BeaconEquity.com announces the publication of an article covering recent news from Clear Choice Health Plans (OTCBB: CCHN), including the company’s financial results for the first quarter, reporting revenue up 9.3% while net income fell to $348,000.
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In the article the author writes:
“Clear Choice Health Plans, as its name implies, offers a variety of voluntary health benefits and insurance to individuals and businesses. The company recently posted its financial results for the first quarter ended March 31, 2009. … The Bend, Ore.-based company reported revenue of $57.5 million, up 9.3% from last year's first-quarter revenue of $52.6 million. The company noted in a news release that $1.5 million of revenue was derived from its recently acquired Trusteed Plans Service Corp. (TPSC).”
Clear Choice reports revenue up 9.3% and net income falling to $348,000:
“Excluding revenue from TPSC, revenue rose $3.4 million, or 6.5% from the same quarter last year. Net income fell to $348,000 for the most recently reported quarter, or 20 cents per diluted common share, compared with $845,000, or 46 cents per diluted common share. The company attributes the drop in net income for the first quarter of 2009 to increased interest expenses, depreciation and amortization. The company reported a net loss from operations of $9,000 for the first quarter of 2009, versus a net loss of $8,000 for the equivalent quarter last year. Earnings before taxes reached $583,000 for the first quarter of 2009, compared with $1.4 million last year. The company also noted a one-time settlement received from the State of Oregon after a lawsuit was filed against the state in 2003.”
To read the entire article visit http://www.beaconequity.com/m
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Source: BeaconEquity.com
Beacon Equity Research
Jeff Bishop, (469)-252-3505
press@beaconequity.com
