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The Company reported net income of $508,000 or $.05 per share for thequarter ended March 31, 2008, as compared to net income of $1,009,000 ($.10per share) for the quarter ended March 31, 2007.
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"We are pleased that revenue growth remains solid despite the economicdownturn," says Dr. Michael Stout, President and Chief Executive Officer."Our newer offices contribute to that revenue growth, but until fullyestablished, will also continue to depress our margins. With the opening ofour two offices in Florence (South Carolina) this quarter, we bring our brandof outstanding, convenient medical care to that region."
The Company's March 31, 2008 balance sheet reflects total assets of$29,746,000 as compared to $30,722,000 at September 30, 2007 whilestockholders' equity at March 31, 2008 was $18,609,000 as compared to$17,871,000 at September 30, 2007.
UCI Medical Affiliates, Inc. provides nonmedical management andadministrative services for a network of 61 freestanding medical centers, 60of which are located throughout South Carolina and one is located inKnoxville, Tennessee (39 operating as Doctors Care in South Carolina, one asDoctors Care in Knoxville, Tennessee, 18 as Progressive Physical TherapyServices in South Carolina, one as Luberoff Pediatrics in South Carolina, oneas Carolina Orthopedic and Sports Medicine in South Carolina, and one asDoctors Wellness Center in South Carolina).
Certain of the statements contained in this Report on Form 10-Q that arenot historical facts are forward-looking statements subject to the safe harborcreated by the Private Securities Litigation Reform Act of 1995. We cautionreaders of this Form 10-Q that such forward-looking statements involve knownand unknown risks, uncertainties and other factors that may cause our actualresults, performance or achievements to be materially different from thoseexpressed or implied by such forward-looking statements. Although ourmanagement believes that their expectations of future performance are based onreasonable assumptions within the bounds of their knowledge of their businessand operations, we have no assurance that actual results will not differmaterially from their expectations. Factors that could cause actual resultsto differ from expectations include, among other things, (1) the difficulty incontrolling our costs of providing healthcare and administering our network ofcenters; (2) the possible negative effects from changes in reimbursement andcapitation payment levels and payment practices by insurance companies,healthcare plans, government payors and other payment sources; (3) thedifficulty of attracting primary care physicians; (4) the increasingcompetition for patients among healthcare providers; (5) possible governmentregulations negatively impacting our existing organizational structure; (6)the possible negative effects of prospective healthcare reform; (7) thechallenges and uncertainties in the implementation of our expansion anddevelopment strategy; (8) the dependence on key personnel; (9) adverseconditions in the stock market, the public debt market, and other capitalmarkets (including changes in interest rate conditions); (10) the strength ofthe United States economy in general and the strength of the local economiesin which we conduct operations may be different than expected resulting in,among other things, a reduced demand for practice management services; (11)the demand for our products and services; (12) technological changes; (13) theability to increase market share; (14) the adequacy of expense projections andestimates of impairment loss; (15) the impact of change in accounting policiesby the Securities and Ex
