LAGUNA NIGUEL, Calif., Dec. 1, 2009 (GLOBE NEWSWIRE) -- OptimumCare Corporation (Pink Sheets:OPMC), a behavioral healthcare and temporary staffing services provider, today reported on financial results for its third quarter.
For the three months ended Sept. 30, 2009, with all figures unaudited, net revenues from continued and discontinued operations were $827,431, compared with revenues of $1,135,765 in the third quarter of the prior year.
Pretax loss for the third quarter ended Sept. 30, 2009 amounted to $84,008, compared with a pretax loss of $66,705 in the prior year's quarter.
For the nine months ended Sept. 30, 2009, with all figures unaudited, net revenues from continued and discontinued operations totaled $2,838,337, compared with $3,682,430 in the first nine months of 2008.
Pretax loss for the first nine months of 2009 amounted to $154,514, compared with a pretax profit of $206,568 in the same period last year.
Commenting on performance in the most recent quarter, Chairman & CEO Edward A. Johnson said the company's California-headquartered temporary healthcare worker staffing segment, as well as the Arizona-owned outpatient clinic, both underperformed operating expectations.
"To counter this trend," said Johnson, "we have made significant reductions in operating expenses for our staffing business. Meanwhile, the increase in the number of unemployed is creating more demand for our services in our Phoenix outpatient facility, as more people become eligible for Medicare and other government programs. We are seeing this development in our fourth quarter, which began Oct. 1, 2009."
Given these developments, the CEO said, 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 as such opportunities present themselves in coming quarters.
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.