This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

U.S. Physical Therapy Reports First Quarter 2011 Results

U.S. Physical Therapy, Inc. (NasdaqGS:USPH), a national operator of outpatient physical therapy clinics, today reported results for the first quarter ended March 31, 2011.

U.S. Physical Therapy’s net income for the quarter ended March 31, 2011 increased 18.1% to $3.7 million from $3.2 million in the first quarter of 2010. Diluted earnings per share rose to $.31 from $.27.

First Quarter 2011 compared to First Quarter 2010
  • Net revenue increased 12.6% from $50,405,000 in the first quarter of 2010 to $56,741,000 in the first quarter of 2011, due to an increase in patient visits of 9.9% from 469,000 to 515,000, and an increase in average net patient revenue per visit of $0.49 from $104.08 to $104.57. Other revenues included a $1,111,000 year-over-year quarterly increase in physician services revenue.
  • Gross margin increased 200 basis points to 26.7% for the 2011 first quarter as compared to 24.7% in the 2010 first quarter. Total clinic operating costs were $41,578,000, or 73.3% of net revenue in the first quarter of 2011, as compared to $37,934,000, or 75.3% of net revenue, in the 2010 period. Clinic salaries and related costs were 52.2% of net revenue for the 2011 period versus 53.1% for the 2010 period. Rent, clinic supplies, contract labor and other costs as a percentage of net revenue were 19.9% for the 2011 period versus 20.0% for the 2010 comparable period. The provision for doubtful accounts was 1.1% of net revenue in the first quarter of 2011 as compared to 2.1% in the 2010 first quarter.

  • Corporate office costs were $6,481,000, or 11.4% of net revenue, in the first quarter of 2011 versus $5,805,000, or 11.5% of net revenue, in the 2010 first quarter.
  • Operating income increased in the first quarter of 2011 by 30.2% to $8,682,000 from $6,666,000 for the 2010 first quarter. The operating income margin percentage improved 210 basis points to 15.3% for the first quarter of 2011 as compared to 13.2% for the first quarter 2010.
  • Other income in the first quarter of 2010 included a pre-tax gain of $578,000 from the sale of a five clinic joint venture. That gain equated to net income after taxes of about $350,000 or approximately $.03 in earnings per share.
  • Provision for income taxes as a percentage of income before taxes less net income attributable to non-controlling interests was 39.3% for both periods.
  • Net income attributable to common shareholders in the first quarter of 2011 rose 18.1% to $3,746,000 from $3,172,000 in the first quarter of 2010. Diluted earnings per share increased to $.31 from $.27.
  • Same store revenues for de novo and acquired clinics open for one year or more decreased 1.0%. The average net rate per visit increased by 1.3% while same store visits decreased by 2.0%. Revenue and visit percentages were adjusted to reflect equivalent days of operations between periods.
  • During the first quarter of 2011, the Company opened six start-up de novo clinics and closed one clinic. The Company ended the period with 397 clinics.

Chris Reading, Chief Executive Officer, said, “I am proud of our team’s focus and execution this quarter producing solid earnings and operating results. Revenue growth, margin improvement, cost control and further expansion of our physician services and Fit2Wrk programs were positives for the quarter. We have a lot that we expect to accomplish and I am encouraged by the strong start to the year.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.69 -0.59%
FB $119.49 1.40%
GOOG $711.11 1.40%
TSLA $214.84 1.60%
YHOO $37.23 0.79%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs