Conmed Healthcare Management, Inc. Reports
Record Revenues for Fourth Quarter and Full
Fourth Quarter Revenue Increases 14.9% to a Record $14.0 Million
Full-Year Revenue Increases 30.2% to a Record $52.8 Million
March 25, 2010 04:04 PM Eastern Daylight Time
HANOVER, Md.--(EON: Enhanced Online News)--Conmed Healthcare Management, Inc. (NYSE Amex:
CONM), a leading full service provider of correctional facility healthcare services to county and municipal detention
centers, today announced financial results for its fourth quarter and year ended December 31, 2009.
Fourth Quarter Financial Highlights
l Net revenue increased 14.9% to $14.0 million from $12.2 million in last year's comparable period.
l Gross profit increased 12.3% to $2.7 million (19.2% gross margin), compared to $2.4 million (19.7% gross
margin) last year.
l Operating expenses as a percentage of revenue declined 330 basis points to 16.3% from 19.6% in the year-
l Operating income was approximately $0.4 million, compared to approximately $11,000 in the fourth quarter
l Net income of approximately $1.4 million, or $0.11 per basic share and $0.07 per diluted share, compared to
net income of approximately $19,000, or $0.00 per basic and diluted share, in last year’s same period.
l The Company generated approximately $940,000 in positive cash flow in the fourth quarter, with $11.1
million in cash and cash equivalents as of December 31, 2009.
Fourth Quarter Highlights:
l Pima County, Arizona agreed to extend its contract with Conmed for healthcare services at the Pima County
Adult Detention Center for two years, covering the period from July 1, 2010 through June 30, 2012. This
remains Conmed’s largest contract to date and is expected to generate approximately $19.5 million in
revenues throughout the term of the contract, or $9.7 million per year for each of the two year periods.
l Baltimore County, Maryland exercised the first of two three-year extension periods for Conmed to provide