CORAL GABLES, Fla., Aug. 3 /PRNewswire/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) today announced results for the
second quarter ended June 30, 2000. The Company reported for the second
quarter that total revenue increased by 28% to $25,257,000 from
$19,775,000 for the same period a year ago. Net income for the quarter
reached $563,000, or $0.06 per share. These results exclude the effects of
non-operating losses of ($456,000) or ($0.05) relating to the sale of certain
assets.
For the six months ended June 30, 2000, the Company recorded total
revenues of $48,714,000, an increase of 26% as compared to $38,667,000 for the
same period in the prior year. Net income for the six months ended
June 30, 2000, totaled $723,000, or $0.08 per share. These results exclude
the effects of non-operating losses relating to the sale of certain assets.
During the same period in the prior year the Company recorded net income of
$562,000, or $0.06 per share. These results exclude the non-recurring impact
of two settlements in favor of the Company which increased the six months
ended period results by $1,500,000, or $0.17 per share.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc., said, "The second quarter and mid-year results reflect
our continued success in penetrating existing markets with our quality
programs and services. Our programs focus on the rehabilitation of youth and
are tailored to meet diverse needs."
Ramsay Youth Services, Inc. is a leading quality provider and manager of
treatment, education and community-based programs for at-risk, troubled and
special needs youth. The Company has operations in nine 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.
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 June 30,
2000 1999
Revenues $25,257,000 100.0% $19,775,000 100.0%
Operating expenses:
Salaries, wages and
benefits 15,646,000 61.9% 11,823,000 59.8%
Other operating
expenses 7,035,000 27.9% 6,312,000 31.9%
Provision for
doubtful accounts 884,000 3.5% 484,000 2.4%
Depreciation and
amortization 558,000 2.2% 585,000 3.0%
Total operating
expenses 24,123,000 95.5% 19,204,000 97.1%
Income from
operations 1,134,000 4.5% 571,000 2.9%
Non-operating expenses:
Interest and other
financing charges,
net (529,000) (2.1%) (159,000) (0.8%)
Loss on sale of
assets (456,000) (1.8%) -- 0.0%
Total non-operating
expenses (985,000) (3.9%) (159,000) (0.8%)
Income before income
taxes 149,000 0.6% 412,000 2.1%
Provision for income
taxes 42,000 (0.2%) 55,000 (0.3%)
Net income $107,000 0.4% $357,000 1.8%
Income per common share:
Basic $0.01 $.04
Diluted $0.01 $.04
Weighted average number
of common shares
outstanding:
Basic 8,912,000 8,888,000
Diluted 9,012,000 8,905,000
Ramsay Youth Services, Inc. and Subsidiaries
Operating Results
Six Months Ended June 30,
2000 1999
Revenues $48,714,000 100.0% $38,667,000 100.0%
Operating expenses:
Salaries, wages
and benefits 30,333,000 62.3% 23,012,000 59.5%
Other operating
expenses 13,966,000 28.7% 12,472,000 32.3%
Provision for
doubtful accounts 1,465,000 3.0% 969,000 2.5%
Depreciation and
amortization 1,148,000 2.3% 1,157,000 3.0%
Total operating
expenses 46,912,000 96.3% 37,610,000 97.3%
Income from
operations 1,802,000 3.7% 1,057,000 2.7%
Non-operating
income (expenses):
Other income -- -- 1,550,000 4.0%
Interest and other
financing charges,
net (995,000) (2.0%) (443,000) (1.1%)
Loss on sale of
assets (456,000) (1.0%) -- 0.0%
Total non-operating
income (expenses),
net (1,451,000) (3.0%) 1,107,000 2.9%
Income before
income taxes 351,0000 0.7% 2,164,000 5.6%
Provision for income
taxes 84,000 (0.2%) 102,000 (0.3%)
Net income $267,000 0.5% $2,062,000 5.3%
Income per common
share:
Basic $0.03 $.23
Diluted $0.03 $.23
Weighted average number
of common shares
outstanding:
Basic 8,904,000 8,888,000
Diluted 9,082,000 8,908,000
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,
Ramsay Youth Services, Inc., 305-569-4626
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