total expenses decreased $0.5 million, or 8 percent, to $6.2 million in the fiscal 2009 second quarter, compared with $6.7 million in the prior fiscal year's second quarter. For the second quarter of fiscal 2009, the Company reported a net loss of $1.4 million, or ($0.16) per basic share, compared with net income of $0.3 million, or $0.03 per basic share, in the comparable quarter a year ago. The loss was primarily due to the decrease in revenue, partially offset by a decrease in marketing, general and administrative expenses due to the impending expiration of UAHC-TN's TennCare contract.

For the first six months of fiscal 2009, revenues fell $1.9 million, or 15 percent, to $11.3 million, compared with $13.2 million for the first six months of fiscal 2008. The change in revenues was primarily caused by the transfer of UAHC-TN's TennCare enrollees to other providers on Nov. 1, 2008. Total expenses for the first six months of fiscal 2009 decreased $0.4 million, or 3 percent, to $12.4 million, compared with $12.8 million for
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SOURCE United American Healthcare Corporation
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