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15.08.2018 21:00:00

United American Healthcare Corporation Reports First Quarter 2018 Results

CHICAGO, Aug. 15, 2018 (GLOBE NEWSWIRE) -- United American Healthcare Corporation (OTC:UAHC) (the "Company" or "UAHC Holding"), today announced the release of its unaudited first quarter report ending March 31, 2018 ("Quarterly Report"). The Quarterly Report can be found here. Additionally, the Company provided a summary of financial results from the report and an overview of recent operational highlights.UAHC Holding Highlights:UAHC Holding reported first quarter 2018 consolidated net income and comprehensive income of $0.1 million and $0.4 million, respectively. The Company's subsidiary, Pulse Systems, LLC ("Pulse Systems" or "Pulse"), contributed $0.4 million to UAHC Holding's reported consolidated net income, compared to its net income contribution of $0.3 million in first quarter of 2017. UAHC Holding's consolidated comprehensive income for the period was negatively impacted by a change in fair value of an outstanding put obligation of $(0.5) million and other declines in the fair value of investment assets held by its subsidiary, UAHC Ventures, LLC ("UAHC Ventures").Other financial highlights for the first quarter ending March 31, 2018, include:UAHC Holding reduced its short-term revolving debt owed to related parties by $0.68 million and it separately extinguished an outstanding third-party convertible promissory note with a final cash payment of $45,937;             The Company's Property, Plant and Equipment assets increased by $0.5 million, as the Company deployed capital to its subsidiary, Pulse Systems, to acquire additional manufacturing equipment; UAHC Holding reported a deferred tax asset of $1.48 million as it became more likely than not that the Company would utilize tax benefits generated by its net operating loss carryforward; and The Company's subsidiary, UAHC Ventures, exercised its right to convert a note receivable into the issuing entity's common stock. Subsequently, UAHC Ventures began liquidating the common stock resulting in realized income from the sale of trading securities of $1.17 million.       Additionally, as discussed in the Quarterly Report's financial statement footnote, ‘Subsequent Events,' the Company made interest and principal payments in April and May of 2018, which extinguished that certain Promissory Note dated August 18, 2017 issued by the Company to St. George Investments, LLC with a principal amount of $2,000,000 ("August 2017 Note"). ...Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga"