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United American Healthcare Corporation Announces Fiscal 2010 Second Quarter Results
Date:2/16/2010

DETROIT, Feb. 16 /PRNewswire-FirstCall/ -- United American Healthcare Corporation (Nasdaq: UAHC) today announced financial results for the Company's fiscal second quarter ended Dec. 31, 2009.  

Revenues for the second quarter were $1.7 million, down $2.8 million, or 62 percent, compared with revenues of $4.5 million for the second 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 wind down of the Company's Medicare Advantage Special Needs Plan (MA-SNP), as the Medicare Advantage contract expired at the end of calendar 2009.

Total expenses decreased $3.3 million, or 53 percent, to $2.9 million in the fiscal 2010 second quarter, compared with total expenses of $6.2 million in the prior fiscal year's second quarter.  The decrease was primarily related to reduced medical expenses, as well as lower marketing, general and administrative expenses in the quarter.  For the second quarter of fiscal 2010, the Company reported a net loss of $1.1 million, or ($0.14) per share, compared with a net loss of '/>"/>

SOURCE United American Healthcare Corporation
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