CORAL GABLES, Fla., March 21 /PRNewswire-FirstCall/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) today announced results for the
fourth quarter and year ended December 31, 2001. Total revenues for the
fourth quarter of 2001 increased to $35,149,000 from $31,781,000 for the same
period in the prior year. Excluding non-recurring items, net income for the
fourth quarter of 2001 increased to $1,462,000, or $0.13 per fully diluted
share, as compared to $196,000, or $0.02 per fully diluted share for the same
quarter of the prior year. Reported net income for the fourth quarter of 2001
of $1,208,000, or $0.11 per fully diluted share, includes a $124,000 asset
impairment charge and a $130,000 loss on the sale of assets, which decreased
results by a total of $254,000, or $0.02 per fully diluted share. Reported
net income for the prior year fourth quarter of $2,447,000, or $0.27 per fully
diluted share, includes the reversal of a $2,500,000 reserve for a legal case
against the Company which was dismissed in court and a $249,000 loss on the
sale of assets. These non-recurring items increased results for the prior
year fourth quarter by $2,251,000, or $0.25 per fully diluted share.
The Company reported for the year total revenues of $134,416,000, up 24%
from $108,360,000 in the prior year. Excluding non-recurring items, net
income for 2001 increased to $3,720,000, or $0.36 per fully diluted share, as
compared to $1,057,000, or $0.12 per fully diluted share, for the prior year.
Reported net income for 2001 of $3,466,000, or $0.34 per fully diluted share
includes the aforementioned two non-recurring items which decreased results by
$254,000, or $0.02 per fully diluted share. Reported net income for the prior
year of $2,852,000, or $0.32 per fully diluted share includes the $2,500,000
reversal of a reserve for a legal case which was dismissed in court and a
$705,000 loss on sale of assets which increased results by $1,795,000, or
$0.20 per fully diluted share.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc., stated, "I am very pleased with the Company's strong
financial performance during the quarter and the year. I am proud of the fact
that we have been able to maintain our focus in providing quality behavioral
healthcare programs and services in the markets we serve."
Ramsay Youth Services, Inc. is a leading provider and manager of mental
health, substance abuse and behavioral health programs and services in
residential and non-residential settings in ten states and the Commonwealth of
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.
The 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, specifically the Risk Factors section in the Company's form 10K
for the year ended December 31, 2000.
Tables Follow
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES OPERATING RESULTS
QUARTER ENDED DECEMBER 31,
2001 2000
Revenues $35,149,000 100.0% $31,781,000 100.0%
Operating expenses:
Salaries, wages and
benefits 21,717,000 61.8% 20,008,000 63.0%
Other operating
expenses 9,628,000 27.4% 6,349,000 20.0%
Provision for
doubtful
accounts 728,000 2.1% 1,087,000 3.4%
Depreciation and
amortization 606,000 1.7% 648,000 2.0%
Asset impairment
charges 124,000 0.3% -- --
Total operating
expenses 32,803,000 93.3% 28,092,000 88.4%
Income from
operations 2,346,000 6.7% 3,689,000 11.6%
Non-operating
expenses:
Loss in sale of
assets (130,000) (0.4%) (249,000) (0.8%)
Interest and other
financing charges,
net (702,000) (2.0%) (891,000) (2.8%)
Total
non-operating
expenses, net (832,000) (2.4%) (1,140,000) (3.6%)
Income before
income taxes 1,514,000 4.3% 2,549,000 8.0%
Provision for
income taxes 306,000 0.9% 102,000 0.3%
Net income $1,208,000 3.4% $2,447,000 7.7%
Income per common
share:
Basic $0.13 $0.27
Diluted $0.11 $0.27
Weighted average number
of common shares
outstanding:
Basic 9,252,000 8,927,000
Diluted 11,266,000 8,927,000
RAMSAY YOUTH SERVICES
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
TWELVE MONTHS ENDED DECEMBER 31,
2001 2000
Revenues $134,416,000 100.0% $108,360,000 100.0%
Operating expenses:
Salaries, wages and
benefits 83,563,000 62.2% 68,353,000 63.1%
Other operating
expenses 37,715,000 28.0% 28,310,000 26.1%
Provision for
doubtful
accounts 2,911,000 2.2% 2,817,000 2.6%
Depreciation and
amortization 2,430,000 1.8% 2,369,000 2.2%
Asset impairment
charges 124,000 0.1% -- --
Total operating
expenses 126,743,000 94.3% 101,849,000 94.0%
Income from
operations 7,673,000 5.7% 6,511,000 6.0%
Non-operating expenses:
Interest and
other financing
charges, net (3,299,000) (2.4%) (2,706,000) (2.5%)
Loss on sale of
assets (130,000) (0.1%) (705,000) (0.7%)
Total non-operating
expenses, net (3,429,000) (2.5%) (3,411,000) (3.2%)
Income before
income taxes 4,244,000 3.2% 3,100,000 2.8%
Provision for
income taxes 778,000 0.6% 248,000 0.2%
Net income $3,466,000 2.6% $2,852,000 2.6%
Income per common
share:
Basic $0.38 $0.32
Diluted $0.34 $0.32
Weighted average number
of common shares
outstanding:
Basic 9,046,000 8,913,000
Diluted 10,340,000 8,954,000
SOURCE Ramsay Youth Services, Inc.
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Related links:
http://www.ramsay.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/116733.html
CONTACT:
Isa Diaz, Vice President Corporate Relations
of Ramsay Youth Services, Inc., +1-305-569-4626
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