United American Healthcare Corp. (UAHC, Financial) filed Quarterly Report for the period ended 2010-03-31.
United American Healthcare Corp. has a market cap of $8.16 million; its shares were traded at around $1 with and P/S ratio of 0.49. UAHC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
The fixed administrative fees decreased by $4.6 million to $0 for the nine months ended March 31, 2010, compared to $4.6 million for the nine months ended March 31, 2009. The decrease is due to the discontinuance of its managed care services as a TennCare contractor.
Variable administrative fees resulting from MRA revenue were $0.3 million for the nine months ended March 31, 2010, compared to $0.9 million for the nine months ended March 31, 2009. The $0.3 million received in fiscal 2010 related to fiscal 2009. The $0.9 million MRA revenue received in fiscal 2009 relates to fiscal 2008.
Net loss was $4.1 million, or ($0.50) per basic share, for the nine months ended March 31, 2010, compared to net loss of $4.2 million, or ($0.48) per basic share, for the nine months
At March 31, 2010, the Company had (i) cash and cash equivalents and short-term marketable securities of $9.4 million, compared to $17.6 million at June 30, 2009; (ii) working capital of $8.4 million, compared to working capital of $12.2 million at June 30, 2009; and (iii) a current assets-to-current liabilities ratio of 6.94-to-1, compared to 2.72-to-1 at June 30, 2009.
Net cash used in operating activities of $8.2 million in the nine months ended March 31, 2010 was primarily due to a net loss of $4.1 million and the $3.1 million net payment of the litigation settlement. (See Note 9 to our Unaudited Condensed Consolidated Financial Statements.) Medical claims payable decreased by $1.8 million at March 31, 2010 compared to June 30, 2009, primarily due to discontinuance of the CMS contract. Accounts payable and accrued expenses decreased by $0.5 million at March 31, 2010 compared to June 30, 2009, principally due to the payment of legal fees related to litigation.
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United American Healthcare Corp. has a market cap of $8.16 million; its shares were traded at around $1 with and P/S ratio of 0.49. UAHC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net loss was $1.4 million, or ($0.17) per basic share, for the quarter ended March 31, 2010, compared to net loss of $3.0 million, or $(0.35) per basic share, for the quarter ended March 31, 2009.The fixed administrative fees decreased by $4.6 million to $0 for the nine months ended March 31, 2010, compared to $4.6 million for the nine months ended March 31, 2009. The decrease is due to the discontinuance of its managed care services as a TennCare contractor.
Variable administrative fees resulting from MRA revenue were $0.3 million for the nine months ended March 31, 2010, compared to $0.9 million for the nine months ended March 31, 2009. The $0.3 million received in fiscal 2010 related to fiscal 2009. The $0.9 million MRA revenue received in fiscal 2009 relates to fiscal 2008.
Net loss was $4.1 million, or ($0.50) per basic share, for the nine months ended March 31, 2010, compared to net loss of $4.2 million, or ($0.48) per basic share, for the nine months
At March 31, 2010, the Company had (i) cash and cash equivalents and short-term marketable securities of $9.4 million, compared to $17.6 million at June 30, 2009; (ii) working capital of $8.4 million, compared to working capital of $12.2 million at June 30, 2009; and (iii) a current assets-to-current liabilities ratio of 6.94-to-1, compared to 2.72-to-1 at June 30, 2009.
Net cash used in operating activities of $8.2 million in the nine months ended March 31, 2010 was primarily due to a net loss of $4.1 million and the $3.1 million net payment of the litigation settlement. (See Note 9 to our Unaudited Condensed Consolidated Financial Statements.) Medical claims payable decreased by $1.8 million at March 31, 2010 compared to June 30, 2009, primarily due to discontinuance of the CMS contract. Accounts payable and accrued expenses decreased by $0.5 million at March 31, 2010 compared to June 30, 2009, principally due to the payment of legal fees related to litigation.
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