CORAL GABLES, Fla., Aug. 5 /PRNewswire/ -- Ramsay Youth Services, Inc.
(Nasdaq: RYOU) today announced results for the second quarter ended June 30,
1999. The Company reported that total revenues for the quarter were
$19,775,000 and net income reached $357,000 or $0.04 per share.
For the six months ended June 30, 1999, the Company reported total
revenues of $38,667,000. During the same period the Company also recorded net
income of $2,062,000 or $0.23 per share. These results include 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.
Excluding the positive impacts of the settlements, net income for the six
months period ended June 30, 1999 would have been $562,000 or $0.06 per share.
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 commitment to expanding our
programs, services and markets in order to meet the diverse needs of the at-
risk and troubled youth population."
Ramsay Youth Services, Inc. is a leading quality provider and manager of
education, treatment and juvenile justice programs for at-risk youth. The
Company serves youth in 8 states and 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.
OPERATING RESULTS
QUARTER ENDED JUNE 30,
1999 1998
Revenues:
Provider-based
revenue $19,775,000 $36,186,000
Managed care revenue --- 4,454,000
TOTAL REVENUES 19,775,000 100.0% 40,640,000 100.0%
Operating Expenses:
Salaries, wages and
benefits 11,823,000 59.8% 21,778,000 53.6%
Other operating
expenses 6,312,000 31.9% 12,772,000 31.4%
Managed care
patient costs --- 0.0% 2,961,000 7.3%
Provision for
doubtful accounts 484,000 2.4% 1,616,000 4.0%
Depreciation and
amortization 585,000 3.0% 785,000 1.9%
Asset impairment
charges --- 0.0% 213,000 0.5%
TOTAL OPERATING
EXPENSES 19,204,000 97.1% 40,125,000 98.7%
Income from operations 571,000 2.9% 515,000 1.3%
Non-operating income (expenses):
Investment income
and other 148,000 0.7% 35,000 0.1%
Interest and other
financing charges (307,000) (1.5%) (1,690,000) (4.2%)
Losses related to
asset sales and
closed businesses --- 0.0% (12,483,000) (30.7%)
Total non-operating
income (Expense),
net (159,000) (0.8%) (14,138,000) (34.8%)
INCOME (LOSS) BEFORE
INCOME TAXES AND
EXTRAORDINARY ITEM 412,000 2.1% (13,623,000) (33.5%)
Provision for
income taxes 55,000 (0.3%) 570,000 (1.4%)
INCOME (LOSS) BEFORE
EXTRAORDINARY ITEM 357,000 1.8% (14,193,000) (34.9%)
Extraordinary item:
Loss from early
extinguishment
of debt --- 0.0% (748,000) (1.8%)
NET INCOME (LOSS) $357,000 1.8% $(14,941,000) (36.7%)
Income (loss) per
common share
Basic:
Before extraordinary
item $.04 $(4.00)
Extraordinary item --- (.20)
$.04 $(4.20)
Diluted:
Before extraordinary item $.04 $(4.00)
Extraordinary item --- (.20)
$.04 $(4.20)
Weighted average number
of common shares
outstanding:
Basic 8,888,000 3,624,000
Diluted 8,905,000 3,624,000
RAMSAY YOUTH SERVICES, INC.
OPERATING RESULTS
SIX MONTHS ENDED JUNE 30,
1999 1998
Revenues:
Provider-based
revenue $38,667,000 $66,557,000
Managed care
revenue --- 11,105,000
TOTAL REVENUES 38,667,000 100.0% 77,662,000 100.0%
Operating Expenses:
Salaries, wages and
benefits 23,012,000 59.5% 43,136,000 55.5%
Other operating
expenses 12,472,000 32.3% 30,173,000 38.9%
Managed care patient
costs --- 0.0% 5,370,000 6.9%
Provision for
doubtful accounts 969,000 2.5% 4,456,000 5.7%
Depreciation and
amortization 1,157,000 3.0% 2,433,000 3.1%
Restructuring charges --- 0.0% 3,927,000 5.1%
Asset impairment
charges --- 0.0% 16,738,000 21.6%
TOTAL OPERATING
EXPENSES 37,610,000 97.3% 106,233,000 136.8%
Income (loss) from
operations 1,057,000 2.7% (28,571,000) (36.8%)
Non-operating income
(expenses):
Investment income and
other 1,698,000 4.4% 59,000 0.1%
Interest and other
financing charges (591,000) (1.5%) (4,439,000) (5.7%)
Losses related to
asset sales and
closed businesses --- 0.0% (12,483,000) (16.1%)
Total non-operating
income (expenses),
net 1,107,000 2.9% (16,863,000) (21.7%)
INCOME (LOSS) BEFORE
INCOME TAXES AND
EXTRAORDINARY ITEM 2,164,000 5.6% (45,434,000) (58.5%)
Provision for income
taxes 102,000 (0.3%) 9,981,000 (12.9%)
NET INCOME (LOSS)
BEFORE EXTRAORDINARY
ITEM 2,062,000 5.3% (55,415,000) (71.4%)
Extraordinary item:
Loss from early
extinguishment
of debt --- 0.0% (748,000) (0.9%)
NET INCOME (LOSS) $2,062,000 5.3% $(56,163,000) (72.3%)
Income (loss) per common share:
Basic:
Before extraordinary item $.23 $(15.45)
Extraordinary item --- (.21)
$.23 $(15.66)
Diluted:
Before extraordinary item $.23 $(15.45)
Extraordinary item --- (.21)
$.23 $(15.66)
Weighted average number
of common shares
outstanding:
Basic 8,888,000 3,623,000
Diluted 8,908,000 3,623,000
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
of Ramsay Youth Services, Inc., 305-569-4626
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