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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 $0.15 Per Share Quarterly Dividend
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the quarter and nine months ended September 30, 2015.
U.S. Physical Therapy’s net income attributable to common shareholders prior to revaluation of redeemable non-controlling interests, net of tax (“operating results”) increased 11.5% to $5.8 million for the third quarter of 2015 as compared to $5.2 million in the third quarter of 2014. Diluted earnings per share from operating results were $0.47 in the recent quarter as compared to $0.43 in the comparable 2014 period.
U.S. Physical Therapy’s operating results for the first nine months of 2015 were $16.3 million, an increase of 2.6% as compared to $15.9 million in the first nine months of 2014. Diluted earnings per share from operating results were $1.32 in the first nine months of 2015 and $1.30 in the comparable 2014 period.
Third Quarter 2015 Compared to Third Quarter 2014
Nine Months 2015 Compared to Nine Months 2014
Chris Reading, Chief Executive Officer, said, “The Company’s total patient volume remains solid. In the third quarter we worked to better align staffing levels at some of our partnerships with their clinics’ average daily patient volumes. Our average net rate improved in the third quarter from the second quarter. Our newly acquired partnerships are doing well. Our organic de novo clinic openings have been strong these past few months and we are on track for another good development year overall.”
U.S. Physical Therapy Declares Quarterly Dividend
The fourth quarterly dividend of 2015 for $0.15 per share will be paid on December 4 to shareholders of record as of November 17.
Third Quarter 2015 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, November 5, 2015 to discuss the Company’s Quarter Ended September 30, 2015 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and entering reservation number 54788737 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 January 5, 2016.
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 506 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 20 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net patient revenues $ 82,154 $ 76,184 $ 239,412 $ 221,051 Other revenues 1,895 1,532 5,166 4,633 Net revenues 84,049 77,716 244,578 225,684 Clinic operating costs: Salaries and related costs 46,594 41,802 134,044 119,853 Rent, clinic supplies, contract labor and other 17,428 16,117 50,434 45,538 Provision for doubtful accounts 1,067 1,090 3,119 3,094 Closure costs 88 (39 ) 125 (28 ) Total clinic operating costs 65,177 58,970 187,722 168,457 Gross margin 18,872 18,746 56,856 57,227 Corporate office costs 6,923 7,468 22,173 22,214 Operating income 11,949 11,278 34,683 35,013 Interest and other income, net 24 2 48 3 Interest expense (255 ) (237 ) (765 ) (822 ) Income before taxes 11,718 11,043 33,966 34,194 Provision for income taxes 3,654 3,625 10,634 11,033 Net income including non-controlling interests 8,064 7,418 23,332 23,161 Less: net income attributable to non-controlling interests (2,246 ) (2,202 ) (7,044 ) (7,285 ) Net income attributable to common shareholders $ 5,818 $ 5,216 $ 16,288 $ 15,876 Basic earnings per share attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.47 $ 0.43 $ 1.32 $ 1.30 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - - (0.03 ) (0.09 ) Basic $ 0.47 $ 0.43 $ 1.29 $ 1.21 Diluted earnings per share attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.47 $ 0.43 $ 1.32 $ 1.30 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - - (0.03 ) (0.09 ) Diluted $ 0.47 $ 0.43 $ 1.29 $ 1.21 Shares used in computation: Basic 12,421 12,244 12,382 12,201 Diluted 12,421 12,247 12,382 12,208 Dividends declared per common share $ 0.15 $ 0.12 $ 0.45 $ 0.36
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Earnings attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 5,818 $ 5,216 $ 16,288 $ 15,876 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - - (376 ) (1,086 ) $ 5,818 $ 5,216 $ 15,912 $ 14,790 Basic earnings per share attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.47 $ 0.43 $ 1.32 $ 1.30 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - - (0.03 ) (0.09 ) $ 0.47 $ 0.43 $ 1.29 $ 1.21 Diluted earnings per share attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.47 $ 0.43 $ 1.32 $ 1.30 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - - (0.03 ) (0.09 ) $ 0.47 $ 0.43 $ 1.29 $ 1.21 Shares used in computation: Basic earnings per share - weighted-average shares 12,421 12,244 12,382 12,201 Effect of dilutive securities - stock options - 3 - 7 Denominator for diluted earnings per share - adjusted weighted-average shares 12,421 12,247 12,382 12,208U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) September 30, 2015 December 31, 2014 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 20,558 $ 14,271 Patient accounts receivable, less allowance for doubtful accounts of $1,556 and $1,669, respectively 35,106 32,891 Accounts receivable - other, less allowance for doubtful accounts of $198 and $198, respectively 1,939 1,503 Other current assets 6,058 6,186 Total current assets 63,661 54,851 Fixed assets: Furniture and equipment 44,157 42,003 Leasehold improvements 25,006 22,806 69,163 64,809 Less accumulated depreciation and amortization 52,501 49,045 16,662 15,764 Goodwill 170,849 147,914 Other intangible assets, net 23,798 24,907 Other assets 1,175 1,115 $ 276,145 $ 244,551 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - trade $ 1,662 $ 1,782 Accrued expenses 18,287 22,839 Current portion of notes payable 1,412 883 Total current liabilities 21,361 25,504 Notes payable 1,679 234 Revolving line of credit 46,000 34,500 Deferred rent 1,192 991 Other long-term liabilities 10,769 8,732 Total liabilities 81,001 69,961 Commitments and contingencies Redeemable non-controlling interests 9,024 7,376 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, 14,635,874 and 14,487,346 shares issued, respectively
146 145 Additional paid-in capital 45,536 43,577 Retained earnings 144,888 134,186 Treasury stock at cost, 2,214,737 shares (31,628 ) (31,628 ) Total U. S. Physical Therapy, Inc. shareholders' equity 158,942 146,280 Non-controlling interests 27,178 20,934 Total equity 186,120 167,214 $ 276,145 $ 244,551U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS, EXCEPT PER SHARE DATA) (unaudited) Nine Months Ended September 30, 2015 2014 OPERATING ACTIVITIES Net income including non-controlling interests $ 23,332 $ 23,161 Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: Depreciation and amortization 5,656 4,682 Provision for doubtful accounts 3,119 3,094 Equity-based awards compensation expense 3,368 2,456 Gain on sale or abandonment of assets, net 3 20 Excess tax benefit from shared-based compensation (816 ) (526 ) Deferred income tax 3,181 3,888 Write-off of goodwill - closed clinic 180 - Changes in operating assets and liabilities: Increase in patient accounts receivable (4,148 ) (4,952 ) Increase in accounts receivable - other (145 ) (62 ) Increase in other assets (1,485 ) (1,803 ) Decrease in accounts payable and accrued expenses (3,766 ) (1,739 )
Increase in other long term liabilities
380 607 Net cash provided by operating activities 28,859 28,826 INVESTING ACTIVITIES Purchase of fixed assets (4,690 ) (3,912 ) Purchase of businesses, net of cash acquired (14,434 ) (12,240 ) Acquisitions of non-controlling interests (2,802 ) (4,998 ) Proceeds on sale of business and fixed assets, net 71 43 Net cash used in investing activities (21,855 ) (21,107 ) FINANCING ACTIVITIES Distributions to non-controlling interests (including redeemable non-controlling interests) (6,836 ) (7,067 )Cash dividends to shareholders
(5,586 ) (4,399 ) Proceeds from revolving line of credit 75,000 112,300 Payments on revolving line of credit (63,500 ) (105,800 ) Payment of notes payable (616 ) (575 ) Tax benefit from share-based compensation 816 526 Other 5 222 Net cash used in financing activities (717 ) (4,793 ) Net (decrease) increase in cash and cash equivalents 6,287 2,926 Cash and cash equivalents - beginning of period 14,271 12,898 Cash - end of period $ 20,558 $ 15,824 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Income taxes $ 5,659 $ 7,920 Interest $ 616 $ 857 Non-cash investing and financing transactions during the period: Purchase of non-controlling interest $ 1,240 $ - Purchase of business - seller financing portion $ 1,350 $ 400 Revaluation of redeemable non-controlling interests $ 627 $ 1,841U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES RECAP OF CLINIC COUNT Number of Date Clinics March 31, 2014 472 June 30, 2014 486 September 30, 2014 489 December 31, 2014 489 March 31, 2015 494 June 30, 2015 501 September 30, 2015 506
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105005188/en/
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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