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Continucare Corp. (CNU) Recognizes 52% Increase in Net Income for Q4 FY2009

Today, Continucare Corporation announced its financial results for its fourth quarter and fiscal year ended June 30, 2009. Total revenue for the fourth quarter increased 14% to $75.3 million, compared to $66.1 million for the same period during fiscal 2008. Net income increased 52% to $4.8 million, or $0.08 per diluted share, compared to $3.2 million, or $0.05 per diluted share.

For the fiscal year ended June 30, 2009, total revenue increased 11% to $281.3 million compared to $254.4 million in the prior fiscal year. Net income for fiscal 2009 totaled $15.3 million, or $0.24 per diluted share, compared to $11.3 million, or $0.16 per diluted share, for fiscal 2008, representing a 36% increase.

Continucare’s cash and cash equivalents increased substantially to $13.9 million at June 30, 2009 compared to $9.9 million at June 30, 2008. Working capital increased to $25.5 million compared to $20.3 million. As of June 30, 2009, total liabilities were $14.1 million compared to $13.3 million a year earlier. Shareholders’ equity increased to $111.2 million from $105.2 million.

“A strong fourth quarter capped another record year,” stated Richard C. Pfenniger, Jr., Continucare’s Chairman and Chief Executive Officer. “Revenue growth, improved utilization outcomes and other operating efficiencies combined to produce 52% and 36% increases in our fourth quarter and full fiscal year net income, respectively, while our cash and working capital positions remain strong and our balance sheet continues to be virtually debt free.”

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