COLUMBIA, S.C., Nov. 30 /PRNewswire-FirstCall/ -- UCI Medical Affiliates, Inc. (BULLETIN BOARD: UCIA) reported today net income of $3,214,000 or $.33 per share for the fiscal year 2004 as compared to $2,375,000 or $.25 per share for fiscal year 2003.
The Company reported that revenue for the year ending September 30, 2004 increased to $47,474,000 from $43,518,000 for the year ending September 30, 2003, an increase of 9%.
Revenue for the quarter ended September 30, 2004 was $11,896,000 or 7% greater than the $11,159,000 earned for the quarter ended September 30, 2003. This increase is attributed to an increase in fee income associated with laboratory services, some small increases in the fee schedule of some insurance payors, an increase in physical therapy services provided, and an increase in patient visits.
D. Michael Stout, M.D., President and Chief Executive Officer, said, “This Company is making remarkable strides. The new location we opened this year in Georgetown, SC was received overwhelmingly by the community. It is all thanks to our employees’ commitment to deliver outstanding service and high quality care every day.”
The Company’s September 30, 2004 balance sheet reflects total assets of $17,549,000 as compared to $15,859,000 at September 30, 2003 while stockholders’ equity at September 30, 2004 was $5,780,000 as compared to $2,566,000 at September 30, 2003.
“We’ve remained profitable by focusing our marketing efforts, streamlining processes for cost-effectiveness, and providing expanded service lines that meet the healthcare needs of the communities we serve,” said Jerry F. Wells, Jr., CPA, Executive Vice President and Chief Financial Officer.
UCI Medical Affiliates, Inc. provides non-medical management and administrative services for freestanding medical centers, which operate as Doctors Care and Progressive Physical Therapy Services, providing family care, urgent care, and occupational healthcare in 42 offices in South Carolina and one in Knoxville, Tennessee.
Certain of the statements contained in this Press Release that are not historical facts are forward-looking statements subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. We caution readers of this Press Release that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Although our management believes that their expectations of future performance are based on reasonable assumptions within the bounds of their knowledge of their business and operations, we have no assurance that actual results will not differ materially from their expectations. Factors that could cause actual results to differ from expectations include, among other things, (1) the difficulty in controlling our costs of providing healthcare and administering our network of centers; (2) the possible negative effects from changes in reimbursement and capitation payment levels and payment practices by insurance companies, healthcare plans, government payors and other payment sources; (3) the difficulty of attracting primary care physicians; (4) the increasing competition for patients among healthcare providers; (5) possible government regulations negatively impacting our existing organizational structure; (6) the possible negative effects of prospective healthcare reform; (7) the challenges and uncertainties in the implementation of our expansion and development strategy; (8) the dependence on key personnel; (9) adverse conditions in the stock market, the public debt market, and other capital markets (including changes in interest rate conditions); (10) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a reduced demand for practice management services; (11) the demand for our products and services; (12) technological changes; (13) the ability to increase market share; (14) the adequacy of expense projections and estimates of impairment loss; (15) the impact of change in accounting policies by the Securities and Exchange Commission; (16) unanticipated regulatory or judicial proceedings; (17) the impact on our business, as well as on the risks set forth above, of various domestic or international military or terrorist activities or conflicts; (18) other factors described in this Press Release and in our other reports filed with the Securities and Exchange Commission; and (19) our success at managing the risks involved in the foregoing.
UCI Medical Affiliates
CONTACT: Jerry F. Wells, Jr., CPA, Executive Vice President and ChiefFinancial Officer of UCI Medical Affiliates, Inc., +1-803-782-4278