OptiCare Health Systems Reports Positive First Quarter

WATERBURY, Conn., May 8 -- OptiCare Health Systems, Inc. (OPT), an integrated eye care services company, has released its financial reports for the first quarter ended March 31, 2000. Net revenues increased 92 percent to $34.7 million, compared with a net revenue of $18.1 million for the same 1999 period. OPT reported a net income of $294,000 for the period ended March 31, 2000, or $0.03 per basic common share, a 112 percent increase over the $139,000 reported in the 1999 period.
We are pleased to start off the year with solid results in which we demonstrated a 50 percent increase in our net income per share over last quarter, said Dr. Dean Yimoyines, president and CEO of OPT. Our Managed Care services segment continued to perform solidly with $9.1 million in revenues a 9 percent increase over the $8.3 million reported last quarter.
OPT provides laser vision correction and managed care and professional eye care services. It also provides Internet-based software solutions to the eye-care industry.