LAGUNA NIGUEL, Calif., May 8, 2009 (GLOBE NEWSWIRE) -- OptimumCare Corporation (Pink Sheets:OPMC), a behavioral healthcare and temporary staffing services provider, today announced its financial results for the 2009 first quarter.
For the three months ended March 31, 2009, with all figures unaudited, net revenues from continued and discontinued operations were $938,511, compared with revenues of $1,146,381 in the first quarter of the prior year. There was a pretax loss for the 2009 first quarter of $117,813, compared with pretax profit of $59,691 in the prior year's quarter.
"The company's temporary healthcare worker staffing segment and the owned outpatient clinic both underperformed our expectations for the quarter," said Chairman & CEO Edward A. Johnson in explaining developments in the quarter. He said there were several extraordinary expenses that impacted first quarter results -- primarily taxes and insurance expenses -- that will not be repeated throughout the remainder of the 2009 year.
The CEO also noted 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. Mr. Johnson also restated that given the company's current stock price, and current market conditions, OptimumCare's Board of Directors has approved repurchasing up to 1,000,000 shares of company stock in open market transactions during the remainder of the year.
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.