CORAL GABLES, Fla., May 9 /PRNewswire-FirstCall/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) today announced results for the
first quarter ended March 31, 2002. Total revenues for the quarter were
$35,831,000 as compared to $31,789,000 in the same period of the prior year.
Net income for the first quarter increased to $1,569,000, or $0.14 per fully
diluted share, from $384,000, or $0.04 per fully diluted share in the same
quarter of the prior year. The results for the first quarter of the current
year include a non-recurring asset impairment charge which decreased net
income by $125,000, or $0.01 per fully diluted share.
Commenting on the quarter results, Luis E. Lamela, President and CEO of
Ramsay Youth Services, Inc. said, "We are extremely pleased with our revenue
and net income growth for the first quarter this year. The over 300% increase
in net income is a reflection of economies of scale achieved through our
continuing efforts to implement additional behavioral and mental health
programs at our residential treatment facilities. Our strong financial
performance has also been impacted by an increase in census fueled by the
addition of over 200 new beds."
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, 2001.
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
QUARTER ENDED MARCH 31,
2002 2001
Revenues $35,831,000 100.0% $31,789,000 100.0%
Operating expenses:
Salaries, wages and
benefits 22,196,000 62.0% 19,827,000 62.4%
Other operating expenses 9,692,000 27.0% 8,992,000 28.3%
Provision for doubtful
accounts 720,000 2.0% 832,000 2.6%
Depreciation and
amortization 625,000 1.7% 593,000 1.9%
Asset impairment charges 125,000 0.4% -- 0.0%
Total operating expenses 33,358,000 93.1% 30,244,000 95.2%
Income from operations 2,473,000 6.9% 1,545,000 4.8%
Non-operating expenses:
Interest and other
financing charges, net (690,000) (1.9%) (985,000) (3.1%)
Total non-operating
expenses, net (690,000) (1.9%) (985,000) (3.1%)
Income before income taxes 1,783,000 5.0% 560,000 1.7%
Provision for income taxes 214,000 0.6% 176,000 0.5%
Net income $1,569,000 4.4% $384,000 1.2%
Income per common share:
Basic $0.17 $0.04
Diluted $0.14 $0.04
Weighted average number of
common shares outstanding:
Basic 9,264,000 8,929,000
Diluted 11,390,000 8,929,000
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,
Ramsay Youth Services, Inc., +1-305-569-4626
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