CORAL GABLES, Fla., March 13 /PRNewswire/ -- Ramsay Youth Services, Inc.
(Nasdaq: RYOU) today announced results for the fourth quarter and year ended
December 31, 1999. Total revenues for the fourth quarter were $22,244,000 and
net income totaled $659,000 or $0.07 per share.
For the year, the Company reported total revenues of $81,474,000 and net
income of $3,117,000 or $0.33 per share on a fully diluted basis. These
results include the impact of two non-recurring settlements in favor of the
Company which increased the year end results by $1,500,000 or $0.16 per share.
Excluding the positive impact of the settlements, net income for the year
ended December 31, 1999, would have been $1,617,000 or $0.17 per share on a
fully diluted basis.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc. said, "We are very pleased with our results, they reflect
the Company's continued success in filling bed capacity and expanding the
business through organic growth. As we look toward the future, we anticipate
penetrating new markets, developing new products and increasing capacity in
existing markets. In order to support these business objectives, the Company
is currently working with SunTrust Equitable Securities in raising additional
capital."
Ramsay Youth Services, Inc. is a leading quality provider and manager of
education, treatment and juvenile justice programs for at-risk youth. The
Company serves youth in 9 states and Puerto Rico.
Except for historical information contained herein, the matters set forth
in this news release are forward-looking statements as defined under the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties.
Actual operations and results may differ materially from those expected in the
forward-looking statements made by the Company. Please refer to Ramsay's
filings with the Securities and Exchange Commission for additional
information.
RAMSAY YOUTH SERVICES, INC.
OPERATING RESULTS
Year Ended Quarter Ended
December 31, December 31,
1999 1999
TOTAL REVENUES $81,474,000 100.0% $22,244,000 100.0%
Expenses:
Salaries, wages
and benefits 49,283,000 60.5% 13,809,000 62.1%
Other operating
expenses 25,024,000 30.7% 6,325,000 28.4%
Provision for
doubtful accounts 1,896,000 2.3% 504,000 2.3%
Depreciation and
amortization 2,366,000 2.9% 610,000 2.7%
TOTAL EXPENSES 78,569,000 96.4% 21,248,000 95.5%
Income from
operations 2,905,000 3.6% 996,000 4.5%
Non-operating
income (expenses):
Other income 1,548,000 1.9% -- 0.0%
Interest and other
financing charges (1,268,000) (1.6%) (371,000) (1.7%)
Total non-operating
income (expenses),
net 280,000 0.3% (371,000) (1.7%)
INCOME BEFORE
INCOME TAXES 3,185,000 3.9% 625,000 2.8%
Provision (benefit)
for income taxes 68,000 0.1% (34,000) (0.2%)
NET INCOME $ 3,117,000 3.8% $659,000 3.0%
Income per
common share:
Basic $ .35 $ .07
Diluted $ .33 $ .07
Weighted average number
of common shares
outstanding:
Basic 8,890,000 8,892,000
Diluted 9,538,000 8,892,000
SOURCE Ramsay Youth Services, Inc.
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Related links:
http://www.ramsay.com
Company News On-Call:
http://www.prnewswire.com/comp/116733.html or fax,
800-758-5804, ext. 116733
CONTACT:
Isa Diaz, Vice President Corporate Relations,
Ramsay Youth Services, 305-569-4626
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