NEWPORT BEACH, Calif., Nov. 12, 2014 (GLOBE NEWSWIRE) -- Pacific Health Care Organization, Inc., (the "Company") (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the "Commission") its quarterly report on Form 10-Q announcing its financial results for the periods ended September 30, 2014.
The Company reported net income of $555,415, or $0.69 per basic and fully diluted share for the third quarter ended September 30, 2014 compared to net income of $333,042, or $0.42 per basic and fully diluted share, for the third quarter ended September 30, 2013. For the first nine months of 2014, the Company reported net income of $1,502,641 or $1.87 per basic and fully diluted share, compared to net income of $825,470 or $1.03 per basic and fully diluted share for the first nine months of 2013.
Total revenues for the third quarter 2014 were $2,752,516 compared to $1,703,570 for the same period in 2013, an increase of $1,048,946 or 62 percent. For the first nine months of 2014, the Company recorded total revenues of $7,079,396 compared to total revenues of $4,680,288 for the same period in 2013, an increase of $2,399,108, or 51 percent.
Net cash provided by operating activities increased to $1,393,542 during the nine months ended September 30, 2013, from $407,823 for the same period in 2013, an increase of $922,719 or 226 percent. Cash balance at September 30, 2014 and December 31, 2013 was $2,579,435 and $1,265,535 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 the 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, Nurse Case Management and Lien Representation.
"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 vary materially from what is forecast in a forward-looking statement due to a variety of factors, many of which are not within the Company's control. Additional information regarding these factors 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 quarterly report on Form 10-Q for the period ended September 30, 2014 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 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
Source:Pacific Health Care Organization, Inc.