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United American Healthcare Corporation Announces Fiscal 2009 Second Quarter Results
Date:2/5/2009

the comparable period in the prior year. The expense reduction was the result of a $1.0 million decrease in marketing, general and administrative expenses, partially offset by an increase in medical expenses in the six months ended Dec. 31, 2008. As a result, the Company reported a net loss for the first half of fiscal 2009 of $1.2 million, or $0.13 per share, compared with net income of $0.3 million, or $0.04 per share, in the first half of fiscal 2008.

"We have largely completed the transition of our TennCare business to new managed care organizations, resulting in a sizable reduction in our revenue base," said William C. Brooks, president and CEO of United American Healthcare. "With lower revenues, our disciplined efforts to control expenses and conserve resources will be even more critical as we move closer to the expiration of UAHC-TN's TennCare contract on June 30, 2009."

UAHC-TN's Medicare Advantage "Special Needs Plan" (MA-SNP) business comprised 50 percent of the Company's total revenue in the fiscal 2009 second quarter. MA-SNP medical premiums revenues were $2.4 million, while medical expenses for MA-SNP decreased to $2.3 million. The percentage of such medical expenses to medical premiums revenues - the "medical loss ratio" - was 81.2% for the quarter. As of January 30, 2009, there were approximately 719 enrollees in UAHC-TN's Medicare Advantage Special Needs Plan.

The Company previously reported that on April 22, 2008, UAHC-TN learned that it will no longer have a TennCare contract to serve Medicaid beneficiaries in the West Grand Region of Tennessee when its current TennCare contract expires. UAHC-TN's TennCare contract represented 44.2 percent of the Company's total revenues for the fiscal 2009 second quarter. UAHC-TN's TennCare members transferred to other managed care organizations on Nov. 1, 2008. UAHC-TN will perform its remaining contractual obligations through its TennCare
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SOURCE United American Healthcare Corporation
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