Press Release
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Net Patient Care Revenue Increases 11.4%; Net Income from Continuing
Operations Improves
Total net revenue from continuing operations was
Net patient care revenue increased 11.4% to
Income from operations improved
As of
"We reported another quarter of improved operating results and GAAP
profitability as we continue to generate stronger operating results,
reflecting increased census at Capstone and Seven Hills, as well as
growing utilization across our other facilities," said
The company will hold a conference call at
https://www.theconferencingservice.com/prereg/key.process?key=PNAHBFEXM
About PHC d/b/a
Statement under the Private Securities Litigation Reform Act of 1995
This press release may include "forward-looking statements" that are subject to risks and uncertainties. Forward-looking statements include information about possible or assumed future results of the operations or the performance of the Company and its future plans and objectives. Various future events or factors may cause the actual results to vary materially from those expressed in any forward-looking statements made in this press release. For a discussion of these factors and risks, see the company's annual report on Form 10-K for the most recently ended fiscal year.
PHC, INC. AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(unaudited) | |||||||||
September 30, |
June 30, |
||||||||
2009 |
2009 |
||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 1,741,696 | $ | 3,199,344 | |||||
Accounts receivable, net of allowance for doubtful accounts of
$2,616,886 at |
7,511,963 |
6,315,693 |
|||||||
Other receivables- third party | 41,300 | 170,633 | |||||||
Prepaid expenses | 454,013 | 441,945 | |||||||
Prepaid income taxes | 271,674 | 33,581 | |||||||
Other receivables and advances | 1,434,488 | 674,357 | |||||||
Deferred income tax asset - current | 923,625 | 923,625 | |||||||
Total current assets | 12,378,759 | 11,759,178 | |||||||
Restricted Cash | 512,197 | 512,197 | |||||||
Accounts receivable, non-current | 8,115 | 35,000 | |||||||
Other receivables | 29,169 | 55,627 | |||||||
Property and equipment, net | 4,699,529 | 4,687,110 | |||||||
Deferred income tax asset – non-current | 1,902,354 | 1,902,354 | |||||||
Deferred financing costs, net of amortization of $473,073 and
$436,440 at |
299,168 |
335,801 |
|||||||
Goodwill | 969,098 | 969,098 | |||||||
Other assets | 2,383,901 | 2,435,628 | |||||||
Total assets | $ | 23,182,290 | $ | 22,691,993 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 1,703,435 | $ | 1,375,436 | |||||
Current maturities of long-term debt | 800,515 | 652,837 | |||||||
Revolving credit note | 926,124 | 863,404 | |||||||
Current portion of obligations under capital leases | 106,245 | 103,561 | |||||||
Accrued payroll, payroll taxes and benefits | 1,297,299 | 1,570,639 | |||||||
Accrued expenses and other liabilities | 1,560,545 | 1,461,499 | |||||||
Total current liabilities | 6,394,163 | 6,027,376 | |||||||
Long-term debt, net of current maturities | 327,351 | 488,426 | |||||||
Obligations under capital leases | 104,807 | 132,368 | |||||||
Total liabilities | 6,826,321 | 6,648,170 | |||||||
Stockholders’ equity: | |||||||||
Preferred Stock, 1,000,000 shares authorized, none issued or outstanding | -- | -- | |||||||
Class A common stock, $.01 par value, 30,000,000 shares
authorized, 19,858,034 |
198,580 |
198,408 |
|||||||
Class B common stock, $.01 par value, 2,000,000 shares authorized,
775,021 and |
7,750 |
7,751 |
|||||||
Additional paid-in capital | 27,755,969 | 27,667,597 | |||||||
Treasury stock, 626,541 and 626,541 shares of Class A common stock
at |
(1,125,707 |
) |
(1,125,707 |
) |
|||||
Accumulated deficit | (10,480,623 | ) | (10,704,226 | ) | |||||
Total stockholders’ equity | 16,355,969 | 16,043,823 | |||||||
Total liabilities and stockholders’ equity | $ | 23,182,290 | $ | 22,691,993 |
PHC, INC. AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(Unaudited) | |||||||||
Three Months Ended | |||||||||
September 30, |
|||||||||
2009 |
2008 |
||||||||
Revenues: | |||||||||
Patient care, net | $ | 11,767,668 | $ | 10,559,496 | |||||
Contract support services | 879,760 | 1,132,409 | |||||||
Total revenues | 12,647,428 | 11,691,905 | |||||||
Operating expenses: | |||||||||
Patient care expenses | 6,438,563 | 6,158,157 | |||||||
Cost of contract support services | 727,477 | 827,779 | |||||||
Provision for doubtful accounts | 472,973 | 445,814 | |||||||
Administrative expenses | 4,652,517 | 4,694,974 | |||||||
Total operating expenses | 12,291,530 | 12,126,724 | |||||||
Income (loss) from operations | 355,898 | (434,819 | ) | ||||||
Other income (expense): | |||||||||
Interest income | 32,374 | 51,269 | |||||||
Other income | 49,356 | 30,854 | |||||||
Interest expense | (80,593 | ) | (81,642 | ) | |||||
Total other income, net | 1,137 | 481 | |||||||
Income (loss) before for income taxes | 357,035 | (434,338 | ) | ||||||
Income tax (benefit) provision | 133,431 | (39,419 | ) | ||||||
Income (Loss) from continuing operations | 223,604 | (394,919 | ) | ||||||
Income from discontinued operations – net of tax |
|||||||||
provision of $39,419 | -- | 62,216 | |||||||
Net income (loss) applicable to common shareholders |
$ |
223,604 |
$ |
(332,703 |
) |
||||
Basic net income (loss) per common share | |||||||||
Continuing operations | $ | 0.01 |
$ |
(0.02 | ) | ||||
Discontinued operations | 0.00 | 0.00 | |||||||
$ | 0.01 | $ | (0.02 | ) | |||||
Basic weighted average number of shares outstanding |
19,997,549 |
20,178,087 |
|||||||
Diluted net income (loss) per common share | |||||||||
Continuing Operations | 0.01 | (0.02 | ) | ||||||
Discontinued operations | 0.00 | 0.00 | |||||||
$ | 0.01 | $ | (0.02 | ) | |||||
Diluted weighted average number of shares outstanding |
20,141,989 |
20,178,087 |
Source:
PHC, Inc.
Bruce A. Shear, 978-536-2777
President & CEO
or
Investor
Relations:
CEOcast, Inc.
Dan Schustack, 212-732-4300