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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 | |
---|---|---|---|---|---|---|---|---|
1.83 | 1.94% | 96.3084 | 96.31 | 95.10 | 95.56 | 3,752 | 14:48:04 |
Raises Dividend and Provides 2015 Earnings Guidance
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, 2014.
In the fourth quarter of 2014, U.S. Physical Therapy’s net income attributable to common shareholders from continuing operations prior to revaluation of redeemable non-controlling interests, net of tax (“operating results”) increased by 27.5% to $5.0 million as compared to approximately $3.9 million in the fourth quarter of 2013. Diluted earnings per share from operating results rose to $0.41 in the recent quarter as compared to $0.32 in the comparable 2013 period.
For the year 2014, U.S. Physical Therapy’s operating results increased by 19.2% to $20.9 million as compared to approximately $17.5 million for the 2013 year. Diluted earnings per share from operating results rose to $1.71 in 2014 as compared to $1.45 in 2013.
Fourth Quarter 2014 Compared to Fourth Quarter 2013 from Continuing Operations Unless Otherwise Noted
Year 2014 Compared to Year 2013 from Continuing Operations Unless Otherwise Noted
Chris Reading, Chief Executive Officer, said, “I am very pleased with the strong results that our entire team delivered for the year. Our organic and acquired partnerships are growing, we are attracting great talent in all areas of our Company and we are rolling out new programs which will further help us to impact more patient lives in a very positive way. Our development activities are generating great results and are bringing some exciting newly acquired partnerships into our already strong family of partners. In 2015 we remain focused on all of the core initiatives that helped to produce an exceptional 2014.”
Larry McAfee, Chief Financial Officer, noted, “Despite increasing the Company’s dividend and opening or acquiring 35 clinics during the year the Company’s ending debt balance was reduced by approximately $5.9 million, or 14%, in 2014 as cash flow from operations remained strong.”
U.S. Physical Therapy Declares Quarterly Dividend
The Company is increasing its quarterly dividend by 25% to $.15 from $.12. The first quarterly dividend of 2015 will be paid on April 3, 2015 to shareholders of record as of March 20, 2015.
Management 2015 Earnings Guidance
Although the Company’s new patient referrals thus far in 2015 have been good, the severe winter weather in many parts of the country in January and February negatively affected the number of patient visits by more than 16,000 with an estimated negative earnings impact of $.05 to $.07 per share. After allowing for that, management currently expects the Company’s earnings from continuing operations for the year 2015 to be in the range of $22.3 million to $22.9 million in net income and $1.80 to $1.86 in diluted earnings per share. Please note that management’s guidance range represents projected earnings from existing operations only and excludes future 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.
Fourth Quarter 2014 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 5, 2015 to discuss the Company’s Fourth Quarter and Year Ended December 31, 2014 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and entering reservation number 63028333 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, 2015.
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 expect. Included among such statements may be 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 applicable.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 499 outpatient physical and 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 of injured workers. In addition to owning and operating clinics, the Company manages 16 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) (unaudited)Three Months Ended December 31,
Year Ended December 31, 2014 2013 2014 2013 Net patient revenues $ 77,958 $ 67,256 $ 299,009 $ 258,283 Other revenues 1,432 1,349 6,065 5,775 Net revenues 79,390 68,605 305,074 264,058 Clinic operating costs: Salaries and related costs 43,564 36,522 163,417 141,840 Rent, clinic supplies, contract labor and other 15,671 14,726 61,209 52,887 Provision for doubtful accounts 1,018 994 4,112 4,384 Closure costs 197 225 169 246 Total clinic operating costs 60,450 52,467 228,907 199,357 Gross margin 18,940 16,138 76,167 64,701 Corporate office costs 8,185 6,766 30,399 25,931 Operating income from continuing operations 10,755 9,372 45,768 38,770 Interest and other income, net 15 2 18 7 Interest expense (266 ) (140 ) (1,088 ) (538 ) Income before taxes from continuing operations 10,504 9,234 44,698 38,239 Provision for income taxes 3,241 3,438 14,274 12,236 Net income from continuing operations including non-controlling interests 7,263 5,796 30,424 26,003 Discontinued operations, net of tax - (42 ) - (5,007 ) Net income including non-controlling interests 7,263 5,754 30,424 20,996 Less: net income attributable to non-controlling interests (2,286 ) (1,893 ) (9,571 ) (8,273 ) Net income attributable to common shareholders $ 4,977 $ 3,861 $ 20,853 $ 12,723 Basic earnings per share attributable to common shareholders: From continuing operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.41 $ 0.32 $ 1.71 $ 1.45 Charges to additional-paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - - (0.09 ) - From continuing operations, net of tax 0.41 0.32 1.62 1.45 From discontinued operations, net of tax - - - (0.40 ) Basic $ 0.41 $ 0.32 $ 1.62 $ 1.05 Diluted earnings per share attributable to common shareholders: From continuing operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.41 $ 0.32 $ 1.71 $ 1.45 Charges to additional-paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - - (0.09 ) - From continuing operations, net of tax 0.41 0.32 1.62 1.45 From discontinued operations, net of tax - - - (0.40 ) Diluted $ 0.41 $ 0.32 $ 1.62 $ 1.05 Shares used in computation: Basic 12,267 12,103 12,217 12,063 Diluted 12,271 12,117 12,221 12,082 Dividends declared per common share $ 0.12 $ 0.10 $ 0.48 $ 0.40 Earnings attributable to common shareholders: From continuing operations $ 4,977 $ 3,903 $ 20,853 $ 17,492 From discontinued operations - (42 ) - (4,769 ) $ 4,977 $ 3,861 $ 20,853 $ 12,723
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED EARNINGS PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (unaudited) Three Months Ended Year Ended December 31, December 31, 2014 2013 2014 2013 Earnings attributable to common shareholders: From continuing operations prior to revaluation of redeemable non-controlling interests, net of tax $ 4,977 $ 3,903 $ 20,853 $ 17,492 Charges to additional-paid-in-capital - revaluation of redeemable non-controlling interests, net of tax * - - (1,086 ) - From continuing operations, net of tax 4,977 3,903 19,767 17,492 From discontinued operations, net of tax - (42 ) - (4,769 ) $ 4,977 $ 3,861 $ 19,767 $ 12,723 Basic earnings per share attributable to common shareholders: From continuing operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.41 $ 0.32 $ 1.71 $ 1.45 Charges to additional-paid-in-capital - revaluation of redeemable non-controlling interests, net of tax * - - (0.09 ) - From continuing operations, net of tax 0.41 0.32 1.62 1.45 From discontinued operations, net of tax - - - (0.40 ) $ 0.41 $ 0.32 $ 1.62 $ 1.05 Diluted earnings per share attributable to common shareholders: From continuing operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.41 $ 0.32 $ 1.71 $ 1.45 Charges to additional-paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - - (0.09 ) - From continuing operations, net of tax 0.41 0.32 1.62 1.45 From discontinued operations, net of tax - - - (0.40 ) $ 0.41 $ 0.32 $ 1.62 $ 1.05 Shares used in computation: Basic earnings per share - weighted-average shares 12,267 12,103 12,217 12,063 Effect of dilutive securities - stock options 4 14 4 19Denominator for diluted earnings per share - adjusted weighted-average shares
12,271 12,117 12,221 12,082* Purchases of non-controlling interests in two partnerships recorded as a change in additional-paid-in-capital and per generally accepted accounting principles ("GAAP") excluded from statement of operations and net income.
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) December 31, December 31, 2014 2013 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 14,271 $ 12,898 Patient accounts receivable, less allowance for doubtful accounts of $1,669 and $1,430, respectively 32,891 30,820 Accounts receivable - other, less allowance for doubtful accounts of $198 and $198, respectively 1,503 1,844 Other current assets 6,186 4,098 Total current assets 54,851 49,660 Fixed assets: Furniture and equipment 42,003 38,965 Leasehold improvements 22,806 21,891 64,809 60,856 Less accumulated depreciation and amortization 49,045 45,896 15,764 14,960 Goodwill 147,914 143,955 Other intangible assets, net 24,907 14,479 Other assets 1,115 1,081 $ 244,551 $ 224,135 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - trade $ 1,782 $ 1,722 Accrued expenses 22,839 20,625 Current portion of notes payable 883 825 Total current liabilities 25,504 23,172 Notes payable 234 650 Revolving line of credit 34,500 40,000 Deferred rent 991 996 Other long-term liabilities 8,732 4,196 Total liabilities 69,961 69,014 Commitments and contingencies Redeemable non-controlling interests 7,376 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, 14,487,346 and 14,315,882 shares issued, respectively
145 143 Additional paid-in capital 43,577 40,569 Retained earnings 134,186 119,206 Treasury stock at cost, 2,214,737 shares (31,628 ) (31,628 ) Total U. S. Physical Therapy, Inc. shareholders' equity 146,280 128,290 Non-controlling interests 20,934 22,727 Total equity 167,214 151,017 $ 244,551 $ 224,135
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS(IN THOUSANDS)(unaudited)
Year Ended December 31, 2014 2013 OPERATING ACTIVITIES Net income including non-controlling interests $ 30,424 $ 20,996 Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:Depreciation and amortization 6,740 5,562 Provision for doubtful accounts 4,112 4,384 Equity-based awards compensation expense 3,363 2,743 Loss on sale of business and sale or abandonment of assets, net 35 7,335 Excess tax benefit from exercise of stock options (948 ) (695 ) Deferred income tax 6,275 2,369 Impairment charge - goodwill 135 - Other Changes in operating assets and liabilities:
Increase in patient accounts receivable
(5,388 ) (5,389 ) Decrease (increase) in accounts receivable - other 341 (5 ) (Decrease) increase in other assets (2,493 ) 1,803 Increase in accounts payable and accrued expenses 1,868 4,833 Increase in other liabilities 730 859 Net cash provided by operating activities 45,194 44,795 INVESTING ACTIVITIES Purchase of fixed assets (5,167 ) (4,637 ) Purchase of businesses, net of cash acquired (12,270 ) (46,628 ) Acquisitions of non-controlling interests (5,490 ) (1,876 ) Sale on non-controlling interests - 233 Proceeds on sale of business and fixed assets, net 47 459 Net cash used in investing activities (22,880 ) (52,449 ) FINANCING ACTIVITIES Distributions to non-controlling interests (9,913 ) (9,164 ) Cash dividends to shareholders (5,873 ) (4,838 ) Proceeds from revolving line of credit 134,300 150,800 Payments on revolving line of credit (139,800 ) (128,200 ) Payment of notes payable (825 ) (459 ) Excess tax benefit from stock options exercised 948 695 Other 222 47 Net cash (used) provided in financing activities (20,941 ) 8,881 Net increase in cash 1,373 1,227 Cash - beginning of period 12,898 11,671 Cash - end of period $ 14,271 $ 12,898 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Income taxes $ 9,253 $ 4,111 Interest $ 1,103 $ 352 Non-cash investing and financing transactions during the period: Purchase of business - seller financing portion $ 400 $ 1,300 Purchase of non-controlling interest - seller financing portion $ 67 $ - Revaluation of redeemable non-controlling interests $ 1,841 $ -U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIESRECAP OF CLINIC COUNT Number of Date Clinics December 31, 2012 431 March 31, 2013 441 June 30, 2013 449 September 30, 2013 447 December 31, 2013 472 March 31, 2014 472 June 30, 2014 486 September 30, 2014 489 December 31, 2014 489
U.S. Physical Therapy, Inc.Larry McAfee, (713) 297-7000Chief Financial OfficerorChris Reading, (713) 297-7000Chief Executive OfficerorWestwicke PartnersBob East, (443) 213-0502
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