Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the fourth quarter and year ended December 31, 2011. For the quarter, revenue was $77.0 million. Adjusted net income from continuing operations for the quarter was $3.0 million, or $0.13 per diluted share, which excludes pre-tax costs of $28.4 million, primarily related to the acquisition of PHC, Inc. Including these pre-tax costs, there was a loss from continuing operations for the quarter of $14.7 million, or $0.66 per diluted share. A reconciliation of all GAAP and non-GAAP financial results in this release is on pages 7 and 8.
For the year, revenue was $221.4 million. Adjusted net income from continuing operations for 2011 was $11.7 million, or $0.52 per diluted share, which excludes pre-tax costs of $57.7 million, primarily related to acquisitions. Including these pre-tax costs, there was a loss from continuing operations of $32.9 million, or $1.75 per diluted share.
Joey Jacobs, Chairman and Chief Executive Officer of Acadia, commented, “We are very pleased with Acadia’s operating and financial performance for the fourth quarter and all of 2011. Primarily due to the acquisitions of Youth & Family Centered Services, Inc. in April and PHC in November, our fourth quarter revenue was nearly five times greater than our revenue in the fourth quarter of 2010. This growth reflected the increase in our inpatient behavioral health care operations to 29 facilities and approximately 2,000 beds at the end of 2011 from six facilities and approximately 400 beds at the end of 2010. With the addition of the three facilities acquired on March 1, Acadia now operates 32 behavioral facilities with more than 2,100 beds.
“We are well-positioned to produce significant profitable growth for 2012. In addition to favorable industry growth dynamics, we expect to drive organic revenue growth and margin expansion within our existing facilities through the addition of beds, the broadening of services, enhanced marketing programs and efficiency improvement initiatives. As demonstrated through the completion last week of our acquisition of three facilities with 166 acute inpatient psychiatric beds, we also expect to take advantage of continuing opportunities to pursue selective acquisitions in the highly fragmented market for behavioral health care services. With maintenance capital expenditures for 2012 expected at approximately 2% of revenues, we expect that strong free cash flow from operations combined with availability of approximately $70 million under our recently expanded revolving line of credit will support our acquisition strategy.”
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