U.S. Physical Therapy Provides Update on Form 10-K Filing and Announces Increase in Quarterly Dividend
March 31 2017 - 4:00PM
Business Wire
U.S. Physical Therapy, Inc. (NYSE: USPH), announced today that
the filing of its Annual Report on Form 10-K for the year ended
December 31, 2016 will not occur until after the extended March 31,
2017 deadline. The Company also announced an 18%
increase in its regular quarterly dividend.
Form 10-K
On March 17, 2017, USPH filed a Form 12b-25, Notification of
Late Filing, with the Securities and Exchange Commission (the
“SEC”) regarding its delayed Form 10-K due to management’s need for
additional time to complete its review of the appropriate
accounting treatment for redeemable non-controlling interests of
its acquired partnerships. At that time, the Company expected that
it would be able to file the Form 10-K within the 15-day extension
period provided by Form 12b-25. The Company has subsequently
determined that it will be unable to meet the 15-day extension
period deadline. The Company continues to work diligently to
complete the preparation of its consolidated financial statements
in order to be in a position to file its Annual Report on Form 10-K
for the fiscal year ended December 31, 2016 with the SEC as soon as
possible in April.
Increase in Quarterly
Dividend
The Company also announced today that it is increasing its
quarterly dividend per share by 18% to $0.20 per quarter in 2017
from $0.17 per quarter in 2016. The first quarterly dividend of
2017 will be paid on May 5, 2017 to shareholders of record as of
April 17, 2017. The Company initiated paying quarterly dividends in
2011 and has increased the amount each year since.
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:
- the risk that the review for the
correction in accounting method for redeemable non-controlling
interests could result in the determination that the effect of the
matters under review are materially greater or lesser than the
Company currently believes;
- the risk that the correction in the
accounting method for redeemable non-controlling interests could
adversely affect the Company’s ability to make timely filings with
the Securities and Exchange Commission;
- the risk of damage to the Company’s
business and reputation arising from the correction in accounting
method for redeemable non-controlling interests, and potential
claims or proceedings relating to such matters;
- changes as the result of government
enacted national healthcare reform;
- changes in Medicare guidelines and
reimbursement or failure of our clinics to maintain their Medicare
certification status;
- revenue we receive from Medicare and
Medicaid being subject to potential retroactive reduction;
- business and regulatory conditions
including federal and state regulations;
- governmental and other third party
payor investigations and audits;
- compliance with federal and state laws
and regulations relating to the privacy of individually
identifiable patient information, and associated fines and
penalties for failure to comply;
- possible legal actions, which could
subject us to increased operating costs and uninsured
liabilities;
- changes in reimbursement rates or
payment methods from third party payors including government
agencies and deductibles and co-pays owed by patients;
- revenue and earnings expectations;
- general economic conditions;
- availability and cost of qualified
physical and occupational therapists;
- personnel productivity and retaining
personnel;
- 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;
- acquisitions, purchase of
non-controlling interests (minority interests) and the successful
integration of the operations of the acquired businesses;
- maintaining adequate internal
controls;
- maintaining necessary insurance
coverage;
- availability, terms, and use of
capital; 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 applicable.
About U.S. Physical Therapy,
Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 558
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. Besides owning and operating
clinics, the Company manages 30 physical therapy facilities for
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170331005759/en/
U.S. Physical Therapy, Inc.Larry McAfee, (713) 297-7000Chief
Financial OfficerorChris Reading, (713) 297-7000Chief Executive
Officer
US Physical Therapy (NYSE:USPH)
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