PEABODY, Mass.--(BUSINESS WIRE)--Jun. 29, 2009--
PHC, Inc., d/b/a Pioneer Behavioral Health (NYSE AMEX: PHC), a leading
provider of inpatient and outpatient behavioral health services,
announced today that its Board of Directors has authorized the buyback
of up to 1 million shares of the Company’s Class A common stock on the
open market over the course of its next fiscal year, which begins July
1, 2009. The current Stock Buyback program, under which the Company has
purchased approximately 400,000 shares, expires June 30, 2009.
“This latest authorization to repurchase shares on the open market
reflects the view that the Company is well positioned for growth in
fiscal 2010 and beyond,” said Bruce A Shear, Pioneer’s president and
CEO. “We believe that strong demand for our residential treatment
services to adjudicated youth in the Detroit metropolitan area through
our Capstone Academy Facility and the anticipated CMS Medicare
certification at Seven Hills Behavioral Institute in Henderson, Nevada
positions us well for growth in the future.”
About PHC d/b/a Pioneer Behavioral Health
PHC, Inc., d/b/a Pioneer Behavioral Health, is a national healthcare
company providing behavioral health services in five states, including
substance abuse treatment facilities in Utah and Virginia, and inpatient
and outpatient psychiatric facilities in Michigan, Pennsylvania, and
Nevada. The company also offers internet and telephonic-based referral
services that includes employee assistance programs and critical
incident services. Contracted services with government agencies,
national insurance companies, and major transportation and gaming
companies cover more than one million individuals. Pioneer helps people
gain and maintain physical, spiritual and emotional health through
delivering the highest quality, most culturally responsive and
compassionate behavioral health care programs and services. For more
information, visit www.phc-inc.com.
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.
Source: PHC, Inc.
PHC, Inc.
Bruce A. Shear, 978-536-2777
President & CEO
or
Investor
Relations:
CEOcast, Inc.
Dan Schustack, 212-732-4300