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

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.

Our operating income increased to $6.7 million. Our other income in the first quarter includes the gain from the joint venture sale. Net income was $3.2 million and EPS $0.27. Same-store revenues for de novo and acquired clinics opened for a year or more increased 1.7%. That figure would have been better both in terms of dollars and volume had we not had the weather impact.

Receivables collections in the first quarter we excellent. Despite the financing for the acquisition, we ended the first quarter with less than $1 million in debt net of our cash position.

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