LAGUNA NIGUEL, Calif., Aug. 3, 2009 (GLOBE NEWSWIRE) -- OptimumCare Corporation (Pink Sheets:OPMC), a behavioral healthcare and temporary staffing services provider, today reported revenues in the second quarter of 2009 increased more than $133,000 compared with the first quarter of the year.
For the three months ended June 30, 2009, with all figures unaudited, net revenues from continued and discontinued operations were $1,072,395, up 14%, or $133,884, compared with revenues of $938,511 in the first three months of 2009. The company had revenues of $1,399,284 in the second quarter of the prior year.
Pretax profits for the second quarter ended June 30, 2009, amounted to $47,307, compared with pretax profit of $106,791 in the prior year's quarter. The pretax profit for that quarter was partially due to a one-time gain from a discontinued operation.
Commenting on the year to date, Chairman & CEO Edward A. Johnson said, "The company's temporary healthcare worker staffing segment and the owned outpatient clinic both performed to our expectations for the quarter."
He also 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.
Mr. Johnson reiterated his earlier comment that considering the current stock price and market conditions, OptimumCare still intends to repurchase up to 1,000,000 shares of common stock in open market transactions from time to time, 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.
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.