First-quarter fiscal 2010 results announced by Continucare

Continucare Corporation (NYSE Amex: CNU) today reported financial results for its first quarter of fiscal 2010. Financial highlights for the quarter and other recent events include:

• Total revenue of $76.0 million, a 17% increase compared to $65.1 million for the same period last year;
• Income from operations of $8.6 million, a 116% increase compared to $4.0 million for the same period last year;
• Net income of $5.3 million, or $0.09 per diluted share, as compared to $2.5 million, or $0.04 per diluted share, for the same period last year; and
• Expansion of service offerings through the launch of Seredor Corporation, a new sleep diagnostic center subsidiary.

Continucare’s cash and cash equivalents increased to $22.8 million at September 30, 2009 from $13.9 million at June 30, 2009, while working capital increased to $29.8 million at September 30, 2009 from $25.5 million at June 30, 2009. Total liabilities declined to $13.6 million at September 30, 2009 compared to $14.1 million at June 30, 2009. Shareholders’ equity was $116.9 million at September 30, 2009 compared to $111.2 million at June 30, 2009.

“We are extremely pleased with our first quarter results,” said Richard C. Pfenniger, Jr., Continucare’s Chairman and Chief Executive Officer. “Record revenues, improved utilization outcomes and operating efficiencies resulted in a 113% increase in net income. During the quarter we also continued to strengthen our financial position as evidenced by higher quarter-ending cash and working capital balances. Also, during the quarter we added an important new dimension to our business with the launch of Seredor Corporation and the acquisition of our first sleep diagnostic centers.”

SOURCE Continucare Corporation