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.”

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