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United American Healthcare Corporation Announces Fiscal 2010 First Quarter Results
Date:11/16/2009

DETROIT, Nov. 16 /PRNewswire-FirstCall/ -- United American Healthcare Corporation (Nasdaq: UAHC) today announced financial results for the Company's fiscal first quarter ended Sept. 30, 2009.

Revenues for the first quarter were $1.8 million, down $4.5 million, or 72 percent, compared with revenues of $6.3 million for the first quarter of the prior fiscal year. The decline was primarily the result of the complete transfer of TennCare enrollees served by the Company's subsidiary, UAHC Health Plan of Tennessee (UAHC-TN), to other managed care organizations on Nov. 1, 2008, and the discontinuance of UAHC-TN's Medicaid managed care services as a TennCare contractor. The decrease in revenues was also attributable to the decrease in enrollment and associated revenue from the Company's Medicare Advantage Special Needs Plan (MA-SNP).

Total expenses decreased $2.9 million, or 46 percent, to $3.3 million in the fiscal 2010 first quarter, compared with total expenses $6.2 million in the prior fiscal year's first quarter. The decrease was primarily related to reduced medical expenses, as well as lower marketing, general and administrative expenses in the quarter. For the first quarter of fiscal 2010, the Company reported a net loss of $1.6 million, or ($0.19) per share, compared with earnings of $0.2 million, or $0.02 per share, in the comparable quarter a year ago. The loss in the most recent quarter was primarily the result of the loss of TennCare revenue, partially offset by the reduction in expenses.

"United American Healthcare continues to move through a period of transition marked by the winding down of our MA-SNP business at the end of calendar 2009," said William C. Brooks, President and CEO of United American Healthcare. "Even as our revenues cease, we must still contend with the remaining medical expenses
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SOURCE United American Healthcare Corporation
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