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UCI Medical Affiliates, Inc. Reports Third Quarter Results for Fiscal Year 2010
Date:8/16/2010

COLUMBIA, S.C., Aug. 16 /PRNewswire-FirstCall/ -- UCI Medical Affiliates, Inc. (Pink Sheets: UCIA) today announced that it had filed its Quarterly Reports on Form 10-Q for the quarter ended June 30, 2010.

Revenues for the quarter ended June 30, 2010 were $21,041,896, an increase of $1,777,429, or 9.23% over revenues of $19,264,467 for the quarter ended June 30, 2009.  Net income was $1,854,361, or $0.19 per share, for the quarter ended June 30, 2010 compared to net income of $491,031 or $0.05 per share, for the quarter ended June 30, 2009.

Revenues for the nine month period ended June 30, 2010 were $65,025,434, an increase of $6,908,342, or 11.89% over revenues of $58,117,092 for the nine month period ended June 30, 2009.  Net income was $2,819,990, or $0.28 per share, for the nine month period ended June 30, 2010 compared to net income of $1,866,374 or $0.19 per share, for the nine month period ended June 30, 2009.

Net income for the quarter and nine month period ended June 30, 2010 was materially impacted by the recovery of misappropriation losses of $2,732,840 (pre-tax).  The recovery, which consisted of an insurance settlement related to the fraudulent activities of our former Chief Financial Officer, Jerry F. Wells, Jr., increased net income for the quarter and nine month period ended June 30, 2010 by approximately $1,700,000 (after tax).  The recovery of misappropriation losses (pre-tax) for the quarter and nine month period ended June 30, 2009 was $78,884 and $664,306, respectively.  The recoveries increased net income (after tax) by approximately $48,000 and $408,000 for the quarter and nine month period ended June 30, 2009.

President and Chief Executive Officer, Michael Stout, MD, stated, "We continue to be pleased with our revenue growth in the quarter and for the nine months ended June 30, 2010.  The new centers we
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SOURCE UCI Medical Affiliates, Inc.
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