Continucare fourth-quarter total revenue increases 5% to $79.3 million

Sep 9 2010

Continucare Corporation (NYSE Amex:CNU) today reported strong financial results for its fourth quarter and fiscal year ended June 30, 2010. Financial highlights for the quarter include:

“Revenue increased, margins improved and our financial position was further strengthened. At fiscal year-end, our cash and working capital positions reached new record levels and our balance sheet remained virtually free of long-term indebtedness.”

• Total revenue increased 5% to $79.3 million, compared to $75.3 million in the fourth quarter of fiscal 2009;
• Income from operations increased 18% to $9.1 million, compared to $7.8 million in the fourth quarter of fiscal 2009; and
• Net income increased 18% to $5.7 million, or $0.09 per diluted share, compared to $4.8 million, or $0.08 per diluted share, in the fourth quarter of fiscal 2009.

Full Year Results

For the fiscal year ended June 30, 2010, total revenue increased 10% to $310.8 million compared to $281.3 million in the prior fiscal year. Income from operations for fiscal 2010 increased 46% to $36.1 million compared to $24.7 million for fiscal 2009. Net income for fiscal 2010 increased 45% to $22.2 million, or $0.36 per diluted share, compared to $15.3 million, or $0.24 per diluted share for fiscal 2009.

Balance Sheet

Continucare's cash and cash equivalents increased to $37.5 million at June 30, 2010 compared to $13.9 million at June 30, 2009, while working capital increased to $49.5 million at June 30, 2010 compared to $25.5 million at June 30, 2009. Total liabilities were $17.8 million at June 30, 2010 compared to $14.1 million at June 30, 2009. Shareholders' equity increased to $136.0 million at June 30, 2010 from $111.2 million at June 30, 2009.

"We delivered outstanding financial results in our fourth quarter, our 13^th consecutive quarter of year-over-year improvement and a strong conclusion to another record year," said Richard C. Pfenniger, Jr., Continucare's Chairman and Chief Executive Officer. "Revenue increased, margins improved and our financial position was further strengthened. At fiscal year-end, our cash and working capital positions reached new record levels and our balance sheet remained virtually free of long-term indebtedness."