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U. S. Physical Therapy Reports 2012 Results

Adjusted Net Income is not a measure of financial performance under GAAP. Items excluded from this measure are significant components in understanding and assessing financial performance. This measure should not be considered in isolation or as an alternative to, or substitute for, Net Income or net income including noncontrolling interests data presented in the consolidated financial statements as indicators of financial performance. Because this measure is not a measurement determined in accordance with GAAP and is thus susceptible to varying calculations, this measurement may not be comparable to other similarly titled measures of other companies.

ADJUSTED 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
 
Gain on purchase price settlement of $5,434 less tax effect of $629   -   (4,805 )   -   (4,805 )
 
Adjusted net income attributable to common shareholders $ 4,043 $ 3,424   $ 17,933 $ 16,169  
 
Adjusted net income attributable to common shareholders per diluted share $ 0.34 $ 0.29 $ 1.51 $ 1.35

   
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
 
December 31, December 31,
2012 2011
(unaudited)
ASSETS
 
Current assets:
Cash $ 11,671 $ 9,983

Patient accounts receivable, less allowance for doubtful accounts of $1,595 and $2,154, respectively

25,973 28,333

Accounts receivable - other, less allowance for doubtful accounts of $514 and $883, respectively

1,703 1,614
Other current assets   5,975     5,737  
Total current assets 45,322 45,667
 
Fixed assets:
Furniture and equipment 36,316 35,103
Leasehold improvements   20,858     20,385  
57,174 55,488
Less accumulated depreciation and amortization   44,158     42,299  
13,016 13,189
Goodwill 100,188 92,750
Other intangible assets, net 12,146 9,603
Other assets   1,042     2,043  
$ 171,714   $ 163,252  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Current liabilities:
Accounts payable - trade $ 1,732 $ 1,809
Accrued expenses 14,116 14,082
Current portion of notes payable   459     433  
Total current liabilities 16,307 16,324
Notes payable 175 284
Revolving line of credit 17,400 23,500
Deferred rent 894 941
Other long-term liabilities   2,279     623  
Total liabilities 37,055 41,672
 
Commitments and contingencies
 
Shareholders' equity:
U. S. Physical Therapy, Inc. shareholders' equity:
Preferred stock, $.01 par value, 500,000 shares authorized,
no shares issued and outstanding - -
Common stock, $.01 par value, 20,000,000 shares authorized,
14,129,651 and 13,919,588 shares issued, respectively 141 139
Additional paid-in capital 37,489 36,133
Retained earnings 111,321 102,405
Treasury stock at cost, 2,214,737 shares   (31,628 )   (31,628 )
Total U. S. Physical Therapy, Inc. shareholders' equity 117,323 107,049
Noncontrolling interests   17,336     14,531  
Total equity   134,659     121,580  
$ 171,714   $ 163,252  

 
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
   
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(unaudited)
 
Year Ended December 31,
2012 2011
 
OPERATING ACTIVITIES
Net income including noncontrolling interests $ 26,218 $ 29,783

Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:

Depreciation and amortization 5,287 5,449
Provision for doubtful accounts 4,848 3,785
Gain on purchase price settlement - (5,435 )
Equity-based awards compensation expense 2,102 2,032
Loss on sale or abandonment of assets, net 175 182
Deferred income tax 3,738 3,833
Other 1,351 220
Changes in operating assets and liabilities:
Increase in patient accounts receivable (1,663 ) (5,147 )
Increase in accounts receivable - other (561 ) (990 )
Increase in other assets (585 ) (1,972 )
(Decrease) increase in accounts payable and accrued expenses (340 ) 1,190
Decrease in other liabilities   (1,321 )   (275 )
Net cash provided by operating activities 39,249 32,655
 
INVESTING ACTIVITIES
Purchase of fixed assets (4,234 ) (3,222 )
Purchase of businesses, net of cash acquired (7,929 ) (9,451 )
Acquisitions of noncontrolling interests (2,244 ) (20,439 )
Sale of noncontrolling interests 239 -
Settlement of purchase price - 1,500
Net proceeds on sale of fixed assets and business   64     6  
Net cash used in investing activities (14,104 ) (31,606 )
 
FINANCING ACTIVITIES
Distributions to noncontrolling interests (9,332 ) (9,767 )
Cash dividends to shareholders (9,017 ) (3,789 )
Purchase and retirement of common stock - (4,656 )
Proceeds from revolving line of credit 79,900 118,900
Payments on revolving line of credit (86,000 ) (100,900 )
Payment of notes payable (434 ) (250 )
Excess tax benefit from stock options exercised 1,351 217
Other   75     -  
Net cash used in financing activities (23,457 ) (245 )
 
Net increase in cash 1,688 804
Cash - beginning of period   9,983     9,179  
Cash - end of period $ 11,671   $ 9,983  
 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Income taxes $ 6,361 $ 9,037
Interest $ 639 $ 325
Non-cash investing and financing transactions during the period:
Purchase of business - seller financing portion $ 350 $ 200
Acquisition of noncontrolling interest - seller financing portion $ - $ 367

 
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
       
DETAIL OF GROSS MARGIN
(IN THOUSANDS)
(unaudited)
 
Three Months Ended December 31,   Year Ended December 31,
  2012   2011 2012 2011
 
Gross margin - physical therapy services $ 14,390 $ 14,750 $ 62,945 $ 58,339
Gross margin - physician services   (301 )   53   (360 )   2,310
Gross margin $ 14,089   $ 14,803 $ 62,585   $ 60,649

 
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
RECAP OF CLINIC COUNT
 
Number
of
Clinics
 
December 31, 2010 392
 
March 31, 2011 397
June 30, 2011 398
September 30, 2011 420
December 31, 2011 416
 
March 31, 2012 414
June 30, 2012 419
September 30, 2012 423
December 31, 2012 431




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