NEWPORT BEACH, Calif., March 30, 2015 (GLOBE NEWSWIRE) -- Pacific Health Care Organization, Inc., (the "Company") (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the "Commission") its annual report on Form 10-K announcing financial results for the fiscal year ended December 31, 2014.
Results
The Company reported total revenue of $9,462,995 for the year ended December 31, 2014 as compared with $6,573,106 of total revenue for the year ended December 31, 2013. The Company reported net income of $1,961,918 or $2.45 per basic and fully diluted share for the year ended December 31, 2014 as compared to net income of $1,232,577 or $1.54 per basic and fully diluted share for the year ended December 31, 2013.
Net cash provided by operating activities increased to $1,870,984 during the year ended December 31, 2014, compared to $808,205 for the same period in 2013, an increase of $1,062,779 or 131% percent. Cash at December 31, 2014 and 2013 was $2,946,025 and $1,265,535, respectively.
About Pacific Health Care Organization, Inc.
The Company is a specialty workers' compensation managed care company providing a range of services primarily to California employers and claims administrators. Workers' compensation costs continue to increase due to rising medical costs, inflation, fraud and other factors. Medical and indemnity costs associated with workers' compensation in the state of California are billions of dollars annually. The Company's focus goes beyond the medical cost of a claim, with the goal of reducing the entire cost of the claim, including medical, legal and administrative costs. Through its wholly-owned subsidiaries, the Company provides a range of effective workers' compensation cost containment services, including but not limited to, Health Care Organizations, Medical Provider Networks, HCO + MPN, Workers' Compensation Carve-Outs, Utilization Review, Medical Bill Review, Nurse Case Management and Lien Representation.
"Safe Harbor" Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. Forward-looking statements are based on management's current judgment, expectations, estimates, projections and assumptions about future events. While management believes these assumptions are reasonable, such statements are not guarantees of future results and involve certain risks and uncertainties which are difficult to predict. Therefore, actual results and trends may differ materially from what is forecast in any forward-looking statement due to a variety of factors. Additional information regarding these factors, such as the potential loss of one or more key customers, is contained in the Company's filings with the Commission, including without limitation, its annual report on Form 10-K and its quarterly reports on Form 10-Q.
All forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
To view the Company's annual report on Form 10-K for the year ended December 31, 2014 filed with the Commission today and the Company's quarterly and current reports and other information the Company files with the U.S. Securities and Exchange Commission go to: http://www.sec.gov. ; You may also view our annual report on Form 10-K on our website at http://www.pacifichealthcareorganization.com.
Pacific Health Care Organization, Inc.
1201 Dove Street, Suite 300
Newport Beach, California 92660
(949) 236-8925
Website: http://www.pacifichealthcareorganization.com
Contact: Fred Odaka - CFO
Email: fodaka@medexhco