CORAL GABLES, Fla., March 30 /PRNewswire/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) today announced results for the
fourth quarter and year ended December 31, 2000. Total revenues for the
quarter increased 43% to $31,781,000 from $22,244,000 for the same period in
the prior year. Net income for the quarter totaled $2,447,000 or $0.27 per
share. The quarter results include the positive impact of the reversal of a
$2,500,000 reserve for a legal case against the Company which was dismissed in
court. In addition, the quarter results also include the negative impact of a
$249,000 loss on the sale of assets. These two non-recurring items increased
results for the quarter by a net amount of $2,251,000 or $0.25 per share.
For the year, the Company reported total revenues of $108,360,000 up
33% from $81,474,000 for fiscal 1999. Net income for the twelve months ended
December 31, 2000 was $2,852,000 or $0.32 per share. The year end results
were positively impacted by the reversal of the aforementioned
$2,500,000 legal reserve, and by the negative impact of $705,000 loss on the
sale of assets. These two non-recurring items increased results for the year
by a net amount of $1,795,000 or $0.20 per share.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc. said, "Our fourth quarter and year end results reflect
our continued success in growing the Company, specifically in the area of
treatment programs and services for youth."
Ramsay Youth Services, Inc. is a treatment company that provides
behavioral healthcare, juvenile justice, education and community-based
programs for at-risk, troubled and special needs youth. The Company has
operations in nine 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 including the uncertainties regarding the resolution of issues
in Puerto Rico. 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. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
QUARTER ENDED DECEMBER 31,
2000 1999
Revenues $31,781,000 100% $22,244,000 100.0%
Operating expenses:
Salaries, wages and benefits 20,008,000 63.0% 13,809,000 62.1%
Other operating expenses 6,349,000 20.0% 6,325,000 28.4%
Provision for doubtful
accounts 1,087,000 3.4% 504,000 2.3%
Depreciation and
amortization 648,000 2.0% 610,000 2.7%
Total operating expenses 28,092,000 88.4% 21,248,000 95.5%
Income from operations 3,689,000 11.6% 996,000 4.5%
Non-operating income
(expenses):
Investment income and other 64,000 0.2%
Loss on sale of assets (249,000) (0.8%)
Interest and other financing
charges (955,000) (3.0%) (371,000) (1.7%)
Total non-operating
expenses, net (1,140,000) (3.6%) (371,000) (1.7%)
Income before income taxes 2,549,000 8.0% 625,000 2.8%
Provision (benefit) for income
taxes 102,000 0.3% (34,000) (0.2%)
Net income $2,447,000 7.7% $659,000 3.0%
Income per common share:
Basic $0.27 $0.07
Diluted $0.27 $0.07
Weighted average number of
common shares outstanding:
Basic 8,927,000 8,892,000
Diluted 8,927,000 8,892,000
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
TWELVE MONTHS ENDED DECEMBER 31,
2000 1999
Revenues $108,360,000 100.0% $81,474,000 100.0%
Operating expenses:
Salaries, wages and
benefits 68,353,000 63.1% 49,283,000 60.5%
Other operating expenses 28,310,000 26.1% 25,024,000 30.7%
Provision for doubtful
accounts 2,817,000 2.6% 1,896,000 2.3%
Depreciation and
amortization 2,369,000 2.2% 2,366,000 2.9%
Total operating expenses 101,849,000 94.0% 78,569,000 96.4%
Income from operations 6,511,000 6.0% 2,905,000 3.6%
Non-operating income
(expenses):
Investment income and other 127,000 0.1% 1,548,000 1.9%
Loss on sale of assets (705,000) (0.7%)
Interest and other
financing charges (2,833,000) (2.6%) (1,268,000) (1.6%)
Total non-operating
income (expenses), net (3,411,000) (3.2%) 280,000 0.3%
Income before income taxes 3,100,000 2.8% 3,185,000 3.9%
Provision for income taxes 248,000 0.2% 68,000 0.1%
Net income $2,852,000 2.6% $3,117,000 3.8%
Income per common share:
Basic $0.32 $0.35
Diluted $0.32 $0.33
Weighted average number of
common shares outstanding:
Basic 8,913,000 8,890,000
Diluted 8,954,000 9,538,000
SOURCE Ramsay Youth Services, Inc.
 back to top
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
of Ramsay Youth Services, 305-569-4626
|
