Pediatric Services of America, Inc. d/b/a PSA HealthCare
(NASDAQ:PSAI) announced today financial results for the second
quarter of fiscal year 2007, ended March 31, 2007. Highlights of
PSA�s results for the second quarter ended March 31, 2007, include:
Acquiring the pediatric assets of Americare At Home Inc., Wilko
Enterprises, Inc., and Maternal Child Health, Inc. Achieving
928,000 staffed hours in the PDN business. Achieving revenue
growth, including acquisitions, of 15% over second quarter of
fiscal year 2006. For the second quarter of fiscal 2007, net
revenue from continuing operations was $33,644,000. Income before
income tax expense from continuing operations was $6,000. �We�ve
made solid progress on the acquisition front. As we continue to
grow, improving our profitability will be paramount,� said Daniel
J. Kohl President and CEO. Conference Call A conference call to
discuss these results has been scheduled for Wednesday May 9, 2007
at 11:00 a.m. ET. The dial-in number for all Participants is
800-374-1702. Note: To join the Q&A session, please press the
asterisk followed by 1. If you are unable to listen to the live
broadcast, replays of the conference call will be available until
May 23, 2007 by dialing 800-642-1687. To connect with the replay of
the conference call, please refer to the PSA HealthCare earnings
call, Passcode: 8491237 #. PSA 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, PSA provides a combination of
services, including pediatric private duty nursing (PDN) and
pediatric day treatment centers (PPECs). Additional information on
PSA 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.
d/b/a PSA Healthcare (the �Company�). When used in this press
release, the words �may,� �targets,� �goal,� �will,� �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
proposed merger with Portfolio Logic LLC (or its failure to
complete that merger because of a number of factors, including the
failure to obtain the requisite approval of its stockholders and
the failure to satisfy other closing conditions), the Company's
anticipated uses of the proceeds from the sale of its Pharmacy and
RTES Businesses, 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, HIPAA
regulations, adverse litigation, workers� compensation losses,
availability and cost of medical malpractice insurance and reduced
state funding levels and nursing hours authorized by Medicaid
programs, and the impact of changes resulting from the recently
enacted Medicare Act, 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. PSA HEALTHCARE CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) � �
� Three Months Ended March 31, March 31, � 2007� � 2006� � � Net
revenue $ 33,644� $ 29,203� Costs and expenses: Costs of goods and
services (exclusive of depreciation shown separately below) 20,960�
17,494� Other operating costs and expenses Administrative and
marketing salaries, wages and benefits 5,416� 4,910� Business
insurance 1,495� 1,408� Overhead � 1,903� � 1,841� Other operating
costs and expenses 8,814� 8,159� Corporate, general and
administrative Salaries, wages and benefits 2,469� 3,329� Business
insurance 63� 59� Professional services 1,196� 1,044� Overhead �
608� � 675� Corporate, general and administrative 4,336� 5,107�
Provision for doubtful accounts 215� 60� Provision for insurance
recoveries (134) -� Depreciation and amortization � 279� � 246�
Total costs and expenses � 34,470� � 31,066� � Operating loss (826)
(1,863) Other income -� 5� Interest income 832� 626� Interest
expense � -� � (4) � Income (loss) from continuing operations
before income tax expense (benefit) 6� (1,236) Income tax expense
(benefit) � 2� � (446) Income (loss) from continuing operations 4�
(790) Discontinued operations: Income from discontinued operations
before income tax (benefit) expense -� 2,145� Income tax (benefit)
expense (1) 837� Income from discontinued operations � 1� � 1,308�
(Loss) gain on disposal of discontinued operations before income
tax benefit (17) 38� Income tax benefit (9) (42) (Loss) gain on
disposal of discontinued operations � (8) � 80� Net (loss) income $
(3) $ 598� � Income per share data: Basic net (loss) income per
share data: Income (loss) from continuing operations $ 0.00� $
(0.11) Income from discontinued operations 0.00� 0.18� (Loss) gain
on disposal of discontinued operations � (0.00) � 0.01� Net (loss)
income $ (0.00) $ 0.08� � Diluted net (loss) income per share data:
Income (loss) from continuing operations $ 0.00� $ (0.11) Income
from discontinued operations 0.00� 0.18� (Loss) gain on disposal of
discontinued operations � (0.00) � 0.01� Net (loss) income $ (0.00)
$ 0.08� � � Weighted average shares outstanding: Basic � 7,549� �
7,372� Diluted � 7,734� � 7,372� � Nursing � PPEC Consolidated
Total � Three Months Ended March 31, 2007 � Net revenue $ 31,092� $
2,552� $ 33,644� � Costs of goods and services (exclusive of
depreciation shown separately below) � Nursing and therapist
salaries, wages, benefits and supplies 20,864� 66� 20,930�
Disposables/Supplies � 21� � � 9� � 30� Total cost of goods and
services 20,885� 75� 20,960� Other operating costs and expenses
Administrative and marketing salaries, wages and benefits 3,910�
1,506� 5,416� Business Insurance 1,377� 118� 1,495� Overhead �
1,529� � � 374� � 1,903� Total operating costs and expenses 6,816�
1,998� 8,814� � Provision for doubtful accounts 199� 16� 215�
Depreciation � 59� � � 69� � 128� � Branch office contribution
margin $ 3,133� � $ 394� $ 3,527� � Three Months Ended March 31,
2006 � Net revenue $ 26,404� $ 2,799� $ 29,203� � Costs of goods
and services (exclusive of depreciation shown separately below) �
Nursing and therapist salaries, wages, benefits and supplies
17,341� 126� 17,467� Disposables/Supplies � 12� � � 15� � 27� Total
cost of goods and services 17,353� 141� 17,494� Other operating
costs and expenses Administrative and marketing salaries, wages and
benefits 3,408� 1,502� 4,910� Business Insurance 1,302� 106� 1,408�
Overhead � 1,400� � � 441� � 1,841� Total operating costs and
expenses 6,110� 2,049� 8,159� � Provision for doubtful accounts
106� (46) 60� Depreciation � 38� � � 46� � 84� � Branch office
contribution margin $ 2,797� � $ 609� $ 3,406� � � � � � � Three
Months Three Months Ended Ended March 31, March 31, 2007� 2006� �
Total profit for reportable segments $ 3,527� $ 3,406� � Corporate,
general and administrative (4,336) (5,107) Corporate depreciation
and amortization (151) (162) Provision for insurance recoveries
134� -� Other income -� 5� Interest income 832� 626� Interest
expense -� (4) � � � � Income (loss) from continuing operations,
before income tax expense (benefit) $ 6� � $ (1,236)
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