LAGUNA NIGUEL, Calif., Feb. 11, 2010 (GLOBE NEWSWIRE) -- OptimumCare Corporation (Pink Sheets:OPMC), a behavioral healthcare and temporary staffing services provider, today announced fourth quarter and full year financial results for 2009.
For the three months ended December 31, 2009, with all figures unaudited, net revenues from continued and discontinued operations were $1,039,078, compared with revenues of $1,138,696 in the fourth quarter of the prior year.
Pretax profits for the fourth quarter ended December 31, 2009 amounted to $70,394, compared with a pretax loss of $180,151 in the year earlier quarter.
For the year ending December 31, 2009, with all figures unaudited, net revenues from continued and discontinued operations amounted to $3,885,952, compared with revenues of $4,820,127 for the prior year.
A pretax loss for the year ending December 31, 2009 amounted to $85,682, compared with a pretax loss of $80,874 in 2008.
"We're hopeful that certain improvements in the healthcare marketplace for our services, as well as continued attention to improving operating margins, will enable us to build upon the earnings momentum of the 2009 fourth quarter," said OptimumCare President & CEO Edward A. Johnson. He again 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.
"Bolstering that plan is the previously announced increase in the number of unemployed, which is creating more demand for our services in our Phoenix outpatient facility, as more people become eligible for Medicare and other government programs," Johnson reported.
Mr. Johnson also noted that given the company's current stock price, and current market conditions, OptimumCare's Board of Directors is still actively interested in repurchasing up to 1,000,000 shares of company stock in open market transactions when 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.