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U. S. Physical Therapy Reports 2012 Results

About U.S. Physical Therapy, Inc.

Founded in 1990, U.S. Physical Therapy, Inc. operates 431 clinics in 43 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 15 physical therapy facilities for third parties, including hospitals and physician groups.

More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release.

 
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF NET INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
       
Three Months Ended December 31, Year Ended December 31,
2012 2011 2012 2011
 
 
Net patient revenues $ 61,110 $ 58,697 $ 244,443 $ 226,579
Other revenues   1,584     1,981     7,645     10,427  
Net revenues 62,694 60,678 252,088 237,006
 
Clinic operating costs:
Salaries and related costs 33,978 31,928 132,824 125,117
Rent, clinic supplies, contract labor and other 13,300 12,701 51,620 47,396
Provision for doubtful accounts 1,192 1,231 4,848 3,785
Closure costs   135     15     211     59  
Total clinic operating costs   48,605     45,875     189,503     176,357  
 
Gross margin 14,089 14,803 62,585 60,649
 
Corporate office costs   6,147     7,088     24,782     24,718  
 
Operating income 7,942 7,715 37,803 35,931
 
Interest and other income, net 2 5,437 6 5,445
Interest expense   (108 )   (165 )   (557 )   (496 )
 
Income before taxes 7,836 12,987 37,252 40,880
Provision for income taxes   2,042     2,845     11,034     11,097  
 
Net income including noncontrolling interests 5,794 10,142 26,218 29,783
Less: net income attributable to noncontrolling interests   (1,751 )   (1,913 )   (8,285 )   (8,809 )
Net income attributable to common shareholders $ 4,043   $ 8,229   $ 17,933   $ 20,974  
 
Earnings per share attributable to common shareholders:
Basic $ 0.34   $ 0.70   $ 1.52   $ 1.78  
 
Diluted $ 0.34   $ 0.69   $ 1.51   $ 1.75  
 
Shares used in computation:
Basic   11,911     11,786     11,804     11,814  
 
Diluted   12,013     11,892     11,904     11,977  
 
Dividends declared per common share $ 0.49   $ 0.08   $ 0.76   $ 0.32  

 
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
 
REPORTED AND ADJUSTED NET INCOME PER SHARE AND ADJUSTED EBITDA
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
       

REPORTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

Three Months Ended Year Ended
December 31, December 31,
2012   2011 2012 2011
 
Net income attributable to common shareholders $ 4,043 $ 8,229 $ 17,933 $ 20,974
 
Basic earnings per share - weighted-average shares 11,911 11,786 11,804 11,814
Effect of dilutive securities - stock options   102   106   100   163
 
Diluted earnings per share - adjusted weighted-average shares   12,013   11,892   11,904   11,977
 
Earnings per share attributable to common shareholders:
Basic $ 0.34 $ 0.70 $ 1.52 $ 1.78
 
Diluted $ 0.34 $ 0.69 $ 1.51 $ 1.75

The following table reconciles Adjusted Net Income Attributable to Common Shareholders (“Adjusted Net Income”) to comparable generally accepted accounting principles (“GAAP”) measurements. Adjusted Net Income equals net income attributable to common shareholders (“Net Income”) less the after-tax effect of the 2011 gain on purchase price settlement, as described in this press release. Management believes providing this non-GAAP financial measurements to investors is useful information for comparing the Company’s period-to-period results.

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