Newport Beach, March 26, 2020 (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, 2019.
Results
The Company reported total revenue of $7,330,940 for the year ended December 31, 2019, compared to $6,796,913 for the year ended December 31, 2018. The Company reported net income of $1,198,060 or $0.09 per basic and fully diluted shares for the year ended December 31, 2019, compared to net income of $1,359,777 or $0.11 per basic and fully diluted share for the year ended December 31, 2018.
Net cash provided by operating activities was $1,090,825 during the year ended December 31, 2019, compared to $1,319,093 for the same period in 2018, a decrease of $228,268 or 17% percent. During the year ended December 31, 2019, net cash used in investing activities increased to $59,168 from $41,734 during the year ended December 31, 2018. Net cash used in financing activities during the year ended December 31, 2019, was zero compared to $19,923 during the year ended December 31, 2018. Cash at December 31, 2019 and 2018, was $8,104,164 and $7,072,507, respectively.
About Pacific Health Care Organization, Inc.
The Company specializes in workers’ compensation cost containment. The Company’s business objective is to deliver value to its clients that reduces their workers’ compensation related medical claims expense in a manner that will assure that injured employees receive high quality healthcare that allows them to recover from injury and return to gainful employment without undue delay. 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. 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, Lien Representation, Legal Support and Medicare Set-Aside services.
“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, 2019, filed with the Commission today and the Company’s annual, quarterly and current reports and other information the Company files with or furnishes to the U.S. Securities and Exchange Commission go to: http://www.sec.gov. You may also view our annual report on Form 10-K and our quarterly reports on Form 10-Q on our website at http://www.pacifichealthcareorganization.com.