CORAL GABLES, Fla., July 31 /PRNewswire-FirstCall/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) today announced results for the
second quarter ended June 30, 2002. The Company reported total revenues of
$36,709,000 for the quarter, as compared to total revenues of $33,840,000 for
the same period of the prior year. Reported net income for the second quarter
of $9,262,000, or $0.81 per fully diluted share, was positively impacted by
the reversal of a deferred tax asset valuation allowance which increased net
income by $7.4 million, or $0.65 per fully diluted share. Excluding this
non-recurring item, net income for the quarter totalled $1,862,000, or $0.16
per fully diluted share, as compared to net income of $796,000, or $0.08 per
fully diluted share in the same quarter of the prior year.
For the six months ended June 30, 2002, the Company reported total
revenues of $72,540,000 as compared to total revenues of $65,629,000 for the
same period in the prior year. Reported net income for the six month period
of $10,831,000, or $0.95 per fully diluted share includes the aforementioned
non-recurring item which increased results by $7.4 million or $0.65 per fully
diluted share. Excluding the non-recurring item, net income for the six month
period ended June 30, 2002 increased by 191% to $3,431,000, or $0.30 per fully
diluted share, as compared to net income of $1,180,000, or $0.13 per fully
diluted share in the same period of the prior year.
Luis E. Lamela, President and CEO of Ramsay Youth Services, Inc.
commented, "We are extremely pleased with the Company's strong performance in
the second quarter and mid-year mark. Our success is indicative of the
growing demand for the Company's quality behavioral healthcare programs and
services, and our continued efforts in expanding the specialized services
offered in our treatment facilities."
Ramsay Youth Services, Inc. is a leading provider and manager of mental
health, substance abuse and behavioral healthcare 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 JUNE 30,
2002 2001
Revenues $36,709,000 100.0% $33,840,000 100.0%
Operating expenses:
Salaries, wages and benefits 22,839,000 62.2% 20,736,000 61.3%
Other operating expenses 9,853,000 26.8% 9,638,000 28.5%
Provision for doubtful accounts 718,000 2.0% 1,087,000 3.2%
Depreciation and amortization 624,000 1.7% 592,000 1.7%
Total operating expenses 34,034,000 92.7% 32,053,000 94.7%
Income from operations 2,675,000 7.3% 1,787,000 5.3%
Non-operating expenses:
Interest and other
financing charges, net 605,000 1.7% 866,000 2.6%
Total non-operating
expenses, net 605,000 1.7% 866,000 2.6%
Income before income taxes 2,070,000 5.6% 921,000 2.7%
(Benefit) provision for income
taxes (7,192,000) (19.6%) 125,000 0.3%
Net income $ 9,262,000 25.2% $ 796,000 2.4%
Income per common share:
Basic $ 1.00 $ 0.09
Diluted $ 0.81 $ 0.08
Weighted average number of
common shares outstanding:
Basic 9,272,000 8,944,000
Diluted 11,411,000 10,037,000
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
SIX MONTHS ENDED JUNE 30,
2002 2001
Revenues $72,540,000 100.0% $65,629,000 100.0%
Operating expenses:
Salaries, wages and benefits 45,035,000 62.1% 40,563,000 61.8%
Other operating expenses 19,545,000 26.9% 18,630,000 28.4%
Provision for doubtful accounts 1,438,000 2.0% 1,919,000 2.9%
Depreciation and amortization 1,249,000 1.7% 1,185,000 1.8%
Asset impairment charges 125,000 0.2% -- 0.0%
Total operating expenses 67,392,000 92.9% 62,297,000 94.9%
Income from operations 5,148,000 7.1% 3,332,000 5.1%
Non-operating expenses:
Interest and other
financing charges, net 1,295,000 1.8% 1,851,000 2.8%
Total non-operating
expenses, net 1,295,000 1.8% 1,851,000 2.8%
Income before income taxes 3,853,000 5.3% 1,481,000 2.3%
(Benefit) provision for income
taxes (6,978,000) (9.6%) 301,000 0.5%
Net income $10,831,000 14.9% $ 1,180,000 1.8%
Income per common share:
Basic $ 1.17 $ 0.13
Diluted $ 0.95 $ 0.13
Weighted average number of
common shares outstanding:
Basic 9,268,000 8,936,000
Diluted 11,402,000 9,379,000
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
CONTACT:
Isa Diaz, Vice President Corporate Relations
of Ramsay Youth Services, Inc., +1-305-569-4626
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