Excluding the gain and acquisition costs, the company's adjusted earnings from operations was $0.25, which is rather exceptional considering that this was achieved despite unusually severe weather in January and February that adversely impacted our earnings by about a nickel.Net revenue increased 4.6% in Q1 to $50.4 million due to an increase in our average net rate per visit of $3.28 and an increase in patient visits of 1.2%. Our gross margin increased slightly to 24.7%. Our corporate office costs were $5.8 million or 11.5% of revenues. However, included in those costs are the legal fees and other acquisition costs.
U.S. Physical Therapy, Inc. Q1 2010 Earnings Call Transcript
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