LAGUNA NIGUEL, Calif., March 23, 2009 (GLOBE NEWSWIRE) -- OptimumCare Corporation (Pink Sheets:OPMC), a behavioral healthcare and temporary staffing services provider, today reported fourth quarter and full year 2008 financial results, and said the company achieved pretax profitability in 2008 compared with a loss in 2007.
Chairman & CEO Edward A. Johnson also announced that given the company's current stock price, and market conditions, OptimumCare's Board of Directors has approved the repurchase of up to 1,000,000 shares of stock in open market transactions during the current year.
For the fourth quarter ended Dec. 31, 2008, with all figures unaudited, net revenues from continued and discontinued operations amounted to $1,165,878, compared with net revenues of $1,289,895 in the 2007 fourth quarter.
For the year ended December 31, 2008, with all figures unaudited, net revenues from continued and discontinued operations were $4,847,309, compared with revenues of $5,872,333 in the prior year. Total expenses amounted to $4,797,144.
Unaudited pretax net profits for all of 2008 amounted to $105,860, compared with a loss of $156,115 in the prior year.
Commenting on the year, Mr. Johnson said both the company's temporary healthcare worker staffing segment and the owned outpatient clinic both continued to operate profitably. He noted that, as in the prior year, the last quarter of the 2008 year was also affected by a reduction in the temporary staffing business, because of the generally traditional slowdown in the medical business during the holidays.
The CEO also said that Friendship Community Mental Health Center, a wholly owned subsidiary of OptimumCare, is continuing 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.