NEWPORT BEACH, Calif., May 12, 2016 (GLOBE NEWSWIRE) -- Pacific Health Care Organization, Inc., (the “Company”) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the “Commission”) its quarterly report on Form 10Q announcing its financial results for the quarter ended March 31, 2016.
Quarterly Results
The Company reported total revenue of $1,309,161 for the quarter ended March 31, 2016, compared with total revenue of $2,369,098 for the quarter ended March 31, 2015.
The Company reported net income of $96,126 or $0.12 per basic and fully diluted share for the first quarter 2016, compared to net income of $508,241 or $0.64 per basic and fully diluted share for the first quarter 2015.
Net cash provided by operations was $597,024 during the three months ended March 31, 2016 compared to $297,687 for the same period in 2015. The Company’s cash balance at March 31, 2016 and December 31, 2015, was $4,427,185 and $3,834,924, respectively.
About Pacific Health Care Organization, Inc.
The Company is a specialty workers’ compensation managed care company providing a range of services primarily to California employers and claims administrators. Workers’ compensation costs continue to increase due to rising medical costs, inflation, fraud and other factors. Medical and indemnity costs associated with workers’ compensation in the state of California are billions of dollars annually. The Company’s focus goes beyond medical cost, with the goal of reducing the entire cost of the claim, including medical, legal and administrative costs. Through its wholly-owned subsidiaries, the Company provides a range of effective workers’ compensation cost containment services, including but not limited to, Health Care Organizations, Medical Provider Networks, HCO + MPN, Workers’ Compensation Carve-Outs, Utilization Review, Medical Bill Review, Nurse Case Management, Lien Representation, Legal Support Services and Medicare Set Aside Services.
“Safe Harbor” Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. Forward-looking statements are based on management’s current judgment, expectations, estimates, projections and assumptions about future events. While management believes these assumptions are reasonable, such statements are not guarantees of future results and involve certain risks and uncertainties which are difficult to predict. Therefore, actual results and trends may differ materially from what is forecast in any forward-looking statement due to a variety of factors. Additional information regarding these factors, such as the potential loss of one or more key customers, is contained in the Company’s filings with the Commission, including without limitation, its annual report on Form 10-K and its quarterly reports on Form 10-Q.
All forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
To view the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2016 filed with the Commission and the Company’s annual, quarterly and current reports and other information the Company files with or furnishes to the Commission go to: http://www.sec.gov. You may also view our annual report on Form 10-K on our website at http://www.pacifichealthcareorganization.com.
Pacific Health Care Organization, Inc.
1201 Dove Street, Suite 300
Newport Beach, California 92660
(949) 236-8925
Website: http://www.pacifichealthcareorganization.com
Contact: Fred Odaka – CFO
Email: fodaka@medexhco.com