CORAL GABLES, Fla., May 15 /PRNewswire-FirstCall/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) ("Ramsay") today announced results
for the first quarter ended March 31, 2003. Total revenues for the quarter
increased to $36,527,000 as compared to $35,831,000 in the same period of the
prior year. The Company reported for the quarter net income of $497,000 or
$0.04 per fully diluted share. The results for the first quarter of the
current year include the impact of approximately $491,000 in start-up costs
related to the Company's entrance into the Georgia market and approximately
$285,000 in non-recurring costs resulting from the previously announced
transaction with Psychiatric Solutions, Inc. (Nasdaq: PSYS) ("PSI").
(Photo: http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO )
Luis E. Lamela, President and CEO of Ramsay Youth Services, Inc. commented
on the results, "We are pleased with our performance this quarter. As we
stated in the fourth quarter, we believe the Georgia market will be
contributing positively to our results in the second half of 2003. We
continue to be excited with the business opportunities in Georgia."
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.
On April 9, 2003, Ramsay announced it had signed a definitive agreement
with PSI whereby PSI will acquire Ramsay. The transaction, which is subject
to customary closing conditions, is expected to be completed by early July
2003.
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, 2002.
Table Follows
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
QUARTER ENDED MARCH 31,
2003 2002
Revenues $36,527,000 100.0% $35,831,000 100.0%
Operating expenses:
Salaries, wages and
benefits 23,571,000 64.5% 22,196,000 62.0%
Other operating expenses 10,554,000 28.9% 9,692,000 27.0%
Provision for doubtful
accounts 402,000 1.1% 720,000 2.0%
Depreciation and
amortization 641,000 1.8% 625,000 1.7%
Asset impairment charges -- 0.0% 125,000 0.4%
Total operating expenses 35,168,000 96.3% 33,358,000 93.1%
Income from operations 1,359,000 3.7% 2,473,000 6.9%
Non-operating expenses:
Interest and other
financing charges, net 557,000 1.5% 690,000 1.9%
Total non-operating
expenses, net 557,000 1.5% 690,000 1.9%
Income before income taxes 802,000 2.2% 1,783,000 5.0%
Provision for income taxes 305,000 0.8% 214,000 0.6%
Net income $497,000 1.4% $1,569,000 4.4%
Income per common share:
Basic $0.05 $0.17
Diluted $0.04 $0.14
Weighted average number of
common shares outstanding:
Basic 9,298,000 9,264,000
Diluted 11,385,000 11,390,000
SOURCE Ramsay Youth Services, Inc.
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Related links:
http://www.ramsay.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO
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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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