Pediatric Services OF America (NASDAQ:PSAI)
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Pediatric Services of America, Inc., d/b/a PSA Healthcare (Nasdaq:
PSAI) today announced that it has completed the sale of
substantially all of the assets of its Respiratory Therapy Equipment and
Services business to Lincare, Inc. The transaction was previously
announced on August 25, 2006. The purchase price is $35.2 million in
cash of which $30.0 million was received at closing. The remainder of
the purchase price is due upon the satisfaction of certain criteria,
including the successful transition of certain patients and the
collection of outstanding accounts receivables.
PSAI 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 PSAI provides
a combination of services, including pediatric private duty nursing and
pediatric day treatment centers (PPECs). Additional information on PSAI
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. (the “Company”).
When used in this press release, the words “may,”
“targets,” “goal,”
“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
anticipated uses of the proceeds from the sale of its Respiratory and
Pharmacy Businesses, the Company's ability to 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, competitive bidding, HIPAA regulations, adverse
litigation, workers’ compensation losses,
availability and cost of medical malpractice insurance and any potential
reduced state funding levels and nursing hours authorized by Medicaid
program, , 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.
Pediatric Services of America, Inc., d/b/a PSA Healthcare (Nasdaq:
PSAI) today announced that it has completed the sale of substantially
all of the assets of its Respiratory Therapy Equipment and Services
business to Lincare, Inc. The transaction was previously announced on
August 25, 2006. The purchase price is $35.2 million in cash of which
$30.0 million was received at closing. The remainder of the purchase
price is due upon the satisfaction of certain criteria, including the
successful transition of certain patients and the collection of
outstanding accounts receivables.
PSAI 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
PSAI provides a combination of services, including pediatric private
duty nursing and pediatric day treatment centers (PPECs). Additional
information on PSAI 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. (the "Company").
When used in this press release, the words "may," "targets," "goal,"
"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 anticipated uses of the
proceeds from the sale of its Respiratory and Pharmacy Businesses, the
Company's ability to 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, competitive bidding, HIPAA
regulations, adverse litigation, workers' compensation losses,
availability and cost of medical malpractice insurance and any
potential reduced state funding levels and nursing hours authorized by
Medicaid program, , 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.