PSA HealthCare (Nasdaq:PSAI) announced today financial results for
fiscal year 2006. Highlights of PSA�s results for the fourth
quarter and year ended September 30, 2006 include: Three sequential
quarters of staffing over 800,000 nursing hours; Continued strong
cash collections; Year over year revenue growth of approximately
5%. For the fourth quarter of fiscal 2006, net revenue from
continuing operations increased $1,568,000 to $31,896,000 as
compared to $30,328,000 in the third quarter of fiscal year 2006.
Net loss from continuing operations was $2,458,000 in the fourth
quarter of fiscal year 2006 as compared to a net loss from
continuing operations of $530,000 in the third quarter of fiscal
year 2006. Net loss was $1,279,000 in the fourth quarter of fiscal
year 2006 as compared to net income of $624,000 for the third
quarter of fiscal year 2006. Basic and diluted net loss per share
was $0.17 in the fourth quarter as compared to net income per share
of $0.08 in the third quarter of fiscal year 2006. In the fourth
quarter, the Company established an allowance of $2,431,000 on the
full value of the insurance recoveries receivable from its former
worker�s compensation insurance carrier whose financial condition
significantly deteriorated during the quarter. For the year ended
September 30, 2006 net revenue from continuing operations increased
$5,214,000 to $119,360,000 as compared to $114,146,000 in the year
ended September 30, 2005. Net loss from continuing operations was
$6,196,000 in the year ended September 30, 2006 as compared to a
net loss of $5,580,000 for the year ended September 30, 2005.
Continuing operations net loss per share was $0.84 in the year
ended September 30, 2006 as compared to a net loss per share of
$0.77 in the year ended September 30, 2005. Basic and diluted net
income per share was $3.25 for the year ended September 30, 2006
which included $3.33 for the gain on the sale of discontinued
operations as compared to net income per share of $0.79 for the
year ended September 30, 2005. �We are now solely focused on
leveraging our core competency in pediatric nursing via our PDN and
PPEC operations,� said Daniel J. Kohl, President and CEO of PSA
HealthCare. "Our fiscal 2006 was highlighted by the monetization of
the Pharmacy segment�s assets and subsequent monetization of the
RTES segment�s assets in the first quarter of fiscal 2007 for total
consideration of $107.4 million. These transactions have enabled us
to build a cash balance in excess of $70 million to utilize as
growth capital for acquisitions and start-up activities.
Additionally, our focused business model greatly aided our ability
to achieve a full-year record of 3.3 million nursing hours
staffed.� Conference Call A conference call to discuss these
results has been scheduled for Tuesday, December 12, 2006 at 11:00
a.m. ET. The dial-in number for all Participants is 800-374-1702.
Note: To join the Q&A session, please press the asterisk
followed by 1. If you are unable to listen to the live broadcast,
replays of the conference call will be available until December 26,
2006 by dialing 800-642-1687. To connect with the replay of the
conference call, please refer to the PSA HealthCare Earnings Call,
Passcode: 3807069 #. PSA provides comprehensive pediatric home
health care services through a network of over 54 branch offices in
18 states, including satellite offices and branch office start-ups.
Through these offices, PSA provides a combination of services,
including pediatric private duty nursing (PDN), and pediatric day
treatment centers (PPECs). Additional information on PSA may be
found on the Company's website at http://www.psahealthcare.com.
NOTE: This press release contains certain forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995) relating to future financial
performance of PSA Healthcare (the �Company�). When used in this
press release, the words �may,� �targets,� �goal,� �will,� �could,�
�should,� �would,� �believe,� �feel,� �expects,� �confident,�
�anticipate,� �estimate,� �intend,� �plan,� �potential� and similar
expressions may be indicative of forward-looking statements. These
statements by their nature involve substantial risks and
uncertainties, certain of which are beyond the Company�s control.
The Company cautions that various factors, including the factors
described hereunder and those discussed in the Company�s other
filings with the Securities and Exchange Commission, as well as
general economic conditions, industry trends, the Company's
anticipated uses of the proceeds from the sale of its Pharmacy and
RTES Businesses, the integration of the Melmedica acquisition,
assimilate and manage previously acquired field operations, collect
accounts receivable, including receivables related to acquired
businesses and receivables under appeal, hire and retain qualified
personnel and comply with and respond to billing requirements
issues, including those related to the Company�s billing and
collection system, nurse shortages, competitive bidding, HIPAA
regulations, adverse litigation, workers� compensation losses,
availability and cost of medical malpractice insurance and reduced
state funding levels and nursing hours authorized by Medicaid
programs, could cause actual results or outcomes to differ
materially from those expressed in any forward-looking statements
of the Company made by or on behalf of the Company. Any
forward-looking statement speaks only as of the date on which such
statement is made, and the Company undertakes no obligation to
update any forward-looking statement or statements to reflect
events or circumstances after the date on which such statement is
made or to reflect the occurrence of an unanticipated event. New
factors emerge from time to time, and it is not possible for
management to predict all of such factors. Further, management
cannot assess the impact of each such factor on the business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. PSA HEALTHCARE CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) � �
� Twelve Months Ended September 30, September 30, 2006� 2005� � �
Net revenue $ 119,360� $ 114,146� Costs and expenses: Costs of
goods and services (exclusive of depreciation shown separately
below) 72,560� 68,195� Other operating costs and expenses
Administrative and marketing salaries, wages and benefits 19,927�
19,537� Business insurance 4,766� 4,165� Overhead � 7,571� � 6,983�
Other operating costs and expenses 32,264� 30,685� Corporate,
general and administrative Salaries, wages and benefits 14,211�
14,128� Business insurance 255� 208� Professional services 3,816�
4,476� Overhead � 2,781� � 2,880� Corporate, general and
administrative 21,063� 21,692� Provision for doubtful accounts 126�
679� Provision for insurance recoveries 2,431� -� Depreciation and
amortization � 1,032� � 997� Total costs and expenses � 129,476� �
122,248� � Operating loss (10,116) (8,102) Interest income 2,248�
212� Interest expense (564) (2,481) Loss on early extinguishment of
debt (837) -� Other income � 54� � 65� � Loss from continuing
operations before income tax benefit (9,215) (10,306) Income tax
benefit � (3,019) � (4,726) Loss from continuing operations (6,196)
(5,580) Discontinued operations: Income from discontinued
operations before income tax expense 9,194� 18,320� Income tax
expense 3,591� � 7,074� Income from discontinued operations �
5,603� � 11,246� Gain on disposal of discontinued operations before
income tax expense 40,562� -� Income tax expense 15,844� � -� Gain
on disposal of discontinued operations � 24,718� � -� Net income $
24,125� $ 5,666� � Income per share data: Basic net income per
share data: Loss from continuing operations $ (0.84) $ (0.77)
Income from discontinued operations 0.76� 1.56� Gain on disposal of
discontinued operations � 3.33� � -� Net income $ 3.25� $ 0.79� �
Diluted net income per share data: Loss from continuing operations
$ (0.84) $ (0.77) Income from discontinued operations 0.76� 1.56�
Gain on disposal of discontinued operations � 3.33� � -� Net income
$ 3.25� $ 0.79� � � Weighted average shares outstanding: Basic �
7,413� � 7,203� Diluted � 7,413� � 7,203� � � � CONDENSED
CONSOLIDATED BALANCE SHEET INFORMATION � September 30, 2006
September 30, 2005 � � � Cash and cash equivalents $48,848�
$19,036� Accounts receivable, less allowance for doubtful accounts
17,705� 14,941� Total stockholders' equity 101,432� 73,569� PSA
HEALTHCARE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In
Thousands, Except Per Share Data) � � � Three Months Ended
September 30, June 30, 2006� 2006� � � Net revenue $ 31,896� $
30,328� Costs and expenses: Costs of goods and services (exclusive
of depreciation shown separately below) 19,743� 18,395� Other
operating costs and expenses Administrative and marketing salaries,
wages and benefits 5,057� 5,159� Business insurance 945� 1,217�
Overhead � 1,991� 1,881� Other operating costs and expenses 7,993�
8,257� Corporate, general and administrative Salaries, wages and
benefits 3,616� 3,516� Business insurance 64� 68� Professional
services 1,094� 784� Overhead � 641� 746� Corporate, general and
administrative 5,415� 5,114� Provision for doubtful accounts 64�
(3) Provision for insurance recoveries 2,431� -� Depreciation and
amortization � 286� 258� Total costs and expenses � 35,932� 32,021�
� Operating loss (4,036) (1,693) Other income -� 46� Interest
income � 581� 656� � Loss from continuing operations before income
tax benefit (3,455) (991) Income tax benefit � (997) (461) Loss
from continuing operations (2,458) (530) Discontinued operations:
Income from discontinued operations before income tax expense
1,815� 1,905� Income tax expense 699� � 747� Income from
discontinued operations � 1,116� 1,158� Gain on disposal of
discontinued operations before income tax (benefit) expense -�
Income tax (benefit) expense (63) � 4� Gain on disposal of
discontinued operations � 63� (4) Net income $ (1,279) $ 624� �
Income per share data: Basic net income per share data: Loss from
continuing operations $ (0.33) $ (0.07) Income from discontinued
operations 0.15� 0.15� Gain on disposal of discontinued operations
� 0.01� (0.00) Net income $ (0.17) $ 0.08� � Diluted net income per
share data: Loss from continuing operations $ (0.33) $ (0.07)
Income from discontinued operations 0.15� 0.15� Gain on disposal of
discontinued operations � 0.01� (0.00) Net income $ (0.17) $ 0.08�
� � Weighted average shares outstanding: Basic � 7,521� 7,492�
Diluted � 7,521� 7,492� � � � CONDENSED CONSOLIDATED BALANCE SHEET
INFORMATION � September 30, 2006 June 30, 2006 � � � Cash and cash
equivalents $ 48,848� $ 53,116� Accounts receivable, less allowance
for doubtful accounts 17,705� 16,804� Total stockholders' equity
101,432� 102,264� � Nursing PPEC Consolidated Total � Twelve Months
Ended September 30, 2006 � Net revenue $ 108,406� $ 10,954� $
119,360� � Costs of goods and services (exclusive of depreciation
shown separately below) � Nursing and therapist salaries, wages,
benefits and supplies 71,908� 563� 72,471� Disposables/Supplies �
49� � 40� � 89� Total cost of goods and services 71,957� 603�
72,560� Other operating costs and expenses Administrative and
marketing salaries, wages and benefits 14,037� 5,890� 19,927�
Business Insurance 4,375� 391� 4,766� Overhead � 5,756� � 1,815� �
7,571� Total operating costs and expenses 24,168� 8,096� 32,264� �
Provision for doubtful accounts 151� (25) 126� Depreciation � 178�
� 202� � 380� � Branch office contribution margin $ 11,952� $
2,078� $ 14,030� � � Twelve Months Ended September 30, 2005 � Net
revenue $ 103,529� $ 10,617� $ 114,146� � Costs of goods and
services (exclusive of depreciation shown separately below) �
Nursing and therapist salaries, wages, benefits and supplies
67,544� 576� 68,120� Disposables/Supplies � 43� � 32� � 75� Total
cost of goods and services 67,587� 608� 68,195� Other operating
costs and expenses Administrative and marketing salaries, wages and
benefits 13,812� 5,725� 19,537� Business Insurance 3,801� 364�
4,165� Overhead � 5,355� � 1,628� � 6,983� Total operating costs
and expenses 22,968� 7,717� 30,685� � Provision for doubtful
accounts 704� (25) 679� Depreciation � 182� � 188� � 370� � Branch
office contribution margin $ 12,088� $ 2,129� $ 14,217� � � � � �
Twelve Months Twelve Months Ended Ended September 30, September 30,
2006� 2005� � Total profit for reportable segments $ 14,030� $
14,217� � Corporate, general and administrative (21,063) (21,692)
Corporate depreciation and amortization (652) (627) Provision for
insurance recoveries (2,431) -� Interest income 2,248� 212�
Interest expense (564) (2,481) Loss on early extinguishment of debt
(837) -� Other income 54� 65� � � � Loss from continuing
operations, before income tax benefit $ (9,215) $ (10,306) �
Nursing PPEC Consolidated Total � Three Months Ended September 30,
2006 � Net revenue $ 29,045� $ 2,851� $ 31,896� � Costs of goods
and services (exclusive of depreciation shown separately below) �
Nursing and therapist salaries, wages, benefits and supplies
19,567� 156� 19,723� Pharmacy product and supplies -� -� -�
Disposables/Supplies � 13� � 7� � 20� Total cost of goods and
services 19,580� 163� 19,743� Other operating costs and expenses
Administrative and marketing salaries, wages and benefits 3,618�
1,439� 5,057� Business Insurance 858� 87� 945� Overhead � 1,478� �
513� � 1,991� Total operating costs and expenses 5,954� 2,039�
7,993� � Provision for doubtful accounts 24� 40� 64� Depreciation �
55� � 65� � 120� � Branch office contribution margin $ 3,432� $
544� $ 3,976� � � Three Months Ended June 30, 2006 � Net revenue $
27,582� $ 2,746� $ 30,328� � Costs of goods and services (exclusive
of depreciation shown separately below) � Nursing and therapist
salaries, wages, benefits and supplies 18,228� 145� 18,373�
Pharmacy product and supplies -� -� -� Disposables/Supplies � 12� �
10� � 22� Total cost of goods and services 18,240� 155� 18,395�
Other operating costs and expenses Administrative and marketing
salaries, wages and benefits 3,631� 1,528� 5,159� Business
Insurance 1,112� 105� 1,217� Overhead � 1,444� � 437� � 1,881�
Total operating costs and expenses 6,187� 2,070� 8,257� � Provision
for doubtful accounts 59� (62) (3) Depreciation � 45� � 46� � 91� �
Branch office contribution margin $ 3,051� $ 537� $ 3,588� � � � �
� Three Months Three Months Ended Ended September 30, June 30,
2006� 2006� � Total profit for reportable segments $ 3,976� $
3,588� � Corporate, general and administrative (5,415) (5,114)
Corporate depreciation and amortization (166) (167) Provision for
insurance recoveries (2,431) -� Other income -� 46� Interest income
581� 656� � � � Loss from continuing operations, before income tax
benefit $ (3,455) $ (991)
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