Sweet press release. Let's roll
. Pacific Health Care Organization, Inc. Reports Its Fourth Quarter and 2013 Year-End Financial Results
Pacific Health Care Organization, Inc. Reports Its Fourth Quarter and 2013
Year-End Financial Results
NEWPORT BEACH, CALIF, March 31, 2014 (GLOBE NEWSWIRE) -- Pacific Health Care
Organization, Inc., (the "Company") (OTCQB: PFHO) today announced its
financial results for the quarter and fiscal year ended December 31, 2013.
Pacific Health Care Organization had revenue of $6,573,106 for the year ended
December 31, 2013 as compared with $4,826,765 of revenue for the year ended
December 31, 2012. Pacific Health Care Organization reported net income of
$1,232,577 or $1.54 per basic and fully diluted shares for the year ended
December 31, 2013 as compared to net income of $711,389 or $0.89 per share per
basic and fully diluted shares for the year ended December 31, 2012.
Cash provided by operations increased to $808,205 during the year ended
December 31, 2013, from $210,602 for the same period in 2012, an increase of
$597,603 or 284% percent. Cash balance at December 31, 2013 and 2012 was
$1,265,535 and $479,674, 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, and Nurse
"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
expectations, estimates, projections and assumptions. These 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 is
contained in the Company's filings with the Securities and Exchange
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-looing statements to reflect events, circumstances or
changes in expectations after the date of this press release.
To view the 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/
Pacific Health Care Organization, Inc.
1201 Dove Street, Suite 300
Newport Beach, California 92660
Contact: Fred Odaka - CFO