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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Physical Therapy Inc | NYSE:USPH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.59 | 1.68% | 96.065 | 96.175 | 95.10 | 95.56 | 3,238 | 14:44:07 |
Company Increases Quarterly Dividend by 20% and Issues Earnings Guidance for 2014
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the fourth quarter and year ended December 31, 2013.
U.S. Physical Therapy’s net income attributable to common shareholders from continuing operations for the three months ended December 31, 2013 was $3.9 million and diluted earnings per share were $0.32.
Net income attributable to common shareholders from continuing operations for the year 2013 was $17.5 million and diluted earnings per share were $1.45.
In the third quarter of 2013, the Company sold the remaining piece of its former Physician Services business, which was treated as a discontinued operation for financial reporting purposes. During the year the Company incurred losses from physician services of $4.8 million, or $0.40 per diluted share, which represents the operational loss of the business and write-down of its net assets, inclusive of intangible assets, less sale proceeds net of appropriate reserves. Net income attributable to common shareholders, inclusive of discontinued operations for 2013, was $12.7 million, or $1.05 per diluted share.
Fourth Quarter 2013 Compared to Fourth Quarter 2012 from Continuing Operations
Year 2013 Compared to Year 2012 from Continuing Operations Unless Otherwise Noted
Larry McAfee, Chief Financial Officer, noted, “The Company experienced a nice pick-up in patient volume in the fourth quarter. Unfortunately this was somewhat overshadowed by the combined $.09 per share impact from the payor refund and the tax adjustment.”
Chris Reading, Chief Executive Officer, said, “2013 was in many ways a challenging year largely as a result of government reimbursement cuts, however, I am proud of our team for rising to the challenge. We were able to finish 2013 with same store volume growth for both the quarter as well as the year. Additionally, this was by far the best development year in the Company’s history. We made five acquisitions adding 42 clinics. These new partnerships, in combination with our strong base of existing partners, position us well for 2014. Given the continued challenges for standalone physical therapy practices, we expect to continue to provide a good home to those owners who wish to partner with a company which will robustly support them.”
Management Earnings Guidance
U.S. Physical Therapy’s management expects the Company’s earnings from continuing operations for the year 2014 to be in the range of $18.8 million to $19.6 million in net income and $1.54 to $1.60 in diluted earnings per share. This guidance range is net of approximately a $.07 to $.08 earnings per share impact from MPPR and Sequestration being in effect for 12 months in 2014 as compared to nine months in 2013. Additionally through March 5, 2014, management estimates that although new patient referrals have been solid, due to the adverse weather conditions in many parts of the country more than 10,000 patient visits have been cancelled since January 1st resulting in an estimated earnings impact of at least $.04 per share. Management’s guidance range represents projected earnings from existing operations only and excludes future potential acquisitions. The annual guidance figures will not be updated unless there is a material development that causes management to believe that earnings will be significantly outside the given range.
U.S. Physical Therapy Declares Quarterly Dividend
The Company is increasing its quarterly dividend rate by 20% from $.10 to $.12 per share. The first quarterly dividend of 2014 for $.12 per share will be paid on April 4 to shareholders of record as of March 19.
Fourth Quarter and Year 2013 Conference Call
U.S. Physical Therapy's management will host a conference call at 10:30 a.m. Eastern Time, 9:30 a.m. Central Time, on Thursday, March 6, 2014 to discuss the Company’s Quarter and Year Ended December 31, 2013 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and enter reservation number 34126042 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 and install any necessary audio software. The conference call will be archived and can be accessed until May 6, 2014.
Forward-Looking Statements
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, as amended. These statements contain forward-looking information relating to 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 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:
Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. Please see our periodic reports filed with the Securities and Exchange Commission for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of this press release. 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 472 outpatient physical and occupational therapy clinics in 43 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 workers. In addition to owning and operating clinics, the Company manages 18 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.
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended December 31, Year Ended December 31, 2013 2012 2013 2012 Net patient revenues $ 67,256 $ 61,052 $ 258,283 $ 244,100 Other revenues 1,349 1,329 5,775 5,551 Net revenues 68,605 62,381 264,058 249,651 Clinic operating costs: Salaries and related costs 36,522 33,630 141,840 131,604 Rent, clinic supplies, contract labor and other 14,726 13,051 52,887 50,102 Provision for doubtful accounts 994 1,186 4,384 4,824 Closure costs 225 135 246 211 Total clinic operating costs 52,467 48,002 199,357 186,741 Gross margin 16,138 14,379 64,701 62,910 Corporate office costs 6,766 6,078 25,931 24,504 Operating income from continuing operations 9,372 8,301 38,770 38,406 Interest and other income, net 2 2 7 6 Interest expense (140 ) (108 ) (538 ) (557 ) Income before taxes from continuing operations 9,234 8,195 38,239 37,855 Provision for income taxes 3,438 2,163 12,236 11,215 Net income from continuing operations including non-controlling interests 5,796 6,032 26,003 26,640 Discontinued operations, net of tax (42 ) (239 ) (5,007 ) (423 ) Net income including non-controlling interests 5,754 5,793 20,996 26,217 Less: net income attributable to non-controlling interests (1,893 ) (1,750 ) (8,273 ) (8,284 ) Net income attributable to common shareholders $ 3,861 $ 4,043 $ 12,723 $ 17,933 Basic earnings per share attributable to common shareholders: From continuing operations $ 0.32 $ 0.36 $ 1.45 $ 1.54 From discontinued operations - (0.02 ) (0.40 ) (0.02 ) Basic $ 0.32 $ 0.34 $ 1.05 $ 1.52 Diluted earnings per share attributable to common shareholders: From continuing operations $ 0.32 $ 0.35 $ 1.45 $ 1.53 From discontinued operations - (0.01 ) (0.40 ) (0.02 ) Diluted $ 0.32 $ 0.34 $ 1.05 $ 1.51 Shares used in computation: Basic 12,103 11,911 12,063 11,804 Diluted 12,117 12,013 12,082 11,904 Dividends declared per common share $ 0.10 $ 0.49 $ 0.40 $ 0.76 Earnings attributable to common shareholders: From continuing operations $ 3,903 $ 4,230 $ 17,492 $ 18,212 From discontinued operations (42 ) (187 ) (4,769 ) (279 ) $ 3,861 $ 4,043 $ 12,723 $ 17,933
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED EARNINGS PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 Earnings attributable to common shareholders: From continuing operations $ 3,903 $ 4,230 $ 17,492 $ 18,212 From discontinued operations (42 ) (187 ) (4,769 ) (279 ) $ 3,861 $ 4,043 $ 12,723 $ 17,933 Basic earnings per share attributable to common shareholders: From continuing operations $ 0.32 $ 0.36 $ 1.45 $ 1.54 From discontinued operations - (0.02 ) (0.40 ) (0.02 ) Basic $ 0.32 $ 0.34 $ 1.05 $ 1.52 Diluted earnings per share attributable to common shareholders: From continuing operations $ 0.32 $ 0.35 $ 1.45 $ 1.53 From discontinued operations - (0.01 ) (0.40 ) (0.02 ) Diluted $ 0.32 $ 0.34 $ 1.05 $ 1.51 Shares used in computation: Basic earnings per share - weighted-average shares 12,103 11,911 12,063 11,804 Effect of dilutive securities - Stock options 14 102 19 100 Denominator for diluted earnings per share - adjusted weighted-average shares 12,117 12,013 12,082 11,904
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT PER SHARE DATA) December 31, December 31, 2013 2012 ASSETS Current assets: Cash and cash equivalents $ 12,898 $ 11,671 Patient accounts receivable, less allowance for doubtful accounts of $1,430 and $1,595, respectively 30,820 25,973 Accounts receivable - other, less allowance for doubtful accounts of $198 and $514, respectively 1,844 1,703 Other current assets 4,098 5,975 Total current assets 49,660 45,322 Fixed assets: Furniture and equipment 38,965 36,316 Leasehold improvements 21,891 20,858 60,856 57,174 Less accumulated depreciation and amortization 45,896 44,158 14,960 13,016 Goodwill 143,955 100,188 Other intangible assets, net 14,479 12,146 Other assets 1,081 1,042 $ 224,135 $ 171,714 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - trade $ 1,722 $ 1,732 Accrued expenses 20,625 14,116 Current portion of notes payable 825 459 Total current liabilities 23,172 16,307 Notes payable 650 175 Revolving line of credit 40,000 17,400 Deferred rent 996 894 Other long-term liabilities 4,196 2,279 Total liabilities 69,014 37,055 Commitments and contingencies Redeemable non-controlling interests 4,104 - Shareholders' equity:U.S. Physical Therapy, Inc. shareholders' equity:
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding - - Common stock, $.01 par value, 20,000,000 shares authorized, 14,315,882 and 14,129,651 shares issued, respectively 143 141 Additional paid-in capital 40,569 37,489 Retained earnings 119,206 111,321 Treasury stock at cost, 2,214,737 shares (31,628 ) (31,628 )Total U.S. Physical Therapy, Inc. shareholders' equity
128,290 117,323 Noncontrolling interests 22,727 17,336 Total equity 151,017 134,659 $ 224,135 $ 171,714
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS(IN THOUSANDS) Year Ended December 31, 2013 2012 OPERATING ACTIVITIES Net income including noncontrolling interests $ 20,996 $ 26,218 Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: Depreciation and amortization 5,562 5,287 Provision for doubtful accounts 4,384 4,848 Gain on purchase price settlement - - Equity-based awards compensation expense 2,743 2,102 Loss (gain) on sale of business and fixed assets 7,335 175 Excess tax benefit from exercise of stock options (695 ) (1,351 ) Deferred income tax 2,369 3,738 Other - - Changes in operating assets and liabilities: Increase in patient accounts receivable (5,389 ) (1,663 ) Increase in accounts receivable - other (5 ) (561 ) (Increase) decrease in other assets 1,803 (585 ) (Decrease) increase in accounts payable and accrued expenses 4,833 (340 ) (Decrease) increase in other liabilities 859 1,381 Net cash provided by operating activities 44,795 39,249 INVESTING ACTIVITIES Purchase of fixed assets (4,637 ) (4,234 ) Purchase of businesses, net of cash acquired (46,628 ) (7,929 ) Acquisitions of noncontrolling interests (1,876 ) (2,244 ) Sale of noncontrolling interests 233 239 Settlement of purchase price - - Proceeds on sale of business and fixed assets, net 459 64 Net cash used in investing activities (52,449 ) (14,104 ) FINANCING ACTIVITIES Distributions to noncontrolling interests (9,164 ) (9,332 ) Cash dividends to shareholders (4,838 ) (9,017 ) Purchase and retire of common stock - - Proceeds from revolving line of credit 150,800 79,900 Payments on revolving line of credit (128,200 ) (86,000 ) Payment of notes payable (459 ) (434 ) Tax benefit from stock options exercised 695 1,351 Other 47 75 Net cash provided by (used in) financing activities 8,881 (23,457 ) Net increase in cash and cash equivalents 1,227 1,688 Cash and cash equivalents - beginning of period 11,671 9,983 Cash and cash equivalents - end of period $ 12,898 $ 11,671 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Income taxes $ 4,111 $ 6,361 Interest $ 352 $ 639 Non-cash investing and financing transactions during the period: Purchase of business - seller financing portion $ 1,300 $ 350U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIESRECAP OF CLINIC COUNT Number of Date Clinics December 31, 2010 392 March 31, 2011 397 June 30, 2011 398 September 30, 2011 420 December 31, 2011 416 March 31, 2012 414 June 30, 2012 419 September 30, 2012 423 December 31, 2012 431 March 31, 2013 441 June 30, 2013 449 September 30, 2013 447 December 31, 2013 472
U.S. Physical Therapy, Inc.Larry McAfee, (713) 297-7000Chief Financial OfficerorChris Reading, (713) 297-7000Chief Executive OfficerorThe Ruth GroupStephanie Carrington, (646) 536-7017
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