U.S. Physical Therapy Reports Second Quarter and Six Months Results.HOUSTON -- U.S. Physical Therapy, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :USPH USPH United States Public Health ), a national operator of physical and occupational therapy outpatient outpatient /out·pa·tient/ (-pa-shent) a patient who comes to the hospital, clinic, or dispensary for diagnosis and/or treatment but does not occupy a bed. out·pa·tient n. clinics, today reported results for the second quarter and six months ended June 30, 2007. U.S. Physical Therapy's reported earnings were $2.3 million or $0.20 per share for the second quarter of 2007 and $4.1 million or $0.36 per share for the first six months of 2007. The Company's earnings were $2.2 million or $0.18 per share for the second quarter of 2006 and $3.6 million or $0.30 per share for the first six months of 2006. Second Quarter 2007 compared to Second Quarter 2006 * Net revenue from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the increased to $35.5 million from $34.6 million due to a 5.0% increase in patient visits from 350,000 to 368,000 partially offset by a decrease in average net patient revenue per visit of 1.6% to $95.63. Effective January 1, 2007, the reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. rate by Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. for outpatient rehabilitation rehabilitation: see physical therapy. was reduced by approximately 5%. Medicare comprised 20% of the Company's charges for the three months ended June 30, 2007. * Clinic salaries and related costs as a percentage of net revenue were 51.0% for the recent quarter as well as the year earlier period. Rent, clinic supplies, contract labor and other costs from continuing operations as a percentage of revenue were 21.5% in the second quarter of 2007 as compared to 19.3% in the second quarter of 2006. The provision for doubtful accounts was 1.1% of revenues in the recent quarter versus 1.3% in the comparable period in 2006. * Corporate office costs were reduced to $4.1 million in the second quarter of 2007, or 11.7% of net revenue, versus $4.5 million, or 13.0% of revenue in the second quarter of 2006. * Net income, after discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , increased by 6.8% to $2.3 million from $2.2 million. Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share rose to $0.20 from $0.18. These figures are net of losses from discontinued operations, net of tax benefit, of $54,000 in the recent period as compared to $0.4 million in the second quarter of 2006. * Same store revenues for clinics open or acquired for one year or more decreased by 3.5% as visits declined by 1.2% and the average net rate per visit decreased by 2.3% to $95.01. The slight visits decline was attributable to continued weakness in the Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). market as the rest of the Company's operations achieved a combined small increase in same store visits. First Six Months 2007 compared to First Six Months 2006 * Net revenue from continuing operations increased to $70.1 million from $68.1 million due to a 5.5% increase in patient visits from 689,000 to 727,000 partially offset by a decrease in average net patient revenue per visit of 1.7% to $95.55. As noted above, effective January 1, 2007, the reimbursement rate by Medicare for outpatient rehabilitation was reduced by approximately 5%. Medicare comprised 20% of the Company's charges for the six months ended June 30, 2007. * Clinic salaries and related costs as a percentage of net revenue were 51.0% for the recent six months as well as the year earlier period. Rent, clinic supplies, contract labor and other costs from continuing operations as a percentage of revenue were 21.5% in the first six months of 2007 as compared to 20.1% in the comparable 2006 period. The provision for doubtful accounts was 1.5% of revenues in the six months period versus 1.4% in the comparable period in 2006. * Corporate office costs were reduced to $8.5 million in the first six months of 2007, or 12.1% of net revenue, versus $9.0 million, or 13.2% of revenue in the comparable 2006 period. * Net income, after discontinued operations, increased by 13.5% to $4.1 million from $3.6 million. Earnings per diluted share rose to $0.36 from $0.30. These figures are net of losses from discontinued operations, net of tax benefit, of $69,000 in the first half of 2007 as compared to $0.6 million in the first half of 2006. * Same store revenues for clinics open or acquired for one year or more decreased by 2.4% as visits declined slightly and the average net rate per visit decreased by 2.2% to $95.02. The slight visits decline was attributable to Michigan as the rest of the Company's operations achieved a small increase in same store visits. Chris Reading Christopher Mark Wells Read (born 10 August 1978 in Paignton, Devon) is an English cricketer, a wicket-keeper. Read played for Devon in a NatWest Trophy match at the age of 16, and in 1997 made a single AXA Life League appearance for Gloucestershire, claiming an NBC Denis , Chief Executive Officer, said "We are pleased to announce that U.S. Physical Therapy has been chosen by one of the major U. S. automakers as its national workers compensation provider for physical and occupational therapy. This contract took effect yesterday, August 1, 2007. We anticipate that the contract will generate 10,000 to 15,000 annual patient visits nationwide for U.S. Physical Therapy and in particular should bolster This article is about the pillow called a bolster. For other meanings of the word "bolster", see bolster (disambiguation). A bolster (etymology: Middle English, derived from Old English, and before that the Germanic word bulgstraz our Michigan PT practices." The Company ended the quarter with $13.9 million in cash and investments. Net of $1.1 million of acquired clinics seller notes, the adjusted net cash balance was approximately $12.8 million or $1.11 per outstanding share. U.S. Physical Therapy's management will host a conference call at 10:30 am Eastern Time, 9:30 am Central Time on Thursday, August 2, 2007 to discuss the Company's second quarter and first six months 2007 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and enter reservation number 9020809 approximately 10 minutes before the call is scheduled to begin. To listen to the live call via web-cast, go to the Company's website at www.usph.com at least 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. The conference call will be archived and can be accessed for approximately 120 days at this website. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934. These statements contain forward-looking information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as "believes", "expects", "intends", "plans", "appear", "should" and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we project. Included among such statements are those relating to opening new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to: * revenue and earnings expectations; * general economic, business, and regulatory conditions including federal and state regulations; * availability and cost of qualified physical and occupational therapists occupational therapist A person trained to help people manage daily activities of living–dressing, cooking, etc, and other activities that promote recovery and regaining vocational skills Salary $51K + 4% bonus. See ADL. ; * personnel productivity; * changes in Medicare guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and reimbursement or failure of our clinics to maintain their Medicare certification status; * competitive and/or economic conditions in our markets which may require us to close certain clinics and thereby incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. closure costs and losses including the possible write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. or write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of goodwill; * changes in reimbursement rates or payment methods from third party payors including government agencies and deductibles and co-pays owed by patients; * maintaining adequate internal controls; * availability, terms, and use of capital; * future acquisitions; and * weather and other seasonal factors. Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. Please see periodic reports filed with the Securities and Exchange Commission (the "SEC") for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement, regardless of the reason the statement is no longer accurate. About U.S. Physical Therapy, Inc. Founded in 1990, U.S. Physical Therapy, Inc. operates 298 outpatient physical and/or occupational therapy clinics in 41 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured in·jure tr.v. in·jured, in·jur·ing, in·jures 1. To cause physical harm to; hurt. 2. To cause damage to; impair. 3. workers. In addition to owning and operating clinics, the Company manages physical therapy facilities for third parties, including hospitals and physician groups. More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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