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Friday April 23, 8:01 am Eastern Time Company Press Release Universal Standard HealthCare Inc. Reports First Quarter Results First Positive Quarter Since June, 1995 Company's Results Exceed Analyst Expectations SOUTHFIELD, Mich.--(BW HealthWire)--April 23, 1999--Universal Standard HealthCare Inc. (OTC:UHCI - news) announced today that net revenue for the first quarter of 1999 was $5.0 million, compared to $6.9 million for the first quarter of 1998. The primary reason for the decrease in revenue relates to the termination of the unprofitable General Motors Corp. administrative services contract for $2.1 million previously announced in the 1998 yearend financial press release. The revenue decrease was partially offset by the initial implementation of the Whirlpool contracts which when fully integrated will generate approximately $7 million in new revenue. Earnings before interest, taxes, depreciation, amortization, and other income (EBITDA) was $560,000 for the first quarter 1999 vs. $513,000 for the first quarter of 1998. The increase in EBITDA reflects the streamlined administrative expenses the company has implemented in 1999. Net income for the quarter was $528,000 or 7 cents per share, compared to $172,000 or 3 cents per share for the first quarter of 1998. The increase in net income reflects a gain of $262,000 from sales of assets as well as improvement in operating income. ''Our first quarter results start to show the impact of all that was accomplished to invest in our specialty services business in 1998. With lab business sold, we can now focus on growing our specialty healthcare services business,'' stated Eugene Jennings, Chairman. The information in the press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934. Please refer to the company's Annual Report on Form 10-K for 1998 for a description of factors that could cause actual results to differ materially from these in the forward-looking statements, uncertainties inherent in the company's efforts to successfully complete the Work out Strategy; intense competition in the managed care business, particularly from larger, better capitalized companies; dependence of the company on third parties to provide services under its managed care programs; uncertainties due to the fact that the company's programs are generally terminable by the customer on short notice and many of the company's service arrangements are terminable on short notice; periodic disputes between the company and its primary clinical laboratory provider, LabCorp, and related threats by LabCorp to terminate the existing Laboratory Services Agreement for alleged breaches by the company; the impact of the highly regulated nature of the managed care business on the company's continuing operations; the cost and the ability of the company to continue to satisfy increasing regulatory requirements relating to the managed care business; the long sales cycle involved in the managed care business; the dependence of the company on a limited number of large customers for its revenue and growth, most of whom are involved in the automotive industry; the ability of the company to develop new managed care products offered by the company; the ability of the company to identify and satisfy market needs; potential increases in operating costs resulting from the failure of the company's principle suppliers to become year-2000 compliant; and economic conditions in the health care and automotive industries in general. Universal Standard HealthCare Inc. is a premier managed care health services company which owns subsidiaries operating in all 50 states, currently providing clinical laboratory, outpatient diagnostic imaging, and home medical services (including durable medical equipment, supplies, and infusion) coverage to employees on a capitated bases. ''Covered Persons'' under managed care contracts of approximately 1 million. ------------------------ Please lets all work together and find as much information as we can on this stock. I think this company has bottomed out and is now on the rebound. FastPing www.stock-rave.com | ||||||||||||
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