(GlobeNewswire) - Pacific Health Care Organization, Inc., (the Company) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the Commission) its annual report on Form 10-K announcing financial results for the fiscal year ended December 31, 2015.
The Company reported total revenue of $8,224,474 for the year ended December 31, 2015 as compared with $9,462,995 of total revenue for the year ended December 31, 2014. The Company reported net income of $1,677,224 or $2.10 per basic and fully diluted share for the year ended December 31, 2015 as compared to net income of $1,961,918 or $2.45 per basic and fully diluted share for the year ended December 31, 2014.
Net cash provided by operating activities increased to $2,166,322 during the year ended December 31, 2015, compared to $1,870,984 for the same period in 2014, an increase of $295,338 or 16% percent. Net cash used in financing activities during the year ended December 31, 2015 was $1,119,098 compared to $89,888 during the year ended December 31, 2014. Cash at December 31, 2015 and 2014 was $3,834,924 and $2,946,025, respectively.
About Pacific Health Care Organization, Inc.
The Company is a specialty workers compensation managed care company providing a range of services primarily to California employers and claims administrators. Workers compensation costs continue to increase due to rising medical costs, inflation, fraud and other factors. Medical and indemnity costs associated with workers compensation in the state of California are billions of dollars annually. The Companys focus goes beyond medical cost, with the goal of reducing the entire cost of the claim, including medical, legal and administrative costs. Through its wholly-owned subsidiaries, the Company provides a range of effective workers compensation cost containment services, including but not limited to, Health Care Organizations, Medical Provider Networks, HCO + MPN, Workers Compensation Carve-Outs, Utilization Review, Medical Bill Review, Nurse Case Management, Lien Representation and Medicare Set Aside services.
Safe Harbor Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. Forward-looking statements are based on managements current judgment, expectations, estimates, projections and assumptions about future events. While management believes these assumptions are reasonable, such statements are not guarantees of future results and involve certain risks and uncertainties which are difficult to predict. Therefore, actual results and trends may differ materially from what is forecast in any forward-looking statement due to a variety of factors. Additional information regarding these factors, such as the potential loss of one or more key customers, is contained in the Companys filings with the Commission, including without limitation, its annual report on Form 10-K and its quarterly reports on Form 10-Q.
All forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
To view the Companys annual report on Form 10-K for the year ended December 31, 2015 filed with the Commission today and the Companys quarterly and current reports and other information the Company files with the U.S. Securities and Exchange Commission go to: http://www.sec.gov. You may also view our annual report on Form 10-K on our website at http://www.pacifichealthcareorganization.com.
Pacific Health Care Organization, Inc.
1201 Dove Street, Suite 300
Newport Beach, California 92660
Fred Odaka CFO
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