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, 2002. Total revenues for the
fourth quarter of 2002 increased to $36,293,000 from $35,149,000 for the same
period in the prior year. Reported net income for the fourth quarter of 2002
totaled $575,000, or $0.05 per fully diluted share, as compared to $1,208,000,
or $0.11 per fully diluted share for the same quarter of the prior year. The
current quarter results were impacted by approximately $650,000 in start-up
costs related to the Company's entrance into the Georgia market.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO )
The Company reported for the year total revenues of $145,156,000 up from
$134,416,000 in the prior year. Net income for the year of $12,668,000, or
$1.11 per fully diluted share, was positively impacted by the reversal of a
deferred tax asset valuation allowance in June 2002. This reversal of
deferred tax asset valuation allowance, net of the amortization of deferred
tax assets, increased net income for the year by $6,407,000 or $0.56 per fully
diluted share. Excluding this non-recurring item, net income for the year
ended December 31, 2002 totaled $6,261,000 or $0.55 per fully diluted share,
an increase of 81% as compared to net income of $3,466,000 or $0.34 per fully
diluted share in the prior year.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc., said, "I am pleased with the Company's financial
performance during the year. I am also excited with our entrance into the
Georgia market. Although we have incurred start-up costs related to the
opening of this market, we anticipate to have our programs in Georgia fully
operational and contributing positively to our results in the second half of
2003."
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 eleven 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, 2001.
Tables Follow
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
QUARTER ENDED DECEMBER 31,
2002 2001
Revenues $36,293,000 100.0% $35,149,000 100.0%
Operating expenses:
Salaries, wages and
benefits 23,237,000 64.0% 21,717,000 61.8%
Other operating expenses 10,849,000 29.9% 9,628,000 27.4%
Provision for doubtful
accounts 28,000 0.1% 728,000 2.1%
Depreciation and
amortization 649,000 1.8% 606,000 1.7%
Asset impairment charges -- 0.0% 124,000 0.3%
Total operating expenses 34,763,000 95.8% 32,803,000 93.3%
Income from operations 1,530,000 4.2% 2,346,000 6.7%
Non-operating expenses:
Interest and other
financing charges, net 604,000 1.6% 702,000 2.0%
Loss in sale of assets -- 0.0% 130,000 0.4%
Total non-operating
expenses, net 604,000 1.6% 832,000 2.4%
Income before income taxes 926,000 2.6% 1,514,000 4.3%
(Benefit) provision for income
taxes 351,000 1.0% 306,000 0.9%
Net income $575,000 1.6% $1,208,000 3.4%
Income per common share:
Basic $0.06 $0.13
Diluted $0.05 $0.11
Weighted average number of
common shares outstanding:
Basic 9,276,000 9,252,000
Diluted 11,354,000 11,266,000
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
TWELVE MONTHS ENDED DECEMBER 31,
2002 2001
Revenues $145,156,000 100.0% $134,416,000 100.0%
Operating expenses:
Salaries, wages and
benefits 90,943,000 62.6% 83,563,000 62.2%
Other operating expenses 40,365,000 27.8% 37,715,000 28.0%
Provision for doubtful
accounts 1,867,000 1.3% 2,911,000 2.2%
Depreciation and
amortization 2,577,000 1.8% 2,430,000 1.8%
Asset impairment charges 125,000 0.1% 124,000 0.1%
Total operating expenses 135,877,000 93.6% 126,743,000 94.3%
Income from operations 9,279,000 6.4% 7,673,000 5.7%
Non-operating expenses:
Interest and other
financing charges, net 2,475,000 1.7% 3,299,000 2.4%
Losses related to asset
sales -- 0.0% 130,000 0.1%
Total non-operating
expenses, net 2,475,000 1.7% 3,429,000 2.5%
Income before income taxes 6,804,000 4.7% 4,244,000 3.2%
(Benefit) provision for income
taxes (5,864,000) (4.0%) 778,000 0.6%
Net income $12,668,000 8.7% $3,466,000 2.6%
Income per common share:
Basic $1.37 $0.38
Diluted $1.11 $0.34
Weighted average number of
common shares outstanding:
Basic 9,278,000 9,046,000
Diluted 11,405,000 10,340,000
SOURCE Ramsay Youth Services, Inc.
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Related links:
http://www.ramsay.com
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PRN Photo Desk, 888-776-6555 or 212-782-2840
Company News On-Call:
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CONTACT:
Isa Diaz, Executive Vice President Corporate
Relations, Ramsay Youth Services, Inc., +1-305-569-4626
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