CORAL GABLES, Fla., May 7 /PRNewswire/ -- Ramsay Youth Services, Inc.
(Nasdaq: RYOU) today announced results for the first quarter ended March 31,
1999. Total revenues for the first quarter reached $18,894,000 with a net
income of $1,705,000 or $0.19 per share. The results include the non-
recurring impact of two settlements in favor of the Company which increased
the first quarter results by $0.17 per share. Excluding the positive impacts
of the settlements, net income for the quarter would have been $205,000 or
$0.02 per share.
Commenting on first quarter results, Luis E. Lamela, President and CEO of
Ramsay Youth Services, Inc. stated, "We are delighted with our first quarter
results. They reflect the Company's continued success in growing the youth
services business, which is currently at an annual revenue run rate of over
$65 million."
Ramsay Youth Services, Inc. is a leading provider and manager of education
and treatment services for at-risk and troubled youth. The Company serves
over 2,300 youth through schools, residential treatment facilities, group
homes and service contracts in 8 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. AND SUBSIDIARIES
OPERATING RESULTS
QUARTER ENDED MARCH 31,
1999 1998
REVENUES:
Provider-based
revenue $18,894,000 $30,370,000
Managed care
revenue -- 6,652,000
TOTAL REVENUES 18,894,000 100.0% 37,022,000 100.0%
OPERATING EXPENSES:
Salaries, wages
and benefits 11,189,000 59.2% 21,358,000 57.7%
Other operating
expenses 6,164,000 32.6% 17,401,000 47.0%
Managed care
patient costs -- 0.0% 2,409,000 6.5%
Provision for
doubtful accounts 485,000 2.6% 2,840,000 7.7%
Depreciation and
amortization 572,000 3.0% 1,648,000 4.5%
Restructuring charges -- 0.0% 3,927,000 10.6%
Asset impairment
charges -- 0.0% 16,525,000 44.6%
TOTAL OPERATING
EXPENSES 18,410,000 97.4% 66,108,000 178.6%
INCOME (LOSS)
FROM OPERATIONS 484,000 2.6% (29,086,000) (78.6%)
NON-OPERATING
INCOME (EXPENSES):
Investment income
and other 1,552,000 8.2% 24,000 0.1%
Interest and other
financing charges (284,000) (1.5%) (2,749,000) (7.4%)
TOTAL NON-OPERATING
INCOME(EXPENSES),
NET 1,268,000 6.7% (2,725,000) (7.3%)
INCOME (LOSS) BEFORE
INCOME TAXES 1,752,000 9.3% (31,811,000) (85.9%)
Provision for
income taxes 47,000 0.2% 9,411,000 25.4%
NET INCOME (LOSS) $1,705,000 9.1% $(41,222,000)(111.3%)
INCOME (LOSS) PER COMMON SHARE:
Basic $ .19 -- $ (11.46) --
Diluted $ .19 -- $ (11.46) --
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING:
Basic 8,887,000 -- 3,622,000 --
Diluted 8,887,000 -- 3,622,000 --
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
of Ramsay Youth Services, Inc., 305-569-4626
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