U.S. Physical Therapy, Inc. (NASDAQ: USPH), a leading national operator of outpatient physical therapy clinics, has acquired a majority interest in a 20 clinic physical therapy group. The multi-partner practice currently sees approximately 116,000 patient visits per year and produces approximately $13 million in annual revenue. The purchase price for U.S. Physical Therapy’s 51% acquired interest was $8,426,000 which was financed with borrowings under the Company’s credit line and a seller note.
Chris Reading, U.S. Physical Therapy’s Chief Executive Officer, stated, “We are very excited to welcome our newest, very talented and committed group of partners. Together we believe that we can further expand their already sizeable footprint in a desirable and previously untapped market area for U.S. Physical Therapy.”
In conjunction with the acquisition the Company is increasing its earnings guidance for the year 2011 to be in the range of $16.6 million to $17.2 million in net income and $1.38 to $1.43 in diluted earnings per share from prior guidance of $16 million to $16.6 million in net income and $1.35 to $1.40 in diluted earnings per share. The new annual earnings guidance range represents projected net income from existing operations and excludes potential additional future acquisitions. The Company does not provide quarterly earnings guidance. The annual guidance figures will not be updated unless there is a material development that causes management to believe that earnings will be significantly outside the given range.
About U.S. Physical Therapy, Inc.Founded in 1990, U.S. Physical Therapy, Inc. operates 418 clinics in 42 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, non-surgical treatment of osteoarthritis, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, the Company manages physical therapy facilities for third parties, including hospitals and physician groups.
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