CORAL GABLES, Fla., July 25 /PRNewswire/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) today announced results for the
second quarter ended June 30, 2001. The Company reported total revenues of
$33,840,000 for the quarter, an increase of 34% over total revenues of
$25,257,000 from the same period of the prior year. Net income for the second
quarter increased to $796,000 or $0.08 per share, up from $107,000 or $0.01
per share for the same quarter in the prior year.
For the six months ended June 30, 2001, the Company reported an increase
of 35% in total revenues. Revenues reached $65,629,000 as compared to
$48,714,000 for the same period in the prior year. Net income for the six
months ended June 30, 2001 totaled $1,180,000 or $0.13 per share as compared
to $267,000 or $0.03 in the same period of the prior year.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc., stated, "We are very pleased with our second quarter and
mid year results, they reflect our continued success in growing the
specialized treatment areas of the business including the expansion of our
mental health and substance abuse programs."
Ramsay Youth Services, Inc. is a leading provider and manager of
specialized treatment programs and services in nine states and the
Commonwealth of Puerto Rico. The Company is also an operator of treatment
facilities including behavioral healthcare hospitals, residential treatment
centers and other specialized juvenile facilities.
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 10K form
for the year ended December 31, 2000.
Tables Follow
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
QUARTER ENDED JUNE 30,
2001 2000
Revenues $33,840,000 100.0% $25,257,000 100.0%
Operating expenses:
Salaries, wages and
benefits 20,736,000 61.3% 15,646,000 61.9%
Other operating expenses 9,638,000 28.5% 7,035,000 27.9%
Provision for doubtful
accounts 1,087,000 3.2% 884,000 3.5%
Depreciation and
amortization 592,000 1.7% 558,000 2.2%
Total operating expenses 32,053,000 94.7% 24,123,000 95.5%
Income from operations 1,787,000 5.3% 1,134,000 4.5%
Non-operating expenses:
Interest and other
financing charges, net 866,000 2.6% 529,000 2.1%
Loss on sale of assets -- 0.0% 456,000 1.8%
Total non-operating
expenses, net 866,000 2.6% 985,000 3.9%
Income before income taxes 921,000 2.7% 149,000 0.6%
Provision for income taxes 125,000 0.3% 42,000 0.2%
Net income $796,000 2.4% $107,000 0.4%
Income per common share:
Basic $0.09 $0.01
Diluted $0.08 $0.01
Weighted average number of
common shares outstanding:
Basic 8,944,000 8,912,000
Diluted 10,037,000 9,012,000
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
SIX MONTHS ENDED JUNE 30,
2001 2000
Revenues $65,629,000 100.0% $48,714,000 100.0%
Operating expenses:
Salaries, wages and
benefits 40,563,000 61.8% 30,333,000 62.3%
Other operating expenses 18,630,000 28.4% 13,966,000 28.7%
Provision for doubtful
accounts 1,919,000 2.9% 1,465,000 3.0%
Depreciation and
amortization 1,185,000 1.8% 1,148,000 2.3%
Total operating expenses 62,297,000 94.9% 46,912,000 96.3%
Income from operations 3,332,000 5.1% 1,802,000 3.7%
Non-operating expenses:
Interest and other
financing charges, net 1,851,000 2.8% 995,000 2.0%
Loss on sale of assets --- 0.0% 456,000 1.0%
Total non-operating
expenses, net 1,851,000 2.8% 1,451,000 3.0%
Income before income taxes 1,481,000 2.3% 351,000 0.7%
Provision for income taxes 301,000 0.5% 84,000 0.2%
Net income $1,180,000 1.8% $267,000 0.5%
Income per common share:
Basic $0.13 $0.03
Diluted $0.13 $0.03
Weighted average number of
common shares outstanding:
Basic 8,936,000 8,904,000
Diluted 9,379,000 9,082,000
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
of Ramsay Youth Services, Inc., 305-569-4626
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