Continucare reports 6% increase in third-quarter fiscal 2010 total revenues

Continucare Corporation (NYSE Amex: CNU) today reported financial results for its third quarter of fiscal 2010. Financial highlights for the quarter include:

“We are extremely pleased with our third quarter performance which represents our 12th consecutive quarter of year-over-year improvement”

• Total revenue of $80.3 million, a 6% increase compared to $75.4 million for the same period last year;
• Income from operations of $9.7 million, a 38% increase compared to $7.0 million for the same period last year;
• Net income of $5.9 million, a 36% increase compared to $4.3 million for the same period last year; and
• Earnings per diluted share increased to $0.09 compared to $0.07 per diluted share for the same period last year.

For the nine-months ended March 31, 2010, total revenue increased 12% to $231.5 million compared to $206.0 million for the same period last year. Income from operations during the nine-month period increased 59% to $27.0 million compared to $17.0 million for the same period last year. Net income for the nine-month period increased 57% to $16.5 million, or $0.27 per diluted share, compared to $10.5 million, or $0.17 per diluted share, for the same period last year.

Continucare's cash and cash equivalents increased to $32.8 million at March 31, 2010 compared to $13.9 million at June 30, 2009, while working capital increased to $42.8 million at March 31, 2010 compared to $25.5 million at June 30, 2009. Total liabilities were $15.9 million at March 31, 2010 compared to $14.1 million at June 30, 2009. Shareholders' equity was $130.0 million at March 31, 2010 compared to $111.2 million at June 30, 2009.

"We are extremely pleased with our third quarter performance which represents our 12^th consecutive quarter of year-over-year improvement," said Richard C. Pfenniger, Jr., Continucare's Chairman and Chief Executive Officer. "Record revenues and improved utilization outcomes yielded an improved medical loss ratio and increased operating profits. Continued strong operating results further strengthened our financial position as evidenced by our quarter-end cash and working capital positions which were at record levels and our balance sheet which remained virtually free of long-term indebtedness."