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Metropolitan Health Networks Reports First Quarter 2005 Results; Company Achieves 9th Consecutive Quarter of Profitability and Record Revenues.

Publication: Business Wire
Publication Date: 10-MAY-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
WEST PALM BEACH, Fla. -- Metropolitan Health Networks, Inc. (AMEX:MDF) (PCX:MDF), a leading provider of healthcare services in Florida, today announced financial results for the first quarter ended March 31, 2005.

Revenue for the first quarter of 2005 was a record $45.5 million, as compared to $38.5 million for the same period of 2004. Net income for the quarter was $1.1 million, or $0.02 per share, as compared to a net income of $1.4 million or $0.03 per share for the same period last year. The first quarter of 2005 included income taxes of $697,000 and costs related to its startup HMO segment of $699,000, compared to none in the same period last year, accounting for an incremental cost of $0.03 per share.

Cash and equivalents and short-term investments increased by $502,000 to $13.3 million, while liabilities were reduced from $3.5 million at year-end 2004, to $2.9 million at March 31, 2005. Working capital increased by $1.3 million from year-end 2004 to a total of $17.0 million. Shareholders' equity improved from $24.6 million at year-end 2004 to $26.2 million at March 31, 2005.

Total...

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