Irvine, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Results
The Company reported net income of $176,427 or $0.01 per basic and fully diluted common share for the three months ended June 30, 2023, compared to net income of $124,524, or $0.01 per basic and fully diluted common share for the three months ended June 30, 2022.
For the first six months of 2023 the Company reported net income of $307,536 or $0.02 per basic and fully diluted common share, compared to net income of $313,059 or $0.02 per basic and fully diluted common share for the first six months of 2022.
Total revenues for the three months ended June 30, 2023 was $1,298,894 compared to $1,400,451 for the same period in 2022, a decrease of $101,557 or 7 percent. For the first six months of 2023 the Company recorded total revenue of $2,611,537 compared to total revenues of $2,827,834 for the same period in 2022, a decrease of $216,297 or 8 percent.
Net cash provided by operating activities was $266,778 during the six months ended June 30, 2023, compared to $340,452 during the same period in 2022, a decrease of $73,674 or 22 percent. Net cash provided by investing activities was $1,103,981 during the six months ended June 30, 2023, compared to $17,166 used in investing activities the previous year. During the six months ended June 30, 2023, net cash used in financing activities was $1,110,984; the Company did not engage in financing activities during the same period of 2022.
To better understand the Company’s financial results, readers should review the Company’s quarterly report on Form 10-Q.
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 by reducing their workers’ compensation related medical claims expense and claim duration, by ensuring injured employees receive timely and appropriate medical care which 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, where the Company maintains its principal operations, 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, medical case management, utilization review, medical bill review, workers’ compensation carve-outs and Medicare set-aside services. We also provide lien representation and expert witness testimony, ancillary to our other services. We offer our services as a bundled solution, as standalone services, or as add-on 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 or the impacts of the COVID-19 pandemic on our business and results of operations, is contained in the Company’s filings with the Commission, including without limitation, its annual reports 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 quarterly report on Form 10-Q for the quarter ended June 30, 2023, filed with the Commission today and the Company’s annual, 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 and quarterly reports on Form 10-Q on our website at http://www.pacifichealthcareorganization.com.
