Newport Beach, CA, Aug. 14, 2019 (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 10-Q announcing its financial results for the periods ended June 30, 2019.
Results
The Company reported net income of $248,704, or $0.08 per basic and fully diluted common share for the second quarter ended June 30, 2019, compared to net income of $325,154, or $0.10 per basic and fully diluted common share for the second quarter ended June 30, 2018. For the first six months of 2019 the Company reported net income of $563,267 or $0.18 per basic and fully diluted common share, compared to net income of $724,835 or $0.23 per basic and fully diluted common share for the first six months of 2018.
Total revenues for the second quarter 2019 were $1,815,319 compared to $1,661,517 for the same period in 2018, an increase of $153,802 or 9 percent. For the first six months of 2019 the Company recorded total revenue of $3,598,757 compared to total revenues of $3,244,826 for the same period in 2018, an increase of $353,931 or 11 percent.
Net cash provided by operating activities was $495,356 during the six months ended June 30, 2019, compared to $760,254 during the six months ended June 30, 2018, a decrease of $264,898 or 35 percent. Cash balance at June 30, 2019, and December 31, 2018, was $7,552,616 and $7,072,507, respectively.
About Pacific Health Care Organization, Inc.
The Company specializes in workers’ compensation cost containment. The Company’s business objective is to deliver value to its clients that reduces their workers’ compensation related medical claims expense in a manner that will assure that injured employees receive high quality healthcare that allows them to recover from injury and return to gainful employment without undue delay. 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. 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, Medical Case Management, Lien Representation, Legal Support 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 June 30, 2019, filed with the Commission today and the Company’s annual, quarterly and current reports and other information the Company files with the U.S. Securities and Exchange 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.