U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the second quarter and six months ended June 30, 2013.
U.S. Physical Therapy’s net income for the three months ended June 30, 2013 was $4.9 million and diluted earnings per share were $0.41.
U.S. Physical Therapy’s net income for the six months ended June 30, 2013 was $8.6 million and diluted earnings per share were $0.72.
Second Quarter 2013 compared to Second Quarter 2012
- Net revenues increased 5.1% from $63,959,000 in the second quarter of 2012 to $67,224,000 in the second quarter of 2013, due to an increase in visits from 587,000 to 614,000 and an increase in the average net patient revenue per visit to $106.30 from $105.65 in the comparable 2012 period.
- Total clinic operating costs were $49,918,000, or 74.3% of net revenues, in the second quarter of 2013, as compared to $46,965,000, or 73.4% of net revenues, in the 2012 period. The increase was primarily attributable to $3,288,000 in operating costs of new clinics opened or acquired in the past 12 months offset by a reduction in operating costs of $335,000 for those clinics opened or acquired prior to the past 12 months. Clinic salaries and related costs were 53.3% of net revenues in the recent quarter versus 51.1% in the 2012 period. Rent, clinic supplies, contract labor and other costs as a percentage of net revenues were 19.2% for the recent quarter versus 20.3% in the 2012 period. The provision for doubtful accounts as a percentage of net revenues was 1.8% for the 2013 period versus 2.0% in the 2012 period.
- The gross margin dollars for the second quarter of 2013 increased by $312,000; however, the gross margin percentage decreased to 25.7% for the 2013 quarter, compared to 26.6% for the comparable 2012 quarter. Gross margin percentage decreased due to a lower average number of patient visits per clinic per day in the 2013 quarter compared to the 2012 quarter and a larger negative gross margin incurred in physician services in the 2013 quarter compared to the 2012 quarter.
- Corporate office costs were $6,622,000 in the second quarter of 2013 as compared to $6,396,000 in the 2012 second quarter. Corporate office costs were 9.9% of net revenues in the 2013 period versus 10.0% in 2012 .
- Operating income for the second quarter of 2013 was $10,684,000 compared to $10,598,000 in the 2012 second quarter.
- Interest expense was $130,000 in the second quarter of 2013 versus $145,000 in the second quarter of 2012.
- Net income attributable to non-controlling interests was $2,460,000 in the recent quarter as compared to $2,465,000 in the year earlier period.
- The provision for income taxes as a percentage of income before taxes less net income attributable to non-controlling interests was 39.3% in both periods.
- Net income for the three months ended June 30, 2013 was $4,914,000 compared to $4,849,000 for the three months ended June 30, 2012. 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 decreased slightly. The net rate per visit and visits for de novo and acquired clinics open for one year or more remained relatively flat.
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