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Metropolitan Health Networks Reports Full Year of Profitability with Release of Fourth Quarter and Year Ended 2003 Results
March 22, 2004 07:00:00 (ET)
WEST PALM BEACH, Fla., Mar 22, 2004 (BUSINESS WIRE) -- Metropolitan Health Networks, Inc. (MDPA, Trade), a provider of high-quality, comprehensive healthcare services to patients in South and Central Florida, today reported the results of operations for the fourth quarter and year ended December 31, 2003.
For the fourth quarter ended December 31, 2003 net income was $1.6 million, or $0.04 per share, as compared to a loss of $13.5 million, or $0.43 per share, for the same period of 2002. Net income for the year ended December 31, 2003 was $4.4 million, or $0.13 per share, as compared to a loss of $17.1 million, or $0.56 per share, in 2002.
Fourth quarter 2003 revenues were $35.5 million as compared to $34.8 million for the same period in 2002. Revenues for the year ended December 31, 2003 grew to $143.9 million as compared to $140.1 million for previous year.
Income from continuing operations in 2003 was $5.9 million as compared to a loss of $13.9 million in the previous year. Losses related to discontinued operations in 2003 were $1.5 million, the result of the Metropolitan Health Networks' pharmacy business which was sold during the year, as compared to a loss of $3.2 million in the prior year, representing losses from the Company's pharmacy and laboratory businesses, the latter being closed in 2002.
The Company ended 2003 with $2.2 million in cash in comparison to $399,614 at the end of the previous year, while total liabilities were reduced to approximately $9.7 million from $17.0 million. Common shares outstanding at year-end 2003 totaled 38.5 million.
In addition to the improved operating results, Metropolitan achieved a number of other key accomplishments in late 2003 and in early 2004:
-- Metcare Rx, the Company's pharmacy business was sold in
November 2003 for $3.1 million cash plus the assumption of
certain operating liabilities. A gain of $289,605 was
recognized on the transaction.
-- Metropolitan completed a private equity placement of five
million common shares with total proceeds of $3 million in
February 2004, further stabilizing the Company's balance sheet
and retiring a longstanding $3.4 million payroll tax
obligation to the Internal Revenue Service (IRS). The balance
of the obligation, estimated to be $100,000, will be paid once
the final amount is calculated by the IRS.
-- Long-term debt was further reduced by $1.6 million during the
first quarter of 2004. A $620,000 note was repaid, and notes
totaling $1,015,000 were converted into approximately 1.9
million shares of the Company's common stock.
-- The Company's remaining $1.2 million note payable, due May
2004, was renegotiated and extended with payments due over 24
months beginning June 2004.
Commenting on the results of the last year, Michael Earley, Metropolitan's President and Chief Executive Officer, stated, "We are delighted with the extent of the Company's progress over the last year. Our efforts in refocusing our business model back to our core competency as a managed care provider are now bearing fruit. Led by Debbie Finnel, our Chief Operating Officer, our Provider Service Network delivered high-quality care to our Medicare Advantage members and strong results to our bottom line. This performance, coupled with the divestiture of our pharmacy business, has allowed us to restructure our balance sheet and resolve many long-outstanding issues."
"With the passage of the Medicare Modernization Act (MMA) in late 2003, the window of growth for managed care providers such as Metropolitan Health Networks is opening," Earley commented. "The MMA is important legislation and brings sweeping changes to Medicare including sufficiently increased emphasis and funding for HMOs to re-enter the Medicare arena. Florida has the second largest concentration of Medicare patients in the nation and is receiving significant funding increases under the MMA. These increases are providing for enhanced benefits for Medicare Advantage members and are intended to stimulate growth in this program. We believe Metropolitan is well positioned operationally and, now financially, to benefit from this opportunity. During 2004 we are seeking to increase our market share and continue our drive towards increased top and bottom line growth," Earley concluded.
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