Tuna,
We have UAHC news after the bell. I like this stock more and more every minute we own it.
Joe
Friday November 30, 4:25 pm Eastern Time
Press Release
SOURCE: United American Healthcare Corporation
United American Healthcare Ups Earlier Budgeted Jump in Earnings
DETROIT, Nov. 30 /PRNewswire/ -- United American Healthcare Corporation (OTC Bulletin Board: UAHC - news), which had previously stated that it had budgeted a 25% growth in revenues and a three- to-four-fold jump in earnings for this fiscal year, is on track to achieve its budgeted revenue growth and ``at least'' its budgeted jump in earnings, Chairman William C. Brooks and President and CEO Gregory H. Moses, Jr. told shareowners at the company's annual meeting today.
They noted that the company's stock had closed at $4.92 yesterday compared with $1.53 five months earlier, at June 30, 2001, its last fiscal year end, and expressed their pleasure that the stock's performance was finally beginning to reflect the company's performance, though they noted that even at the current price the stock was trading at only seven to nine times budgeted earnings for the current fiscal year.
The shareowners elected three new directors to the board: Richard M. Brown, D.O., president of Park Family Health Care in Detroit and the largest individual shareowner of United American; Ronald E. Hall, Sr., president and CEO of automotive supplier Bridgewater Interiors, LLC, the country's 11th largest African-American-owned business; and Peter F. Hurst, Jr., chairman, president and CEO of Urban Financial Group and The Community's Bank in Bridgeport, Connecticut.
Dr. Brown has served as chief of staff at a number of Detroit area hospitals, including Botsford General, Michigan Health Center, Detroit Central and Zeiger Osteopathic. He is a board member of Barbara Ann Karmanos Cancer Institute and the University of Osteopathic Medicine and Health Services in Des Moines, Iowa.
Hall formerly served as president of the Michigan Minority Business Development Council. He serves on a number of boards, including the boards of St. John Hospital and Medical Center in Detroit, the American Diabetes Association of Michigan, and the Detroit Empowerment Zone.
Hurst previously served in New York as president of the financial advisory and merchant banking firm of Hurst Capital Partners, in top management positions at Bahia Partners and Bahia Advisors, as senior vice president in the Corporate Finance Group and the Financial Institution Group of Dean Witter Reynolds; and in Washington, D.C. with the Office of the Federal Reserve Board and the law firm of Steptoe & Johnson.
The shareowners also reelected Linda A. Watters to another term. She is president, CEO and a director of Detroit Commerce Bank, which is an affiliate of Capitol Bancorp Ltd.
Dr. Brown said, ``I am extremely pleased that my fellow new directors and I have been elected to the Board. We are excited by the prospects of the company. Since Bill Brooks and Greg Moses assumed the leadership of United American in 1998, they have done an excellent job of turning it around and setting its direction. I look forward to working with them.''
The board reelected Brooks as Chairman and Moses as President and CEO. It also elected Tom A. Goss, chairman of Goss LLC, as Vice Chairman; Emmet S. Moten, Jr., president of Moten Associates, as Secretary; William E. Jackson II, chief financial officer of United American as Treasurer; Jackson and Betty Duplessis Assistant Secretaries; and Watters, as Assistant Treasurer.
(This news release contains forward looking statements. Such statements as made in the text of this news release that state the Company's management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained from time to time in the company's SEC filings.) |
