Irvine, CA, March 19, 2025 (GLOBE NEWSWIRE) -- Pacific Health Care Organization, Inc., (the "Company") (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the "Commission") its annual report on Form 10-K announcing its financial results for the fiscal year ended December 31, 2024.
Results
The Company reported total revenues of $6,065,390 for the year ended December 31, 2024 ("fiscal year 2024"), compared to $5,629,918 for the year ended December 31, 2023 ("fiscal year 2023").
The Company reported income from operations of $852,623 for fiscal year 2024, compared to income from operations of $678,535 for fiscal year 2023.
The Company realized net income of $883,584 or $0.07 per weighted average share outstanding, basic and diluted, for fiscal year 2024, compared to net income of $767,928 or $0.06 per weighted average share outstanding, basic and diluted, for fiscal year 2023.
Net cash provided by operating activities was $675,084 and $932,359 in fiscal year 2024 and fiscal year 2023, respectively, a decrease of $257,275.
Net cash used in investing activities was ($1,133,892) during fiscal year 2024, while net cash provided by investing activities was $806,788 during fiscal year 2023. The change in net cash used in investing activities was the result of reinvesting the proceeds of investments that reached maturity during the period, which was increased by investing additional cash. The Company recognized cash and noncash interest of $414,635 for interest earned on investments during fiscal year 2024.
During fiscal year 2024, the Company had $35,305 net cash provided by financing activities compared to ($1,281,600) net cash used in financing activities during fiscal year 2023.
The Company's cash balance at December 31, 2024 and 2023 was $2,070,476 and $2,493,979, respectively.
To better understand the Company's financial results, readers should review the Company's annual report on Form 10-K.
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. Through its wholly owned subsidiaries, the Company provides a range of effective workers' compensation cost containment services, including but not limited to Health Care Organizations, Medical Provider Networks, medical case management, utilization review, medical bill review, workers' compensation carve-outs and Medicare set-aside 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, 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 annual report on Form 10-K for the year ended December 31, 2024, filed with the Commission and the Company's annual, quarterly and current reports and other information the Company files with or furnishes to the Commission go to: http://www.sec.gov. You may also view our annual reports on Form 10-K and our quarterly reports on Form 10-Q on our website at http://www.pacifichealthcareorganization.com.
