Pediatric Services of America, Inc., d/b/a PSA Healthcare (Nasdaq:
PSAI) announced today financial results for the second quarter of
fiscal year 2006. Recent corporate developments and the highlights
of PSA's results for the second quarter ended March 31, 2006
include: -- Entered into a definitive agreement to purchase select
assets of Melmedica Children's Healthcare, Inc., an Illinois
corporation; -- Increased nursing hours staffed by 3.5%, to 806,000
hours from 779,000 hours in first quarter; and -- Completed the
accounting and pharmacy service obligations under the Transition
Services Agreement with Accredo Health, Inc. and are on schedule to
complete all service responsibilities by May 31, 2006, which will
allow PSAI to focus solely on growing its existing businesses. For
the second quarter of fiscal 2006, net revenue from continuing
operations increased $1,269,000 to $43,502,000 as compared to
$42,233,000 in the first quarter of fiscal year 2006. Net income
was $598,000 in the second quarter of fiscal year 2006 as compared
to $24,182,000 for the first quarter of fiscal year 2006. Diluted
net income per share was $0.08 in the second quarter of fiscal year
2006 as compared to $3.33 in the first quarter of fiscal year 2006.
Net income for the first quarter of fiscal 2006 includes $777,000
of income, net of tax, from discontinued operations and a
$24,579,000 gain, net of tax, on disposal of our discontinued
operations. In addition, an expense of approximately $837,000 was
recorded in the first quarter of fiscal 2006 for the write-off of
the deferred financing fees and call premium related to the full
redemption of the 10% Senior Subordinated Notes due 2008 and
termination of the credit agreement with GE Capital Corp. "We are
pleased to announce that we have entered into an agreement to
acquire the pediatric nursing services business of Melmedica
Children's Healthcare, Inc., and we remain focused on the pipeline
of potential acquisition targets we have in place," said Daniel J.
Kohl, President and CEO of PSAI. "In addition, our nurse recruiting
programs seem to be having a positive impact on nursing hours
staffed, our PPEC business is performing well and cash collections
continue to be strong. As such, the trends of our core businesses
seemed headed in the right direction." For fiscal year 2006, PSAI
continues to expect that earnings from continuing operations will
be in the range of $0.16-$0.19. Conference Call A conference call
to discuss these results has been scheduled for Wednesday, May 10,
2006 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 24, 2006 by dialing 800-642-1687. To connect with the replay of
the conference call, please refer to the Pediatric Services of
America, Inc. Earnings Call, Passcode: 8012072 #. PSA provides
comprehensive pediatric home health care services through a network
of over 100 branch offices in 19 states, including satellite
offices and branch office start-ups. Through these offices PSA
provides a combination of services, including pediatric private
duty nursing (PDN), pediatric day treatment centers (PPECs) and
respiratory therapy and equipment services (RTES). Additional
information on PSA may be found on the Company's website at
http://www.psakids.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 PSA Healthcare, Inc. (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 anticipated uses of the proceeds
from the sale of its Pharmacy Business, the integration of the
Melmedica acquisition, the Company's ability to collect for
equipment sold or rented, 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,
competitive bidding, HIPAA regulations, Average Wholesale Price
("AWP") reductions, 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. -0- *T PEDIATRIC SERVICES OF AMERICA,
INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands,
Except Per Share Data) Three Months Ended March 31, December 31,
2006 2005 --------- ------------ Net revenue $43,502 $42,233 Costs
and expenses: Costs of goods and services (exclusive of
depreciation shown separately below) 22,300 21,531 Other operating
costs and expenses Administrative and marketing salaries, wages and
benefits 9,031 8,996 Business insurance 1,966 1,646 Overhead 3,784
3,666 ------- ------- Other operating costs and expenses 14,781
14,308 Corporate, general and administrative Salaries, wages and
benefits 3,329 3,750 Business insurance 59 64 Professional services
1,044 894 Overhead 675 719 ------- ------- Corporate, general and
administrative 5,107 5,427 Provision for doubtful accounts 19 445
Depreciation and amortization 1,013 995 ------- ------- Total costs
and expenses 43,220 42,706 ------- ------- Operating income (loss)
282 (473) Other income 5 3 Loss on early extinguishment of debt -
(837) Interest income 626 385 Interest expense (4) (560) -------
------- Income (loss) from continuing operations before income tax
expense (benefit) 909 (1,482) Income tax expense (benefit) 334
(308) ------- ------- Income (loss) from continuing operations 575
(1,174) Discontinued operations: Income from discontinued
operations before income tax expense - 1,281 Income tax expense -
504 ------- ------- Income from discontinued operations - 777
------- ------- Gain on disposal of discontinued operations before
income tax expense 38 40,524 Income tax expense 15 15,945 -------
------- Gain on disposal of discontinued operations 23 24,579
------- ------- Net income $ 598 $24,182 ======= ======= Income per
share data: Basic net income per share data: Income (loss) from
continuing operations $ 0.08 $ (0.16) Income from discontinued
operations - 0.11 Gain on disposal of discontinued operations 0.00
3.38 ------- ------- Net income $ 0.08 $ 3.33 ======= =======
Diluted net income per share data: Income (loss) from continuing
operations $ 0.08 $ (0.16) Income from discontinued operations -
0.11 Gain on disposal of discontinued operations 0.00 3.38 -------
------- Net income $ 0.08 $ 3.33 ======= ======= Weighted average
shares outstanding: Basic 7,372 7,269 ======= ======= Diluted 7,372
7,269 ======= ======= CONDENSED CONSOLIDATED BALANCE SHEET
INFORMATION March 31, December 31, 2006 2005 ------------
--------------- Cash and cash equivalents $ 57,458 $ 64,272
Accounts receivable, less allowance for doubtful accounts 26,102
25,760 Total stockholders' equity 100,918 98,304 *T -0- *T
Respiratory Therapy, Equipment and Consolidated Nursing PPEC
Services Total --------------------------------------- Three Months
Ended March 31, 2006 Net revenue $26,404 $ 2,799 $14,299 $43,502
Costs of goods and services (exclusive of depreciation shown
separately below) Nursing and therapist salaries, wages, benefits
and supplies 17,341 126 322 17,789 Pharmacy product and supplies -
- 1,763 1,763 Disposables/Supplies 12 15 2,721 2,748 -------
------- ------- ------- Total cost of goods and services 17,353 141
4,806 22,300 Other operating costs and expenses Administrative and
marketing salaries, wages and benefits 3,408 1,502 4,121 9,031
Business Insurance 1,302 106 558 1,966 Overhead 1,400 441 1,943
3,784 ------- ------- ------- ------- Total operating costs and
expenses 6,110 2,049 6,622 14,781 Provision for doubtful accounts
106 (46) (41) 19 Depreciation 38 46 767 851 ------- ------- -------
------- Branch office contribution margin $ 2,797 $ 609 $ 2,145 $
5,551 ======= ======= ======= ======= Three months ended December
31, 2005 Net revenue $25,375 $ 2,558 $14,300 $42,233 Costs of goods
and services (exclusive of depreciation shown separately below)
Nursing and therapist salaries, wages, benefits and supplies 16,771
136 226 17,133 Pharmacy product and supplies - - 1,722 1,722
Disposables/Supplies 13 8 2,655 2,676 ------- ------- -------
------- Total cost of goods and services 16,784 144 4,603 21,531
Other operating costs and expenses Administrative and marketing
salaries, wages and benefits 3,380 1,421 4,195 8,996 Business
Insurance 1,103 93 450 1,646 Overhead 1,434 424 1,808 3,666 -------
------- ------- ------- Total operating costs and expenses 5,917
1,938 6,453 14,308 Provision for doubtful accounts (38) 43 440 445
Depreciation 40 45 753 838 ------- ------- ------- ------- Branch
office contribution margin $ 2,672 $ 388 $ 2,051 $ 5,111 =======
======= ======= ======= Three Months Three Months Ended Ended March
31, December 31, 2006 2005 ---------- ------------ Total profit for
reportable segments $ 5,551 $ 5,111 Corporate, general and
administrative (5,107) (5,427) Corporate depreciation and
amortization (162) (157) Other income 5 3 Loss on early
extinguishment of debt - (837) Interest income 626 385 Interest
expense (4) (560) ---------- ---------- Income (loss) from
continuing operations, before income tax expense (benefit) $ 909 $
(1,482) ========== ========== *T
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