United American Healthcare Corp. (UAHC, Financial) filed Quarterly Report for the period ended 2008-12-31.
UNITED AMER. HEALTHCARE CORP. provides comprehensive management and consulting services to managed care organizations some of which are health maintenance organizations owned by the Company. The Companyalso arranges for the financing and delivery of health care services by primary care physicians and specialists hospitals pharmacies and other ancillary providers to commercial employer groups and government sponsored populations. United American Healthcare Corp. has a market cap of $16.72 million; its shares were traded at around $1.89 with and P/S ratio of 0.59.
DECEMBER 31, JUNE 30,
2008 2008
- -
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 6,025 $10,713
Marketable securities 10,624 8,774
Accounts receivable - State of Tennessee, net 1,900 1,093
Interest receivable 282 551
Other receivables 318 374
Prepaid expenses and other 310 299
- -
Total current assets 19,459 21,804
Property and equipment, net 211 472
Marketable securities 7,618 7,514
Restricted assets 421 421
Other assets 586 586
- -
Total assets $28,295 $30,797
= =
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Medical claims payable $ 2,060 $ 2,563
Accounts payable and accrued expenses 1,353 1,726
Accrued compensation and related benefits 525 896
Accrued rent 117 90
Other current liabilities 858 1,183
- -
Total current liabilities 4,913 6,458
- -
Total liabilities 4,913 6,458
Commitments and contingencies
Shareholders' equity
Preferred stock, 5,000,000 shares authorized; none issued
Common stock, no par, 15,000,000 shares authorized; 8,689,520 and
8,734,214 issued and outstanding at December 31, 2008 and June
30, 2008, respectively 18,499 18,558
Paid in capital - stock options 1,334 1,153
Warrants 444 444
Retained earnings 3,087 4,261
Accumulated other comprehensive income (loss), net of deferred federal
income taxes 18 (77)
- -
Total shareholders' equity 23,382 24,339
= =
Total liabilities and shareholders' equity $28,295 $30,797
= =
THREE MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, DECEMBER 31,
- -
2008 2007 2008 2007
- - - -
REVENUES
Fixed administrative fees $ 1,173 $3,677 $ 4,596 $ 7,383
Variable administrative fees 944 280 944 280
Medical premiums 2,395 2,707 5,257 4,789
Interest and other income 274 384 482 784
- - - -
Total revenues 4,786 7,048 11,279 13,236
EXPENSES
Medical expenses 2,267 2,551 4,790 4,415
Marketing, general and administrative 3,692 4,089 7,331 8,280
Depreciation and amortization 56 51 117 91
Loss on disposal of fixed assets 135 - 135 -
- - - -
Total expenses 6,150 6,691 12,373 12,786
- - - -
Earnings (loss) from operations before income taxes (1,364) 357 (1,094) 450
Income tax expense - 101 80 121
- - - -
NET EARNINGS (LOSS) $(1,364) $ 256 $(1,174) $ 329
= = = =
NET EARNINGS (LOSS) PER COMMON SHARE - BASIC
Net earnings (loss) per common share $ (0.16) $ 0.03 $ (0.13) $ 0.04
= = = =
Weighted average shares outstanding 8,728 8,612 8,731 8,636
= = = =
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED
Net earnings (loss) per common share $ (0.16) $ 0.03 $ (0.13) $ 0.04
= = = =
Weighted average shares outstanding 8,728 8,778 8,731 8,797
= = = =
Three months ended Six months ended
December 31, December 31,
- -
2008 2007 2008 2007
- - - -
Net earnings (loss) $(1,364) $256 $(1,174) $329
Unrealized holding gains, net of deferred
federal income taxes 63 27 95 93
- - - -
Comprehensive income (loss) $(1,301) $283 $(1,079) $422
= = = =
FAIR VALUE MEASUREMENTS
-
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
- - - -
Assets
Marketable Securities-short-term $10,624 $- $- $10,624
Marketable Securities-long-term $ 7,618 $- $- $ 7,618
Liabilities $ - $- $- $ -
SIX MONTHS ENDED MANAGEMENT HMO & CORPORATE & CONSOLIDATED
DECEMBER 31, 2008 COMPANIES (1) MANAGED PLAN (2) ELIMINATIONS COMPANY
- - - - -
Revenues - external customers $ - $10,797 $ - $10,797
Revenues - intersegment 6,487 - (6,487) -
Interest and other income 186 296 - 482
- - - -
Total revenues $ 6,673 $11,093 $ (6,487) $11,279
= = = =
Interest expense $ - $ - $ - $ -
Earnings (loss) from operations (705) (469) - (1,174)
Cash 4,218 1,807 - 6,025
Marketable securities-available for sale 2,944 7,680 - 10,624
Segment assets 60,553 19,171 (51,429) 28,295
Purchase of equipment 3 - - 3
Depreciation and amortization 117 - - 117
SIX MONTHS ENDED
DECEMBER 31, 2007
-
Revenues - external customers $ - $12,452 $ - $12,452
Revenues - intersegment 7,012 - (7,012) -
Interest and other income 261 523 - 784
- - - -
Total revenues $ 7,273 $12,975 $ (7,012) $13,236
= = = =
Interest expense $ - $ - $ - $ -
Earnings (loss) from operations (524) 853 - 329
Cash 3,686 6,488 - 10,174
Marketable securities-available for sale 2,806 3,860 - 6,666
Segment assets 65,449 20,840 (52,293) 33,996
Purchase of equipment 185 - - 185
Depreciation and amortization 91 - - 91
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UNITED AMER. HEALTHCARE CORP. provides comprehensive management and consulting services to managed care organizations some of which are health maintenance organizations owned by the Company. The Companyalso arranges for the financing and delivery of health care services by primary care physicians and specialists hospitals pharmacies and other ancillary providers to commercial employer groups and government sponsored populations. United American Healthcare Corp. has a market cap of $16.72 million; its shares were traded at around $1.89 with and P/S ratio of 0.59.
Highlight of Business Operations:
DECEMBER 31, JUNE 30,
2008 2008
- -
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 6,025 $10,713
Marketable securities 10,624 8,774
Accounts receivable - State of Tennessee, net 1,900 1,093
Interest receivable 282 551
Other receivables 318 374
Prepaid expenses and other 310 299
- -
Total current assets 19,459 21,804
Property and equipment, net 211 472
Marketable securities 7,618 7,514
Restricted assets 421 421
Other assets 586 586
- -
Total assets $28,295 $30,797
= =
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Medical claims payable $ 2,060 $ 2,563
Accounts payable and accrued expenses 1,353 1,726
Accrued compensation and related benefits 525 896
Accrued rent 117 90
Other current liabilities 858 1,183
- -
Total current liabilities 4,913 6,458
- -
Total liabilities 4,913 6,458
Commitments and contingencies
Shareholders' equity
Preferred stock, 5,000,000 shares authorized; none issued
Common stock, no par, 15,000,000 shares authorized; 8,689,520 and
8,734,214 issued and outstanding at December 31, 2008 and June
30, 2008, respectively 18,499 18,558
Paid in capital - stock options 1,334 1,153
Warrants 444 444
Retained earnings 3,087 4,261
Accumulated other comprehensive income (loss), net of deferred federal
income taxes 18 (77)
- -
Total shareholders' equity 23,382 24,339
= =
Total liabilities and shareholders' equity $28,295 $30,797
= =
THREE MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, DECEMBER 31,
- -
2008 2007 2008 2007
- - - -
REVENUES
Fixed administrative fees $ 1,173 $3,677 $ 4,596 $ 7,383
Variable administrative fees 944 280 944 280
Medical premiums 2,395 2,707 5,257 4,789
Interest and other income 274 384 482 784
- - - -
Total revenues 4,786 7,048 11,279 13,236
EXPENSES
Medical expenses 2,267 2,551 4,790 4,415
Marketing, general and administrative 3,692 4,089 7,331 8,280
Depreciation and amortization 56 51 117 91
Loss on disposal of fixed assets 135 - 135 -
- - - -
Total expenses 6,150 6,691 12,373 12,786
- - - -
Earnings (loss) from operations before income taxes (1,364) 357 (1,094) 450
Income tax expense - 101 80 121
- - - -
NET EARNINGS (LOSS) $(1,364) $ 256 $(1,174) $ 329
= = = =
NET EARNINGS (LOSS) PER COMMON SHARE - BASIC
Net earnings (loss) per common share $ (0.16) $ 0.03 $ (0.13) $ 0.04
= = = =
Weighted average shares outstanding 8,728 8,612 8,731 8,636
= = = =
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED
Net earnings (loss) per common share $ (0.16) $ 0.03 $ (0.13) $ 0.04
= = = =
Weighted average shares outstanding 8,728 8,778 8,731 8,797
= = = =
Three months ended Six months ended
December 31, December 31,
- -
2008 2007 2008 2007
- - - -
Net earnings (loss) $(1,364) $256 $(1,174) $329
Unrealized holding gains, net of deferred
federal income taxes 63 27 95 93
- - - -
Comprehensive income (loss) $(1,301) $283 $(1,079) $422
= = = =
FAIR VALUE MEASUREMENTS
-
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
- - - -
Assets
Marketable Securities-short-term $10,624 $- $- $10,624
Marketable Securities-long-term $ 7,618 $- $- $ 7,618
Liabilities $ - $- $- $ -
SIX MONTHS ENDED MANAGEMENT HMO & CORPORATE & CONSOLIDATED
DECEMBER 31, 2008 COMPANIES (1) MANAGED PLAN (2) ELIMINATIONS COMPANY
- - - - -
Revenues - external customers $ - $10,797 $ - $10,797
Revenues - intersegment 6,487 - (6,487) -
Interest and other income 186 296 - 482
- - - -
Total revenues $ 6,673 $11,093 $ (6,487) $11,279
= = = =
Interest expense $ - $ - $ - $ -
Earnings (loss) from operations (705) (469) - (1,174)
Cash 4,218 1,807 - 6,025
Marketable securities-available for sale 2,944 7,680 - 10,624
Segment assets 60,553 19,171 (51,429) 28,295
Purchase of equipment 3 - - 3
Depreciation and amortization 117 - - 117
SIX MONTHS ENDED
DECEMBER 31, 2007
-
Revenues - external customers $ - $12,452 $ - $12,452
Revenues - intersegment 7,012 - (7,012) -
Interest and other income 261 523 - 784
- - - -
Total revenues $ 7,273 $12,975 $ (7,012) $13,236
= = = =
Interest expense $ - $ - $ - $ -
Earnings (loss) from operations (524) 853 - 329
Cash 3,686 6,488 - 10,174
Marketable securities-available for sale 2,806 3,860 - 6,666
Segment assets 65,449 20,840 (52,293) 33,996
Purchase of equipment 185 - - 185
Depreciation and amortization 91 - - 91
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