Sep 10 2009
Continucare Corporation (NYSE Amex:CNU) today reported financial results for its fourth quarter and fiscal year ended June 30, 2009. Financial highlights for the quarter include:
- Total revenue increased 14% to $75.3 million, compared to $66.1 million in the fourth quarter of fiscal 2008;
- Income from operations increased 55% to $7.8 million, compared to $5.0 million in the fourth quarter of fiscal 2008; and
- Net income increased 52% to $4.8 million, or $0.08 per diluted share, compared to $3.2 million, or $0.05 per diluted share, in the fourth quarter of fiscal 2008.
Full Year Results
For the fiscal year ended June 30, 2009, total revenue increased 11% to $281.3 million compared to $254.4 million in the prior fiscal year. Income from operations for fiscal 2009 increased 38% to $24.7 million compared to $17.9 million for fiscal 2008. Net income for fiscal 2009 increased 36% to $15.3 million, or $0.24 per diluted share, compared to $11.3 million, or $0.16 per diluted share, for fiscal 2008.
Balance Sheet
Continucare’s cash and cash equivalents increased to $13.9 million at June 30, 2009 compared to $9.9 million at June 30, 2008, while working capital increased to $25.5 million at June 30, 2009 compared to $20.3 million at June 30, 2008. Total liabilities were $14.1 million at June 30, 2009 compared to $13.3 million at June 30, 2008. Shareholders’ equity increased to $111.2 million at June 30, 2009 from $105.2 million at June 30, 2008.
“A strong fourth quarter capped another record year,” said Richard C. Pfenniger, Jr., Continucare’s Chairman and Chief Executive Officer. “Revenue growth, improved utilization outcomes and other operating efficiencies combined to produce 52% and 36% increases in our fourth quarter and full fiscal year net income, respectively, while our cash and working capital positions remain strong and our balance sheet continues to be virtually debt free.”
http://www.continucare.com