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
TheStreet Open House

U.S. Physical Therapy Reports Significantly Higher First Quarter Earnings

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, 2012.

U.S. Physical Therapy’s net income for the quarter ended March 31, 2012 increased 19.5% to $4.5 million from $3.7 million in the first quarter of 2011. Diluted earnings per share rose 22.5% to $.38 from $.31.

First Quarter 2012 compared to First Quarter 2011

  • Net revenues increased 10.3% from $56,741,000 in the first quarter of 2011 to $62,582,000 in the first quarter of 2012, primarily due to an increase in patient visits of 12.3% from 515,000 to 579,000. The average net patient revenue per visit for the recent quarter was $104.55 as compared to $104.57 in the comparable 2011 period.
  • Total clinic operating costs were $46,449,000, or 74.2% of net revenues, in the first quarter of 2012, as compared to $41,578,000, or 73.3% of net revenues, in the 2011 period. Clinic salaries and related costs were 52.4% of net revenues in the recent quarter versus 52.2% in the 2011 period. Rent, clinic supplies, contract labor and other costs as a percentage of net revenues were 19.9% for both periods. The provision for doubtful accounts as a percentage of net revenues was 1.8% for the 2012 period versus 1.1% in the 2011 quarter.
  • Corporate office costs declined to $6,262,000 in the first quarter of 2012 as compared to $6,481,000 in the 2011 first quarter. Corporate office costs were 10.0% of net revenues in the 2012 period versus 11.4% in the 2011 period.
  • Operating income for the first quarter of 2012 rose to $9,871,000 compared to $8,682,000 in the 2011 first quarter.
  • Interest expense increased to $162,000 in the first quarter of 2012 from $73,000 in the first quarter of 2011 due to higher average borrowings in the 2012 period.
  • Net income attributable to non-controlling interests was $2,334,000 in the recent quarter as compared to $2,439,000 in the year earlier period. The reduction is attributable to the Company’s increased ownership interest in certain of its physical therapy partnerships.
  • Provision for income taxes as a percentage of income before taxes less net income attributable to non-controlling interests was 39.3% in both the 2012 and 2011 periods.
  • Reported net income attributable to common shareholders in the first quarter of 2012 was $4,478,000 compared to $3,746,000 in the first quarter of 2011. Diluted earnings per share were $0.38 versus $0.31.
  • Same store revenues for de novo and acquired clinics open for one year or more increased 5.9%. Higher same store visits accounted for the increase as the average net rate per visit remained basically flat.

Chris Reading, Chief Executive Officer, said, “Overall, this was a strong quarter for our Company coupling one of the highest same store volume growth quarters in our history with a solid net rate. We remain excited about our current opportunities for continued growth as we work to further improve our business.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs