EXHIBIT 99.1
PRESS RELEASE
UCI MEDICAL AFFILIATES, INC.
REPORTS THIRD QUARTER FISCAL YEAR 2006 RESULTS
Columbia, SC - August 9, 2006 - UCI Medical Affiliates, Inc. (OTC Bulletin
Board: UCIA) announced today that revenue for the quarter ended June 30, 2006
increased to $15,637,000 from $14,000,000 for the quarter ended June 30, 2005.
The Company reported pretax net income of $1,197,000 or $.12 per share for the
quarter ended June 30, 2006, as compared to $1,112,000 or $.11 per share for the
quarter ended June 30, 2005. This brought pretax net income to $4,082,000 for
the nine months ended June 30, 2006 as compared to $4,004,000 for the nine
months ended June 30, 2005. The Company reported net income of $748,000 or $.08
per share for the quarter ended June 30, 2006, as compared to $662,000 or $.07
per share for the quarter ended June 30, 2005; bringing net income to $2,551,000
or $.26 per share for the nine months ended June 30, 2006, as compared to
$7,066,000 or $.73 per share for the nine months ended June 30, 2005. (During
the quarter ended December 31, 2004, the Company realized a tax benefit of
$4,495,000. Additionally, the Company recorded tax expense of $1,436,000 for the
nine months ended June 30, 2006.)
"This has been a solid quarter for us," said President and Chief Executive
Officer D. Michael Stout, M.D. "Our revenue topped $15,000,000 for the period, a
12% increase over last year. Net income after taxes increased 13% to $748,000,
and earnings per share after taxes increased 12%."
The Company's June 30, 2006 balance sheet reflects total assets of $25,643,000
as compared to $23,399,000 at September 30, 2005 while stockholders' equity at
June 30, 2006 was $16,088,000 as compared to $13,321,000 at September 30, 2005.
"We are excited about our future and continue to focus on the daily execution
that brings success," said Jerry F. Wells, Jr., CPA, Executive Vice President
and Chief Financial Officer. "Our continuing goal is premier patient
satisfaction and superior customer service. Our success can be attributed to the
focus on that goal and the entire UCI team that works every day to make that
goal a reality."
The Company provides nonmedical management and administrative services for a
network of 49 freestanding medical centers, 48 of which are located throughout
South Carolina and one is located in Knoxville, Tennessee (30 operating as
Doctors Care in South Carolina, one as Doctors Care in Knoxville, Tennessee, 16
as Progressive Physical Therapy Services in South Carolina, one as Luberoff
Pediatrics in South Carolina, and one as Carolina Orthopedic and Sports Medicine
in South Carolina).
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
Columbia, South Carolina 29206
(803) 782-4278
www.DoctorsCare.com