LAGUNA NIGUEL, Calif., Jan. 26, 2009 (GLOBE NEWSWIRE) -- OptimumCare Corporation (Pink Sheets:OPMC), a behavioral healthcare and temporary staffing services provider, today reported that the company achieved pretax profitability in the first nine months of 2008.
For the three months ended September 30, 2008, with all figures unaudited, net revenues from continued and discontinued operations were $1,135,765, compared with revenues of $1,334,100 in the third quarter of the prior year.
For the nine months ended September 30, 2008 net revenues were $3,681,431, compared with revenues of $4,578,891 in the same period in 2007.
Pretax profit for the nine month period was $97,342, up 16% from the prior year's $83,709.
Commenting on the quarter, Chairman & CEO Edward A. Johnson said the company's temporary healthcare worker staffing segment continued to operate profitably. He noted that the owned outpatient clinics operated at a slight loss for the quarter, primarily due to a reduction in utilization during the summer months.
Johnson also said that Friendship Community Mental Health Center, a wholly owned subsidiary of OptimumCare, continues to explore the option of opening another location in the continually growing Phoenix behavioral healthcare marketplace.
Created in 1987, OptimumCare Corporation provides healthcare services in two industry segments. The Behavioral Health Management Division provides management teams to client hospitals and medical centers on a long-term contract basis to run inpatient and outpatient behavioral health services. The Temporary Health Care Staffing Division provides temporary social workers and other professionals to a broad base of medical and healthcare client sites.
Certain of the statements made herein constitute forward-looking statements that involve risks and uncertainties, including the risks associated with plans, the effects of changing economic and competitive conditions, government regulation, which may affect facilities, licensing, healthcare reform, which may affect payment amounts and timing, availability of sufficient working capital, program development efforts and timing, and market acceptance of new programs, which may affect future sales growth and/or costs of operations.