U.S. Physical Therapy Reports Third Quarter and Nine Months Results.Revenues and Earnings Rise
HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy
The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- 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.
n. clinics, today reported results for the third quarter and nine months ended September 30, 2007.
U.S. Physical Therapy's net income for the third quarter of 2007 was $2.1 million or $.18 per share as compared to $552 thousand or $.05 per share in the third quarter of 2006. Net income 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 rose approximately 14% in the recent quarter to $2.1 million or $.18 per share from $1.9 million or $.16 per share a year earlier.
Third Quarter 2007 compared to Third Quarter 2006
* Net revenue from continuing operations increased 13.1% from $33,125,000 to $37,453,000 due to a 12.1% increase in patient visits from 340,000 to 381,000 and an increase in average net patient revenue per visit of .4% from $96.39 to $96.75. The recent quarter's figures include one month of results for the STAR clinics acquired in September 2007.
* Clinic salaries and related costs as a percentage of net revenue were 52.3% for the recent quarter and 51.8% for the 2006 third quarter. Rent, clinic supplies, contract labor and other costs from continuing operations as a percentage of revenue were 21.8% in the third quarter of 2007 as compared to 20.9% in the third quarter of 2006. The provision for doubtful accounts was 1.8% of revenues in both the recent quarter and in the comparable period in 2006.
* Corporate office costs were $4,209,000 in the third quarter of 2007, or 11.2% of net revenue, versus $4,136,000, or 12.5% of revenue, in the third quarter of 2006.
* Net income from continuing operations rose 13.8% to $2,132,000 from $1,874,000.
* 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 284% to $2,120,000 from $552,000. 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 $.18 from $.05. These figures are net of losses from discontinued operations of $12,000 in the recent period as compared to $1,322,000 in the third quarter of 2006, when the Company made the decision to close 28 underperforming clinics.
* Same store revenues, for de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. and acquired clinics open for one year or more, increased slightly. Same store visits increased by 1.4% while the average net rate per visit decreased by .6%.
First Nine Months 2007 compared to First Nine Months 2006
* Net revenue from continuing operations increased 6.2% to $107,532,000 from $101,257,000 due to a 7.7% increase in patient visits from 1,029,000 to 1,108,000 partially offset by a 1.0% decrease in average net patient revenue per visit from $96.93 to $95.97. This year's figures include one month of results for the STAR clinics acquired in September 2007.
* Clinic salaries and related costs as a percentage of net revenue were 51.0% for both periods. Rent, clinic supplies, contract labor and other costs from continuing operations as a percentage of net revenue were 21.6% in the first nine months of 2007 as compared to 20.4% in the comparable 2006 period. The provision for doubtful accounts was 1.6% of net revenue in the first nine months of 2007 versus 1.5% in the comparable period in 2006.
* Corporate office costs were reduced to $12,702,000 in the first nine months of 2007, or 11.8% of net revenue, versus $13,138,000, or 13.0% of net revenue in the comparable 2006 period.
* Net income from continuing operations rose 3.7% to $6,333,000 from $6,107,000.
* Net income, after discontinued operations, increased 49.1% to $6,252,000 from $4,192,000. Earnings per diluted share rose to $.54 from $.35. These figures are net of losses from discontinued operations of $81,000 in the first nine months of 2007 as compared to $1,915,000 in the first nine months of 2006.
* Same store revenues, for de novo and acquired clinics open for one year or more, increased 1.4%. Same store visits increased by 3.0% while the average net rate per visit decreased by 1.5%.
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 "This was a busy and productive quarter for our Company. We are making strides in a number of key areas. Clinical initiatives begun earlier this year have made a positive contribution to our net revenue rate. In 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). , the national FORD contract coupled with focused local efforts, have resulted in improved patient volume and profitability. As we work to further grow visit levels, we strengthened our team with the recent addition of a national director of sales. The STAR Physical Therapy acquisition adds a very capable, committed and enthusiastic group to USPH. Our third quarter results demonstrate the continued progress being made to profitably grow our business."
Larry McAfee, Chief Financial Officer, noted "Despite using $19.2 million of cash in the acquisition in September, U.S. Physical Therapy ended the quarter with just $4.3 million in net debt." As of September 30, 2007, the Company had $9.6 million in cash and $13.9 million of borrowings. The borrowings include $12.0 million under the Company's bank credit facility and $1.9 million of acquired clinics seller notes.
U.S. Physical Therapy's management will host a conference call at 10:30 am Eastern Time, 9:30 am Central Time on Thursday, November 8, 2007 to discuss the Company's third quarter and first nine months 2007 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and enter reservation number 9338075 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 Reimbursement
Payment made to someone for out-of-pocket expenses has incurred. 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 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. 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.
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;
* acquisitions and the successful integration of the operations of the acquired businesses; 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 346 outpatient physical and/or occupational therapy clinics in 42 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 rehabilitation: see physical therapy. 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.
(See Attached Financials)
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