LAGUNA NIGUEL, Calif., June 14, 2011 (GLOBE NEWSWIRE) -- OptimumCare Corporation (Pink Sheets:OPMC), a behavioral healthcare and temporary staffing services provider, today reported that the company achieved profitability in the first three months of 2011.
For the three months ended ending March 31, 2011, with all figures unaudited, net revenues from continued and discontinued operations were $903,667, compared with revenues of $976,558 for the prior year's quarter.
Pretax profits for the first quarter ended March 31, 2011 amounted to $85,705, a 26 percent increase in profit compared with pretax profit of $67,766 in the prior year's quarter.
The company attributed the increase in profits to cost cutting measures and concentrating on higher margin clients.
Both the staffing division and Friendship Community Mental Health Center operated profitably for the quarter.
Mr. Ed Johnson, CEO & Chairman of the board has noted that Friendship Community Mental Health Center, continues to explore the option of opening another location in the continually growing Phoenix behavioral healthcare marketplace.
Mr. Johnson has stated that considering the current OPMC stock price and current market conditions, OptimumCare Corporation will be purchasing up to 1,000,000 shares of OPMC stock depending on market conditions.
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.