Pediatric Services OF America (NASDAQ:PSAI)
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Pediatric Services of America, Inc. d/b/a PSA HealthCare (NASDAQ:PSAI)
announced today financial results for the second quarter of fiscal year
2007, ended March 31, 2007.
Highlights of PSA’s results for the second
quarter ended March 31, 2007, include:
Acquiring the pediatric assets of Americare At Home Inc., Wilko
Enterprises, Inc., and Maternal Child Health, Inc.
Achieving 928,000 staffed hours in the PDN business.
Achieving revenue growth, including acquisitions, of 15% over second
quarter of fiscal year 2006.
For the second quarter of fiscal 2007, net revenue from continuing
operations was $33,644,000. Income before income tax expense from
continuing operations was $6,000.
“We’ve made solid
progress on the acquisition front. As we continue to grow, improving our
profitability will be paramount,” said Daniel
J. Kohl President and CEO.
Conference Call
A conference call to discuss these results has been scheduled for
Wednesday May 9, 2007 at 11:00 a.m. ET. The dial-in
number for all Participants is 800-374-1702. Note: To join the
Q&A session, please press the asterisk followed by 1. If you are unable
to listen to the live broadcast, replays of the conference call will be
available until May 23, 2007 by dialing 800-642-1687. To connect with
the replay of the conference call, please refer to the PSA HealthCare
earnings call, Passcode: 8491237 #.
PSA provides comprehensive pediatric home health care services through a
network of over 54 branch offices in 18 states, including satellite
offices and branch office start-ups. Through these offices, PSA provides
a combination of services, including pediatric private duty nursing
(PDN) and pediatric day treatment centers (PPECs). Additional
information on PSA may be found on the Company's website at http://www.psahealthcare.com.
NOTE: This press release contains certain forward-looking
statements (as such term is defined in the Private Securities Litigation
Reform Act of 1995) relating to future financial performance of
Pediatric Services of America, Inc. d/b/a PSA Healthcare (the “Company”).
When used in this press release, the words “may,”
“targets,” “goal,”
“will,” “could,”
“should,” “would,”
“believe,” “feel,”
“expects,” “confident,”
“anticipate,” “estimate,”
“intend,” “plan,”
“potential” and
similar expressions may be indicative of forward-looking statements. These
statements by their nature involve substantial risks and uncertainties,
certain of which are beyond the Company’s
control. The Company cautions that various factors, including the
factors described hereunder and those discussed in the Company’s
other filings with the Securities and Exchange Commission, as well as
general economic conditions, industry trends, the Company’s
proposed merger with Portfolio Logic LLC (or its failure to complete
that merger because of a number of factors, including the failure to
obtain the requisite approval of its stockholders and the failure to
satisfy other closing conditions), the Company's anticipated uses of the
proceeds from the sale of its Pharmacy and RTES Businesses,
assimilate and manage previously acquired field operations, collect
accounts receivable, including receivables related to acquired
businesses and receivables under appeal, hire and retain qualified
personnel and comply with and respond to billing requirements issues,
including those related to the Company’s
billing and collection system, nurse shortages, HIPAA
regulations, adverse litigation, workers’
compensation losses, availability and cost of medical malpractice
insurance and reduced state funding levels and nursing hours authorized
by Medicaid programs, and the impact of changes resulting from the
recently enacted Medicare Act, could cause actual results or outcomes to
differ materially from those expressed in any forward-looking statements
of the Company made by or on behalf of the Company. Any
forward-looking statement speaks only as of the date on which such
statement is made, and the Company undertakes no obligation to update
any forward-looking statement or statements to reflect events or
circumstances after the date on which such statement is made or to
reflect the occurrence of an unanticipated event. New factors
emerge from time to time, and it is not possible for management to
predict all of such factors. Further, management cannot assess
the impact of each such factor on the business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements.
PSA HEALTHCARE
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
Three Months Ended
March 31,
March 31,
2007
2006
Net revenue
$
33,644
$
29,203
Costs and expenses:
Costs of goods and services (exclusive of depreciation shown
separately below)
20,960
17,494
Other operating costs and expenses
Administrative and marketing salaries, wages and benefits
5,416
4,910
Business insurance
1,495
1,408
Overhead
1,903
1,841
Other operating costs and expenses
8,814
8,159
Corporate, general and administrative
Salaries, wages and benefits
2,469
3,329
Business insurance
63
59
Professional services
1,196
1,044
Overhead
608
675
Corporate, general and administrative
4,336
5,107
Provision for doubtful accounts
215
60
Provision for insurance recoveries
(134)
-
Depreciation and amortization
279
246
Total costs and expenses
34,470
31,066
Operating loss
(826)
(1,863)
Other income
-
5
Interest income
832
626
Interest expense
-
(4)
Income (loss) from continuing operations before income tax expense
(benefit)
6
(1,236)
Income tax expense (benefit)
2
(446)
Income (loss) from continuing operations
4
(790)
Discontinued operations:
Income from discontinued operations before income tax (benefit)
expense
-
2,145
Income tax (benefit) expense
(1)
837
Income from discontinued operations
1
1,308
(Loss) gain on disposal of discontinued operations before income tax
benefit
(17)
38
Income tax benefit
(9)
(42)
(Loss) gain on disposal of discontinued operations
(8)
80
Net (loss) income
$
(3)
$
598
Income per share data:
Basic net (loss) income per share data:
Income (loss) from continuing operations
$
0.00
$
(0.11)
Income from discontinued operations
0.00
0.18
(Loss) gain on disposal of discontinued operations
(0.00)
0.01
Net (loss) income
$
(0.00)
$
0.08
Diluted net (loss) income per share data:
Income (loss) from continuing operations
$
0.00
$
(0.11)
Income from discontinued operations
0.00
0.18
(Loss) gain on disposal of discontinued operations
(0.00)
0.01
Net (loss) income
$
(0.00)
$
0.08
Weighted average shares outstanding:
Basic
7,549
7,372
Diluted
7,734
7,372
Nursing
PPEC
Consolidated Total
Three Months Ended March 31, 2007
Net revenue
$
31,092
$
2,552
$
33,644
Costs of goods and services (exclusive of depreciation shown
separately below)
Nursing and therapist salaries, wages, benefits and supplies
20,864
66
20,930
Disposables/Supplies
21
9
30
Total cost of goods and services
20,885
75
20,960
Other operating costs and expenses
Administrative and marketing salaries, wages and benefits
3,910
1,506
5,416
Business Insurance
1,377
118
1,495
Overhead
1,529
374
1,903
Total operating costs and expenses
6,816
1,998
8,814
Provision for doubtful accounts
199
16
215
Depreciation
59
69
128
Branch office contribution margin
$
3,133
$
394
$
3,527
Three Months Ended March 31, 2006
Net revenue
$
26,404
$
2,799
$
29,203
Costs of goods and services (exclusive of depreciation shown
separately below)
Nursing and therapist salaries, wages, benefits and supplies
17,341
126
17,467
Disposables/Supplies
12
15
27
Total cost of goods and services
17,353
141
17,494
Other operating costs and expenses
Administrative and marketing salaries, wages and benefits
3,408
1,502
4,910
Business Insurance
1,302
106
1,408
Overhead
1,400
441
1,841
Total operating costs and expenses
6,110
2,049
8,159
Provision for doubtful accounts
106
(46)
60
Depreciation
38
46
84
Branch office contribution margin
$
2,797
$
609
$
3,406
Three Months
Three Months
Ended
Ended
March 31,
March 31,
2007
2006
Total profit for reportable segments
$
3,527
$
3,406
Corporate, general and administrative
(4,336)
(5,107)
Corporate depreciation and amortization
(151)
(162)
Provision for insurance recoveries
134
-
Other income
-
5
Interest income
832
626
Interest expense
-
(4)
Income (loss) from continuing operations, before income tax expense
(benefit)
$
6
$
(1,236)