Aug 16 2010
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 opened in the latter part of fiscal year 2009 added significantly to our revenue growth in the quarter and nine month period. During the remainder of the year our goal is to reduce our operating expenses and focus on improving our operating margins. In addition we will maintain our pursuit of opportunities to expand our business through the opening of additional centers."
Joe Boyle, Executive Vice President and Chief Financial Officer, stated, "During the quarter ended June 30, 2010, and as previously reported, we settled our insurance claim related to fraudulent activities of our former Chief Financial Officer. We are pleased that the settlement represents further closure of the distractions and challenges we have faced since discovery of his fraudulent activities in December 2008. The settlement also enhances our cash resources which we have accumulated over the past twenty months. During the remainder of fiscal year 2010 we will continue to work on the improvement of our cost controls and to deploy our cash resources in the expansion of our core business."
Source:
UCI Medical Affiliates, Inc.