UCI Medical Affiliates, Inc. Reports Second Quarter Fiscal Year 2006 Results
May 03, 2006 14:01:46 (ET)
COLUMBIA, S.C., May 3, 2006 /PRNewswire-FirstCall via COMTEX/ -- UCI Medical Affiliates, Inc. (UCIA, Trade) announced today that revenue for the quarter ended March 31, 2006 increased 8% to $16,971,000 from $15,662,000 for the quarter ended March 31, 2005.
The Company reported a 7% increase in net income to $1,007,000 or $.10 per share for the quarter ended March 31, 2006, as compared to net income of $941,000 ($.10 per share) for the quarter ended March 31, 2005. (During the six month period last fiscal year, there were two one-time tax adjustments including a tax benefit of $4,495,000 recorded during the quarter ended December 31, 2004; and a tax expense of $987,000 recorded during the quarter ended March 31, 2005.)
"Our Company has produced solid second quarter improvement, in both revenues and bottom line performance, despite what the CDC terms an 'unusually mild' flu season," said Dr. Michael Stout, President and Chief Executive Officer. "We have focused especially on patient satisfaction and expanded services for those patients and we feel this strategy has met with reasonable success. We remain committed to delivering quality service in convenient, neighborhood locations that are open evenings and weekends -- our sense is that keeping to this core strategy gives us the foundation on which we can grow, both in locations and in service offerings for our patients."
The Company's March 31, 2006 balance sheet reflects total assets of $24,342,000 as compared to $23,399,000 at September 30, 2005 while stockholders' equity at March 31, 2006 was $15,124,000 as compared to $13,321,000 at September 30, 2005.
"I am proud of the sustained success of our Company as we have expanded in our range of services to pediatrics, orthopaedics and soon a wellness center," said Jerry F. Wells, Jr., CPA, Chief Financial Officer and Executive Vice President.
UCI Medical Affiliates, Inc. provides nonmedical management and administrative services for a network of 49 freestanding medical centers, 48 of which are located throughout South Carolina and one is located in Knoxville, Tennessee (30 operating as Doctors Care in South Carolina, one as Doctors Care in Knoxville, Tennessee, 16 as Progressive Physical Therapy Services in South Carolina, one as Luberoff Pediatrics in South Carolina, and one as Carolina Orthopaedic and Sports Medicine in South Carolina).
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