U.S. Physical Therapy, Inc. Q1 2010 Earnings Call Transcript

U.S. Physical Therapy, Inc. (USPH)

Q1 2010 Earnings Call Transcript

May 6, 2010 10:30 am ET

Executives

Chris Reading – President and CEO

Jon Bates – VP and Controller

Larry McAfee – EVP and CFO

Glenn McDowell – COO

Analysts

Larry Solow – CJS Securities

Rob Hawkins – Stifel Nicolaus

Mitra Ramgopal – Sidoti & Company

Adam Deland – Moore Capital

Mike Petusky – Noble Research

Presentation

Operator

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Ladies and gentlemen, thank you for standing by. And welcome to the U.S. Physical Therapy first quarter 2010 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

I would now like to turn the conference over to Mr. Chris Reading, President and CEO of U.S. Physical Therapy. Sir, you may begin your conference.

Chris Reading

Thank you. Good morning and welcome everyone, to U.S. Physical Therapy's first quarter 2010 earnings release call. With me here in the office today are Larry McAfee, our Executive Vice President and Chief Financial Officer, Glenn McDowell, our Chief Operating Officer and Jon Bates, our Vice President and Controller. Before we begin today's review, I will ask Jon to read a brief disclosure statement. Jon?

Jon Bates

Thanks, Chris. This presentation contains forward-looking statements which involve certain risks and uncertainties. And these forward-looking statements are based on the company's current views and assumptions and the company's actual results can vary materially from those anticipated. Please see the company's filings with the Securities and Exchange Commission for more information.

Chris Reading

Thanks, Jon. We started this year with high expectations for growth and expansion and we continue to have those expectations looking ahead. That said, we got off to what was a slower than normal start to the year with a fairly significant, much more significant than normal impact from severe weather that hurt us in places as far South as Dallas, Texas.