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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 94.48 | 0 | 09:09:52 |
Company Declares $0.20 Per Share Quarterly Dividend
U.S. Physical Therapy, Inc. ("USPH" or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the second quarter and six months ended June 30, 2017.
For the quarter ended June 30, 2017, USPH’s net income attributable to common shareholders prior to interest expense – mandatorily redeemable non-controlling interests – change in redemption value and costs related to restatement of financials, both net of tax (“operating results”), a non-generally accepted accounting principles (“non-GAAP”) measure, was $7.4 million as compared to $7.2 million in the comparable 2016 period. Diluted earnings per share from operating results was $0.59 in the 2017 period, a record quarter, as compared to $0.57 in the 2016 period. For the six months ended June 30, 2017, operating results was $14.0 million as compared to $13.0 million in the comparable 2016 period. Diluted earnings per share from operating results was $1.11 in the 2017 six month period as compared to $1.04 in the 2016 six month period.
For the quarter ended June 30, 2017, USPH’s net income attributable to its shareholders, in accordance with generally accepted accounting principles (“GAAP”), was $4.9 million, or $0.39 per diluted share, as compared to $6.0 million, or $0.48 per diluted share, for the 2016 period. For the six months ended June 30, 2017, USPH’s net income attributable to its shareholders, in accordance with GAAP, was $9.8 million, or $0.78 per diluted share, as compared to $10.5 million, or $0.84 per diluted share, for the 2016 six month period. See schedule on page 11 for a reconciliation of net income attributable to USPH shareholders to operating results.
Second Quarter 2017 Compared to Second Quarter 2016
First Six Months 2017 Compared to First Six Months 2016
Other Financial Measures
For the second quarter of 2017 the Company's Adjusted EBITDA grew by 3.7% to $15.9 million from $15.4 million in the 2016 period. For the first six months of 2017, the Company's Adjusted EBITDA grew by 5.2% to $29.3 million from $27.8 million in the 2016 period. See definition and explanation of Adjusted EBITDA on page 11 and schedule on page 12.
Management’s Comments
Chris Reading, Chief Executive Officer, said, “The second quarter of 2017 was a record quarter for operating results. Highlights for the period include strengthening visit volume coupled with excellent results from our recently acquired workforce performance solutions business along with our recent physical therapy acquisitions. Our net rate per visit rose modestly and other elements of the business remain strong. Development in general, both internal and through acquisition, has been very good. The results of our facility-level cost control initiative, which started in the second quarter, should be demonstrated as we go forward. Cost control is one of our principal areas of focus right now as we recognize that this is an area where we have continued work to do.”
U.S. Physical Therapy Declares Quarterly Dividend
The third quarterly dividend of 2017 for $0.20 per share will be paid on September 8, 2017 to shareholders of record as of August 21, 2017.
Second Quarter 2017 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, August 3, 2017 to discuss the Company's Quarter and Six Months Ended June 30, 2017 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and entering reservation number 59439916 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 November 3, 2017.
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 567 outpatient physical therapy clinics in 41 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 27 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The Company also provides onsite services for clients’ employees including injury prevention, rehabilitation, ergonomic assessments and performance optimization.
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 Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 (as restated) (as restated) Net patient revenues $ 97,657 $ 88,433 $ 191,311 $ 173,482 Other revenues 6,594 1,997 10,505 3,856 Net revenues 104,251 90,430 201,816 177,338 Clinic operating costs: Salaries and related costs 58,779 48,837 114,606 96,641 Rent, clinic supplies, contract labor and other 20,033 17,546 40,120 35,053 Provision for doubtful accounts 888 956 1,786 2,045 Closure costs 17 32 23 45 Total clinic operating costs 79,717 67,371 156,535 133,784 Gross margin 24,534 23,059 45,281 43,554 Corporate office costs 8,856 8,026 17,403 17,030 Operating income 15,678 15,033 27,878 26,524 Interest and other income, net 23 21 47 41 Interest expense: Mandatorily redeemable non-controlling interests - change in redemption value (3,923 ) (1,931 ) (6,592 ) (4,122 ) Mandatorily redeemable non-controlling interests - earnings allocable (1,787 ) (1,330 ) (3,081 ) (2,217 ) Debt and other (516 ) (320 ) (931 ) (628 ) Total interest expense (6,226 ) (3,581 ) (10,604 ) (6,967 ) Income before taxes 9,475 11,473 17,321 19,598 Provision for income taxes 3,085 3,802 4,897 5,974 Net income 6,390 7,671 12,424 13,624 Less: net income attributable to non-controlling interests (1,449 ) (1,659 ) (2,667 ) (3,124 ) Net income attributable to USPH shareholders $ 4,941 $ 6,012 $ 9,757 $ 10,500 Basic and diluted earnings per share attributable to USPH shareholders $ 0.39 $ 0.48 $ 0.78 $ 0.84 Shares used in computation - basic 12,579 12,511 12,553 12,480 Shares used in computation - diluted 12,579 12,511 12,553 12,480 Dividends declared per common share $ 0.20 $ 0.17 $ 0.40 $ 0.34U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) June 30, 2017 December 31, 2016 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 20,242 $ 20,047 Patient accounts receivable, less allowance for doubtful accounts of $1,859 and $1,792, respectively 46,770 38,840 Accounts receivable - other 5,662 2,649 Other current assets 6,932 4,428 Total current assets 79,606 65,964 Fixed assets: Furniture and equipment 50,644 48,426 Leasehold improvements 27,729 26,765 Fixed assets, gross 78,373 75,191 Less accumulated depreciation and amortization 58,200 56,018 Fixed assets, net 20,173 19,173 Goodwill 267,957 226,806 Other identifiable intangible assets, net 48,321 38,060 Other assets 1,268 1,228 Total assets $ 417,325 $ 351,231 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, USPH SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTERESTS Current liabilities: Accounts payable - trade $ 1,613 $ 1,634 Accrued expenses 31,235 21,756 Current portion of notes payable 2,345 1,227 Total current liabilities 35,193 24,617 Notes payable, net of current portion 4,351 4,596 Revolving line of credit 69,000 46,000 Mandatorily redeemable non-controlling interests 83,643 69,190 Deferred taxes 15,443 15,736 Deferred rent 1,789 1,575 Other long-term liabilities - 829 Total liabilities 209,419 162,543 Redeemable non-controlling interests 11,940 - Commitments and contingencies U.S. Physical Therapy, Inc. ("USPH") 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, 14,792,744 and 14,732,699 shares issued, respectively 147 147 Additional paid-in capital 71,197 68,687 Retained earnings 155,068 150,342 Treasury stock at cost, 2,214,737 shares (31,628 ) (31,628 ) Total USPH shareholders’ equity 194,784 187,548 Non-controlling interests 1,182 1,140 Total USPH shareholders' equity and non-controlling interests 195,966 188,688 Total liabilities, redeemable non-controlling interests, USPH shareholders' equity and non-controlling interests $ 417,325 $ 351,231
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS, EXCEPT PER SHARE DATA) Six Months Ended June 30, 2017 June 30, 2016 OPERATING ACTIVITIES (as restated) Net income including non-controlling interests $ 12,424 $ 13,624 Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: Depreciation and amortization 4,789 4,158 Provision for doubtful accounts 1,786 2,045 Loss on sale of fixed assets 65 - Excess tax benefit from equity-based awards 2,345 2,484 Deferred income tax (985 ) 2,503 Changes in operating assets and liabilities: Increase in patient accounts receivable (4,006 ) (2,449 ) (Increase) decrease in accounts receivable - other (3,406 ) 53 Increase in other assets (2,342 ) (2,443 ) Increase in accounts payable and accrued expenses 5,043 6,603 Increase in mandatorily redeemable non-controlling interests 6,401 4,028 Increase in other liabilities 77 447 Net cash provided by operating activities 22,191 31,053 INVESTING ACTIVITIES Purchase of fixed assets (3,245 ) (3,453 ) Purchase of businesses, net of cash acquired (33,665 ) (12,958 ) Acquisitions of non-controlling interests - (250 ) Proceeds on sale of fixed assets, net 62 42 Net cash used in investing activities (36,848 ) (16,619 ) FINANCING ACTIVITIES Distributions to non-controlling interests (2,665 ) (2,893 ) Cash dividends paid to shareholders (2,516 ) (4,254 ) Proceeds from revolving line of credit 49,000 93,000 Payments on revolving line of credit (26,000 ) (94,500 ) Payments to settle mandatorily redeemable non-controlling interests (2,230 ) (1,136 ) Principal payments on notes payable (777 ) (533 ) Tax benefit from equity-based awards - 556 Other 40 1 Net cash used in financing activities 14,852 (9,759 ) Net increase in cash and cash equivalents 195 4,675 Cash and cash equivalents - beginning of period 20,047 15,778 Cash and cash equivalents - end of period $ 20,242 $ 20,453 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Income taxes $ 7,516 $ 5,513 Interest $ 104 $ 512 Non-cash investing and financing transactions during the period: Purchase of business - seller financing portion $ 1,650 $ 500 Acquisition of non-controlling interest - seller financing portion $ - $ 388 Payment to settle redeemable non-controlling interest - financing portion $ - $ 126 Sale of non-controlling interests $ - $ (148 )
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
OPERATING RESULTS AND ADJUSTED EBITDA(IN THOUSANDS, EXCEPT PER SHARE DATA)
The following tables reconcile net income attributable to USPH shareholders calculated in accordance with GAAP to operating results and Adjusted EBITDA. Management believes providing operating results and Adjusted EBITDA to investors is useful information for comparing the Company's period-to-period results.
Operating results is defined as USPH’s net income attributable to common shareholders prior to interest expense – mandatorily redeemable non-controlling interests – change in redemption value and costs related to the restatement of financial statements, both net of tax. Management uses operating results, which eliminates this current non-cash item that can be subject to volatility and unusual costs, as one of the principal measures to evaluate and monitor financial performance period over period. Management believes that operating results is useful information for investors to use in comparing the Company's period-to-period results as well as for comparing with other similar businesses since most do not have mandatorily redeemable instruments and therefore have different liability and equity structures.
Adjusted EBITDA is defined as earnings before interest income, interest expense – mandatorily redeemable non-controlling interests – change in redemption value, interest expense – debt and other, taxes, depreciation, amortization and equity-based awards compensation expense. Management believes reporting Adjusted EBITDA is useful information for investors in comparing the Company’s period-to-period results as well as comparing with similar businesses which report adjusted EBITDA as defined by their company.
Operating results and Adjusted EBITDA are not measures of financial performance under GAAP. Adjusted EBITDA and Adjusted Net Income should not be considered in isolation or as an alternative to, or substitute for, net income attributable to USPH shareholders presented in the consolidated financial statements.
Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (as restated) (as restated) Net income attributable to USPH shareholders $ 4,941 $ 6,012 $ 9,757 $ 10,500 Adjustments: Interest expense MRNCI * - change in redemption value 3,923 1,931 6,592 4,122 Costs related to restatement of financials - legal and accounting 177 - 312 - Tax effect at statutory rate (federal and state) of 39.25% (1,609 ) (758 ) (2,710 ) (1,618 ) Operating results $ 7,432 $ 7,185 $ 13,951 $ 13,004 Basic and diluted net income attributable to USPH shareholders per share $ 0.39 $ 0.48 $ 0.78 $ 0.84 Basic and diluted operating results per share $ 0.59 $ 0.57 $ 1.11 $ 1.04 Shares used in computation: Basic and diluted 12,579 12,511 12,553 12,480 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (as restated) (as restated) Net income attributable to USPH shareholders $ 4,941 $ 6,012 $ 9,757 $ 10,500 Adjustments: Depreciation and amortization 2,433 2,067 4,789 4,158 Interest income (23 ) (21 ) (47 ) (41 ) Interest expense MRNCI * - change in redemption value 3,923 1,931 6,592 4,122 Interest expense - debt and other 516 320 931 628 Provision for income taxes 3,085 3,802 4,897 5,974 Equity-based awards compensation expense 1,065 1,263 2,345 2,484 Adjusted EBITDA $ 15,940 $ 15,374 $ 29,264 $ 27,825 * Mandatorily redeemable non-controlling interestU.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIESRECAP OF CLINIC COUNT
March 31, 2016 512 June 30, 2016 516 September 30, 2016 524 December 31, 2016 540 March 31, 2017 558 June 30, 2017 566
View source version on businesswire.com: http://www.businesswire.com/news/home/20170803005157/en/
U.S. Physical Therapy, Inc.Larry McAfee, (713) 297-7000Chief Financial OfficerorChris Reading, (713) 297-7000Chief Executive OfficerorThree Part AdvisorsJoe Noyons, (817) 778-8424
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