CORAL GABLES, Fla., Nov. 4 /PRNewswire/ -- Ramsay Youth Services, Inc.
(Nasdaq: RYOU) today announced the results for the third quarter ended
September 30, 1999. The Company reported that total revenues for the quarter
were $20,413,000 and net income reached $396,000 or $0.04 per share.
For the nine months ended September 30, 1999, the Company reported total
revenues of $59,230,000. During the same period the Company also recorded net
income of $2,458,000 or $0.25 per share on a fully diluted basis. These
results include the impact of two non-recurring settlements in favor of the
Company which increased the nine months ended period results by $1,500,000 or
$0.15 per share. Excluding the positive impacts of the settlements, net
income for the nine months ended September 30, 1999, would have been $958,000
or $0.10 per share on a fully diluted basis.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc., said, "We are very pleased with these results, they
reflect our commitment to quality youth programs and services."
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.
Tables Follow
RAMSAY YOUTH SERVICES, INC. OPERATING RESULTS
QUARTER ENDED SEPTEMBER 30,
1999 1998
TOTAL REVENUES $20,413,000 100.0% $29,081,000 100.0%
Expenses:
Salaries, wages
and benefits 12,462,000 61.1% 17,162,000 59.0%
Other operating expenses 6,227,000 30.5% 10,232,000 35.2%
Provision for doubtful
accounts 423,000 2.1% 1,101,000 3.8%
Depreciation and
amortization 599,000 2.9% 703,000 2.4%
TOTAL EXPENSES 19,711,000 96.6% 29,198,000 100.4%
Income (loss)
from operations 702,000 3.4% (117,000) (0.4%)
Non-operating income
(expenses):
Other income --- 0.0% 7,881,000 27.1%
Gains related to asset
sales and closed businesses --- 0.0% 2,039,000 7.0%
Interest and other
financing charges (306,000) (1.5%) (1,215,000) (4.2%)
Total non-operating
income (expenses), net (306,000) (1.5%) 8,705,000 29.9%
INCOME BEFORE INCOME TAXES
AND EXTRAORDINARY ITEM 396,000 1.9% 8,588,000 29.5%
Provision for income taxes --- 0.0% 3,073,000 10.6%
INCOME BEFORE
EXTRAORDINARY ITEM 396,000 1.9% 5,515,000 18.9%
Extraordinary item:
Loss from early
extinguishment of debt --- 0.0% (888,000) (3.0%
NET INCOME $396,000 1.9% $4,627,000 15.9%
Income per common share
Basic:
Before extraordinary item $ .04 $1.44
Extraordinary item: --- (.24)
$ .04 $1.20
Diluted:
Before extraordinary item $ .04 $1.32
Extraordinary item: --- (.22)
$ .04 $1.10
Weighted average number
of common shares outstanding:
Basic 8,890,000 3,624,000
Diluted 9,105,000 3,957,000
RAMSAY YOUTH SERVICES, INC. OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 30,
1999 1998
TOTAL REVENUES $59,230,000 100.0% $106,802,000 100.0%
Expenses:
Salaries, wages
and benefits 35,474,000 59.9% 60,298,000 56.5%
Other operating expenses 18,699,000 31.6% 40,405,000 37.8%
Managed care patient costs --- 0.0% 5,370,000 5.0%
Provision for doubtful
accounts 1,392,000 2.3% 5,557,000 5.2%
Depreciation and
amortization 1,756,000 3.0% 3,136,000 2.9%
Restructuring charges --- 0.0% 3,927,000 3.7%
Asset impairment charges --- 0.0% 16,738,000 15.7%
TOTAL EXPENSES 57,321,000 96.8% 135,431,000 126.8%
Income (loss)
from operations 1,909,000 3.2% (28,629,000) (26.8%)
Non-operating
income (expenses):
Other income 1,548,000 2.6% 7,881,000 7.4%
Gains related to asset
sales and closed businesses --- 0.0% 2,039,000 1.9%
Interest and other
financing charges (897,000) (1.5%) (5,654,000) (5.3%)
Losses related to asset
sales and closed businesses --- 0.0% (12,483,000) (11.7%)
Total non-operating income
(expenses), net 651,000 1.1% (8,217,000) (7.7%)
INCOME (LOSS) BEFORE INCOME
TAXES AND EXTRAORDINARY
ITEM 2,560,000 4.3% (36,846,000) (34.5%)
Provision for income taxes 102,000 0.2% 13,054,000 12.2%
NET INCOME (LOSS) BEFORE
EXTRAORDINARY ITEM 2,458,000 4.1% (49,900,000) (46.7%)
Extraordinary item:
Loss from early
extinguishment of debt --- 0.0% (1,636,000) (1.6%)
NET INCOME (LOSS) $2,458,000 4.1% $(51,536,000) (48.3%)
Income (loss)
per common share:
Basic:
Before extraordinary item $ .28 $(14.00)
Extraordinary item:
Loss from early
extinguishment of debt --- (.45)
$ .28 $(14.45)
Diluted:
Before extraordinary item $ .25 $(12.82)
Extraordinary item:
Loss from early
extinguishment of debt --- (.41)
$ .25 $(13.23)
Weighted average number
of common shares
outstanding:
Basic 8,889,000 3,624,000
Diluted 9,729,000 3,957,000
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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