Pacific Health Care Organization, Inc. Reports its 2020 Year-End Financial Results

Rhea-AI Summary

Pacific Health Care Organization (PFHO) announced its fiscal 2020 results, revealing total revenue of $6,042,718, a decline from $7,330,940 in 2019. The net income also decreased to $549,570 or $0.04 per share, down from $1,198,060 or $0.09 per share the previous year. Operating cash flow fell by 9% to $987,441, while cash at year-end increased to $9,498,457. The company's focus remains on reducing costs in the workers' compensation sector, amid rising medical expenses.

Positive

• Cash at year-end rose to $9,498,457 from $8,104,164 in 2019.
• Net cash provided by financing activities was $460,700, up from zero in 2019.

Negative

• Total revenue decreased by $1,288,222 or approximately 17.6% from 2019.
• Net income fell by $648,490 or approximately 54.1% compared to the previous year.
• Operating cash flow decreased by $103,384 or 9% year-over-year.

Newport Beach, March 31, 2021 (GLOBE NEWSWIRE) -- 

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, 2020.

Results

The Company reported total revenue of $6,042,718 for the year ended December 31, 2020, compared to $7,330,940 for the year ended December 31, 2019. The Company reported net income of $549,570 or $0.04 per basic and fully diluted shares for the year ended December 31, 2020, compared to net income of $1,198,060 or $0.09 per basic and fully diluted share for the year ended December 31, 2019.

Net cash provided by operating activities was $987,441 during the year ended December 31, 2020, compared to $1,090,825 for the same period in 2019, a decrease of $103,384 or 9% percent.  During the year ended December 31, 2020, net cash used in investing activities decreased to $53,848 from $59,168 during the year ended December 31, 2019.  Net cash provided by financing activities during the year ended December 31, 2020, was $460,700 compared to zero during the year ended December 31, 2019.  Cash at December 31, 2020 and 2019, was $9,498,457 and $8,104,164, respectively.

About Pacific Health Care Organization, Inc.

The Company specializes in workers’ compensation cost containment.  The Company’s business objective is to deliver value to its clients that reduces their workers’ compensation related medical claims expense in a manner that will assure that injured employees receive high quality healthcare that allows them to recover from injury and return to gainful employment without undue delay.  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.  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, medical case management, utilization review, medical bill review, workers’ compensation carve-outs and Medicare set-aside services. We also provide lien representation and expert witness testimony, ancillary to our other services. We offer our services as a bundled solution, as standalone services, or as add-on 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 management’s 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 or the impacts of the COVID-19 pandemic on our business and results of operations, is contained in the Company’s filings with the Commission, including without limitation, its annual reports 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 Company’s annual report on Form 10-K for the year ended December 31, 2020, filed with the Commission today and the Company’s annual, quarterly and current reports and other information the Company files with or furnishes to the U.S. Securities and Exchange Commission go to:  http://www.sec.gov.  You may also view our annual reports on Form 10-K and our quarterly reports on Form 10-Q on our website at http://www.pacifichealthcareorganization.com. 

FAQ

What were Pacific Health Care Organization's 2020 financial results?

Pacific Health Care Organization reported total revenue of $6,042,718 and net income of $549,570 for the fiscal year ended December 31, 2020.

How did PFHO's revenue change from 2019 to 2020?

PFHO's revenue dropped from $7,330,940 in 2019 to $6,042,718 in 2020, a decline of approximately 17.6%.

What is the net income for PFHO in 2020?

The net income for PFHO in 2020 was $549,570, down from $1,198,060 in 2019.

How much cash did PFHO have at the end of 2020?

PFHO had cash of $9,498,457 at the end of 2020, an increase from $8,104,164 at the end of 2019.

What is the stock symbol for Pacific Health Care Organization?

The stock symbol for Pacific Health Care Organization is PFHO.