U.S. Physical Therapy Sells Remaining Piece of Discontinued Physician Services Business
October 01 2013 - 7:00AM
Business Wire
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of
outpatient physical therapy clinics, reported today that it has
sold the remaining piece of its former Physician Services business.
The sale and resulting write-down will result in an estimated
after-tax loss of approximately $4.4 million.
Revenue from Physician Services has previously been reported in
Other Revenues on the Company’s Consolidated Statement of
Operations. Total revenue from Physician Services was $2,510,000 in
2012 or 1.0 percent of total U.S. Physical Therapy revenue and was
$698,114 in the first six months of 2013 or 0.5 percent of total
revenue. The operation was unprofitable in both periods. The
Physician Services business will be treated as a discontinued
operation for financial reporting purposes.
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:
- changes in Medicare guidelines and
reimbursement or failure of our clinics to maintain their Medicare
certification status;
- revenue and earnings expectations;
- general economic conditions;
- business and regulatory conditions
including federal and state regulations;
- changes as the result of government
enacted national healthcare reform;
- availability and cost of qualified
physical and occupational therapists;
- personnel productivity;
- competitive, economic or reimbursement
conditions in our markets which may require us to reorganize or
close certain operations and thereby incur losses and/or closure
costs including the possible write-down or write-off of goodwill
and other intangible assets;
- changes in reimbursement rates or
payment methods from third party payors including government
agencies and deductibles and co-pays owed by patients;
- maintaining adequate internal
controls;
- availability, terms, and use of
capital;
- acquisitions, purchase of non
controlling interests (minority interests) and the successful
integration of the operations of the acquired businesses; and
- weather and other seasonal
factors.
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 449
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.Larry McAfee, (713) 297-7000Chief
Financial OfficerorChris Reading, (713) 297-7000Chief Executive
OfficerorThe Ruth GroupStephanie Carrington, (646) 536-7017
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