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U.S. Physical Therapy Reports Second Quarter And Six Months Results

Stocks in this article: USPH

Second Quarter 2012 compared to Second Quarter 2011

  • Net revenues increased 6.8% from $59,912,000 in the second quarter of 2011 to $63,959,000 in the second quarter of 2012, primarily due to an increase in patient visits of 8.6% from 541,000 to 587,000. The average net patient revenue per visit for the recent quarter was $105.65 as compared to $104.77 in the comparable 2011 period. The increase in net revenues from the Company’s core physical therapy operations was partially offset by a decrease in other revenues of $1,300,000 due to a reduction in revenue from physician services.
  • Total clinic operating costs were $46,965,000, or 73.4% of net revenues, in the second quarter of 2012, as compared to $43,023,000, or 71.8% of net revenues, in the 2011 period. Clinic salaries and related costs were 51.1% of net revenues in the recent quarter versus 51.9% in the 2011 period. Rent, clinic supplies, contract labor and other costs as a percentage of net revenues were 20.3% for the recent quarter versus 19.0% in the 2011 period. The provision for doubtful accounts as a percentage of net revenues was 2.0% for the 2012 period versus 0.8% in the 2011 quarter. In the second quarter of 2012 the gross margin from the Company’s core physical therapy business increased by $1,631,000 or 10.5% as compared to the second quarter of 2011 which was offset by a $1,526,000 decrease in margin from the physician services business.
  • Corporate office costs were $6,396,000 in the second quarter of 2012 as compared to $6,007,000 in the 2011 second quarter. Corporate office costs were 10.0% of net revenues in both periods.
  • Operating income for the second quarter of 2012 was $10,598,000 compared to $10,882,000 in the 2011 second quarter.
  • Interest expense increased to $145,000 in the second quarter of 2012 from $109,000 in the second quarter of 2011 due to higher average borrowings in the 2012 period.
  • Net income attributable to non-controlling interests was $2,465,000 in the recent quarter as compared to $2,703,000 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 second quarter of 2012 was $4,849,000 compared to $4,900,000 in the second quarter of 2011. Diluted earnings per share were $0.41 for both periods.
  • Same store revenues for de novo and acquired clinics open for one year or more increased 2.8%. Higher same store visits and higher average net rate per visit accounted for the increase.

Chris Reading, Chief Executive Officer, said, “So far this year the performance of our core physical therapy business has been strong with solid same store net rate, revenue and earnings growth. Patient visit growth followed a similar trajectory increasing an average of one patient per clinic per day. In the second quarter, the Company’s net rate per visit increased to $105.65. Management is making adjustments designed to improve our physician services performance which has seen a reduction in earnings thus far in 2012 as compared to 2011. While there is much opportunity to capture and work yet to be done, we remain confident in our ability to execute on our plan and accordingly we are increasing our earnings guidance.”

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