United American Healthcare Corp. (UAHC, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $7.89 million; its shares were traded at around $0.97 with and P/S ratio of 0.47.
Marketing, general and administrative expenses decreased $2.0 million (56%) to $1.6 million for the three months ended September 30, 2009 from $3.6 million for the three months ended September 30, 2008. The decrease was principally due to reductions in labor costs, adminstrative costs and professional services expenses partially offset by increased legal fees resulting from the litigation described in Note 9 to our Unaudited Condensed Consolidated Financial Statements.
Net loss was $1.6 million, or ($0.19) per basic share, for the quarter ended September 30, 2009, compared to net earnings of $0.2 million, or $0.02 per basic share, for the quarter ended September 30, 2008.
At September 30, 2009, the Company had (i) cash and cash equivalents and short-term marketable securities of $13.7 million, compared to $17.6 million at June 30, 2009; (ii) working capital of $10.7 million, compared to working capital of $12.2 million at June 30, 2009; and (iii) a current assets-to-current liabilities ratio of 3.77-to-1, compared to 2.72-to-1 at June 30, 2009.
Net cash provided by investing activities of $0.55 million was primarily due to cash proceeds from the maturity of marketable securities of $0.60 million which was partially offset by cash purchases of marketable securities of $0.05 million.
Decrease in cash was $3.4 million for the three months ended September 30, 2009, compared to decrease in cash of $0.6 million for the comparable period a year earlier. The decrease in cash was principally due to $3.3 million litigation settlement as described in Note 9 to our Unaudited Condensed Consolidated Financial Statements in Part I, Item 1.
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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 $7.89 million; its shares were traded at around $0.97 with and P/S ratio of 0.47.
Highlight of Business Operations:
Medical expenses for our MA-SNP decreased $0.8 million (31%) to $1.7 million for the three months ended September 30, 2009 compared to $2.5 million for the three months ended September 30, 2008. The decrease in medical expenses is primarily attributable to the decrease in MA-SNP enrollees offset by an increase in outpatient claims. The ratio of such medical expenses to medical premiums revenue for our MA-SNP, expressed as a percentage the medical loss ratio was 92.4% for the three months ended September 30, 2009 compared to 88.1% for the three months ended September 30, 2008.Marketing, general and administrative expenses decreased $2.0 million (56%) to $1.6 million for the three months ended September 30, 2009 from $3.6 million for the three months ended September 30, 2008. The decrease was principally due to reductions in labor costs, adminstrative costs and professional services expenses partially offset by increased legal fees resulting from the litigation described in Note 9 to our Unaudited Condensed Consolidated Financial Statements.
Net loss was $1.6 million, or ($0.19) per basic share, for the quarter ended September 30, 2009, compared to net earnings of $0.2 million, or $0.02 per basic share, for the quarter ended September 30, 2008.
At September 30, 2009, the Company had (i) cash and cash equivalents and short-term marketable securities of $13.7 million, compared to $17.6 million at June 30, 2009; (ii) working capital of $10.7 million, compared to working capital of $12.2 million at June 30, 2009; and (iii) a current assets-to-current liabilities ratio of 3.77-to-1, compared to 2.72-to-1 at June 30, 2009.
Net cash provided by investing activities of $0.55 million was primarily due to cash proceeds from the maturity of marketable securities of $0.60 million which was partially offset by cash purchases of marketable securities of $0.05 million.
Decrease in cash was $3.4 million for the three months ended September 30, 2009, compared to decrease in cash of $0.6 million for the comparable period a year earlier. The decrease in cash was principally due to $3.3 million litigation settlement as described in Note 9 to our Unaudited Condensed Consolidated Financial Statements in Part I, Item 1.
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