EXHIBIT 99.1
PRESS RELEASE
UCI MEDICAL AFFILIATES, INC.
REPORTS THIRD QUARTER FISCAL YEAR 2004 RESULTS
Columbia, SC - August 10, 2004 - UCI Medical Affiliates, Inc. (OTC Bulletin
Board: UCIA) announced today that revenue for the third quarter of the fiscal
year ending September 30, 2004 increased to $11,318,000 from $11,049,000 for the
third quarter of fiscal year 2003, while revenue for the nine months ended June
30, 2004 increased to $35,578,000 from $32,359,000 for the nine months ended
June 30, 2003.
The Company reported net income of $236,000 or $.02 per share for the quarter
ended June 30, 2004 compared to $524,000 or $.05 per share for the quarter ended
June 30, 2003, while net income for the nine months ended June 30, 2004
increased to $2,658,000 or $.27 per share from $1,596,000 or $.17 per share for
the nine months ended June 30, 2003.
Dr. Michael Stout, President and Chief Executive Officer said, "Our Company is
strong and continues to grow. The Company's next location is currently under
construction in Georgetown, South Carolina. With more than 42 locations and 600
employees, we take great pride in the role we play in this state's economy."
The Company's June 30, 2004 balance sheet reflects total assets of $17,438,000
as compared to $15,859,000 at September 30, 2003 while stockholders' equity at
June 30, 2004 was $5,224,000 as compared to $2,566,000 at September 30, 2003.
"Our commitment to customer service is a large factor in our success," Jerry F.
Wells, Jr., CPA, Executive Vice President and Chief Financial Officer, said.
"Not only have we continued to market our wide array of services to potential
patients, but also we have implemented a series of internal incentive programs
to reward Doctors Care centers which excel in customer service."
UCI Medical Affiliates, Inc. provides non-medical management and administrative
services for freestanding medical centers, which operate as Doctors Care urgent
and family care centers and Progressive Physical Therapy Services. Combined,
Doctors Care and Progressive Physical Therapy have 42 locations throughout South
Carolina and one in Knoxville, Tennessee.
Certain of the statements contained in this Press Release that are not
historical facts are forward-looking statements subject to the safe harbor
created by the Private Securities Litigation Reform Act of 1995. We caution
readers of this Press Release that such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different from those
expressed or implied by such forward-looking statements. Although our management
believes that their expectations of future performance are based on reasonable
assumptions within the bounds of their knowledge of their business and
operations, we have no assurance that actual results will not differ materially
from their expectations. Factors that could cause actual results to differ from
expectations include, among other things, (1) the difficulty in controlling our
costs of providing healthcare and administering our network of centers; (2) the
possible negative effects from changes in reimbursement and capitation payment
levels and payment practices by insurance companies, healthcare plans,
government payors and other payment sources; (3) the difficulty of attracting
primary care physicians; (4) the increasing competition for patients among
healthcare providers; (5) possible government regulations negatively impacting
our existing organizational structure; (6) the possible negative effects of
prospective healthcare reform; (7) the challenges and uncertainties in the
implementation of our expansion and development strategy; (8) the dependence on
key personnel; (9) adverse conditions in the stock market, the public debt
market, and other capital markets (including changes in interest rate
conditions); (10) the strength of the United States economy in general and the
strength of the local economies in which we conduct operations may be different
than expected resulting in, among other things, a reduced demand for practice
management services; (11) the demand for our products and services; (12)
technological changes; (13) the ability to increase market share; (14) the
adequacy of expense projections and estimates of impairment loss; (15) the
impact of change in accounting policies by the Securities and Exchange
Commission; (16) unanticipated regulatory or judicial proceedings; (17) the
impact on our business, as well as on the risks set forth above, of various
domestic or international military or terrorist activities or conflicts; (18)
other factors described in this Press Release and in our other reports filed
with the Securities and Exchange Commission; and (19) our success at managing
the risks involved in the foregoing.
Contact: Jerry F. Wells, Jr., CPA
Executive Vice President and Chief Financial Officer
UCI Medical Affiliates, Inc.
4416 Forest Drive, 2nd Floor
Columbia, South Carolina 29206
(803) 782-4278, ext. 128