Metropolitan Health Networks Inc., a leading provider of health care services in Florida, today announced the financial results for their first quarter ended March 31, 2011, reflecting the company’s focus on outward growth for fiscal 2011.
The company recognized revenue of $94.7 million for the first quarter of 2011, a 1.8 percent increase compared to $93 million in the first quarter of 2010.
Net income for the first quarter was $8.0 million, or $0.20 per basic share and $0.19 diluted, as compared to $7.1 million, or $0.18 per basic share and $0.17 diluted, for the same quarter last year.
As of March 31, 2001, the company had cash, cash equivalents and short-term investments of $48.3 million compared to $49.5 million at December 31, 2010. The company had a working capital surplus of $62.2 million as of March 31, 2011, compared to a surplus of $54.2 million as of December 31, 2010. Stockholders’ equity increased $9.0 million from $67.8 million at December 31, 2010, to $76.8 million at March 31, 2011.
During the first quarter of 2011, two of the three previously announced acquisitions were completed and integrated, with the third acquisition closed in April. With these additions, the company now owns and operates 13 primary care practices which care for approximately 31 percent of its Medicare Advantage customers compared to 28 percent at March 31, 2010.
Michael Earley, chairman and CEO of the company, detailed the company’s expansion strategy.
“On the heels of a great 2010, we started 2011 with another exceptional quarter. 2011 is a year where we are focusing on growth initiatives. As such, we are deploying resources in this area as we work to identify and secure additional practices, move ahead with plans to build new practices, and examine other expansion opportunities,” Earley stated. “Unlike the previous two years where our focus was on inward investment and improvement, 2011 marks the year where our focus is outward on growth. The work we have undertaken at all operational levels to bring us to this point has served us well and has set the stage for the next phase of the execution of our strategic plans. All in all we are pleased with the progress we are making and are looking forward to what lies ahead for us this year.”
For more information visit www.metcare.com