Irvine, Calif., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Pacific Health Care Organization, Inc., (the “Company”) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the “Commission”) its quarterly report on Form 10-Q announcing its financial results for the three-month and nine-month periods ended September 30, 2022.

Results

The Company reported net income of $192,005 or $0.02 and $0.01 per basic and fully diluted common share, respectively, for the three months ended September 30, 2022, compared to net income of $76,846 or $0.01 per basic and fully diluted common share, for the three months ended September 30, 2021. For the first nine months of 2022, the Company reported net income of $505,064 or $0.04 per basic and fully diluted common share, compared to net income of $678,842 or $0.05 per basic and fully diluted common share for the first nine months of 2021.

Total revenues for the three months ended September 30, 2022, was $1,453,997 compared to $1,310,618 for the same period in 2021, an increase of $143,379 or 11 percent. For the first nine months of 2022 the Company recorded total revenues of $4,281,831 compared to total revenues of $3,978,431 for the same period in 2021, an increase of $303,400 or 8 percent.

Net cash provided by operating activities increased to $572,310 during the nine months ended September 30, 2022, compared to $449,993 for the same period in 2021, an increase of $122,317, or 27 percent. Net cash used in investing activities was $17,619 during the nine months ended September 30, 2022, compared to $12,199 during the same period of the previous year.

The Company did not realize cash flow from financing activities during the nine months ended September 30, 2022, compared to $218,900 during the same period in 2021. The Company received a Second Draw Paycheck Protection Program loan in April 2021 in the amount of $218,900. The loan and interest were fully forgiven in December 2021. Cash balance at September 30, 2022, and December 31, 2021, was $10,640,063 and $10,085,372, respectively.

About Pacific Health Care Organization, Inc.

The Company specializes in workers’ compensation cost containment. The Company’s business objective is to deliver value to its customers that reduces their workers’ compensation related medical claims expense in a manner that will assure that injured employees receive high quality healthcare that allows them to recover from injury and return to gainful employment without undue delay. Workers’ compensation costs continue to increase due to rising medical costs, inflation, fraud, and other factors. Medical and indemnity costs associated with workers’ compensation in the state of California are billions of dollars annually. Through its wholly owned subsidiaries, the Company provides a range of effective workers’ compensation cost containment services, including Health Care Organizations, Medical Provider Networks, medical case management, utilization review, medical bill review, workers’ compensation carve-outs and Medicare set-aside services. We also provide lien representation and expert witness testimony, ancillary to our other services. We offer our services as a bundled solution, as standalone services, or as add-on services.

“Safe Harbor” Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. Forward-looking statements are based on management’s current judgment, expectations, estimates, projections, and assumptions about future events. While management believes these assumptions are reasonable, such statements are not guarantees of future results and involve certain risks and uncertainties which are difficult to predict. Therefore, actual results and trends may differ materially from what is forecast in any forward-looking statement due to a variety of factors. Additional information regarding these factors, such as the potential loss of one or more key customers or the possible impacts of the COVID-19 pandemic, is contained in the Company’s filings with the Commission, including without limitation, its annual reports on Form 10-K and its quarterly reports on Form 10-Q.

All forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this press release.

To view the Company’s quarterly report on Form 10-Q for the periods ended September 30, 2022, filed with the Commission today, as well as the Company’s annual, quarterly, and current reports and other information the Company files with the U.S. Securities and Exchange Commission go to:  http://www.sec.gov. You may also view our annual report on Form 10-K and quarterly reports on Form 10-Q on our website at http://www.pacifichealthcareorganization.com.

Pacific Health Care Organization, Inc.
19800 MacArthur Boulevard, Suites 306 & 307
Irvine, California 92612
(949) 721-8272

Website:  http://www.pacifichealthcareorganization.com
Contact:   Kat Kubota – CFO
Email:       kkubota@medexhco.com