Conmed Healthcare Management Inc., a Vancouver-based company focused on acquisition, exploration and development of mineral properties in the People’s Republic of China, today announced financial results for the first quarter of 2011, posting a solid performance to finish off the period ended March 31, 2011.
“During the first quarter of 2011, Conmed again set new records for revenue and operating profit. We continued to generate cash and maintained a solid, debt-free balance sheet,” Richard Turner, chairman and CEO of Conmed stated in the press release. “Our continued growth and success stem from our commitment to excellence in the delivery of healthcare as well as the soundness of our business model.”
Net revenue for the first quarter of 2011 increased 10.6 percent to $16.3 million compared to $14.8 million in the first quarter of 2010.
Gross profit increased to $3.0 million for the three months ended March 31, 2011, up from $2.9 million reported in the first quarter of the year prior. Gross margin declined from 19.7 percent for the first quarter of 2011 compared to 18.3 percent for the three months ended March 31, 2010.
Total operating expenses were $2.2 million compared to $2.3 million in the first quarter of 2010.
Conmed reported record operating income of $0.8 million in the first quarter of 2011, compared to $0.6 million in the first quarter of the year prior.
Net income was $0.4 million, or $0.03 per basic and diluted share, compared to net income of approximately $0.3 million, or $0.02 per basic share and diluted share, in the first quarter of 2010.
Conmed generated $846,728 in operating cash flow in the first quarter of 2011. Cash and cash equivalents were $14.0 million at March 31, 2011, compared to $11.7 million at March 31, 2010.
The company inked 64 agreements with county and municipal governments in the first quarter, most of which are for multiple years with option renewal periods. Turner said the company will continue to grow through contract renewals, new service offerings, new contracts and potential acquisitions.
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