CORAL GABLES, Fla., Nov. 5 /PRNewswire/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) today announced results for the
third quarter ended September 30, 2001. Total revenues for the quarter were
$33,638,000, an increase of 21% over total revenues of $27,865,000 from the
same period of the prior year. Net income for the third quarter was $1,078,000
or $0.10 per share on a fully diluted basis as compared to $138,000 or
$0.02 per share on a fully diluted basis for the same quarter last year.
For the nine months ended September 30, 2001, the Company reported a 30%
increase in total revenues. Revenues totaled $99,267,000 for the nine months
period as compared to $76,579,000 for the same period of the prior year. Net
income for the nine months ended September 30, 2001 grew to $2,258,000 or
$0.23 per share on a fully diluted basis as compared to $405,000 or $0.05 per
share on a fully diluted basis for the same period of the prior year.
"We are very pleased with our results and the Company's performance
throughout the year," stated, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc. "Our continued success is attributed to the growth and
expansion of the Company's specialized behavioral health programs and
services."
Ramsay Youth Services, Inc. is a leading provider and manager of mental
health, substance abuse and behavioral health 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 10K form
for the year ended December 31, 2000.
Tables Follow
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
QUARTER ENDED SEPTEMBER 30,
2001 2000
Revenues $33,638,000 100.0% $27,865,000 100.0%
Operating expenses:
Salaries, wages and
benefits 21,283,000 63.3% 18,012,000 64.6%
Other operating expenses 9,457,000 28.1% 7,995,000 28.7%
Provision for doubtful
accounts 264,000 0.8% 265,000 1.0%
Depreciation and
amortization 639,000 1.9% 573,000 2.1%
Total operating expenses 31,643,000 94.1% 26,845,000 96.4%
Income from operations 1,995,000 5.9% 1,020,000 3.6%
Non-operating expenses:
Interest and other
financing charges, net (746,000) (2.2%) (820,000) (2.9%)
Total non-operating
expenses, net (746,000) (2.2%) (820,000) (2.9%)
Income before income taxes 1,249,000 3.7% 200,000 0.7%
Provision for income taxes 171,000 0.5% 62,000 0.2%
Net income $1,078,000 3.2% $138,000 0.5%
Income per common share:
Basic $0.12 $0.02
Diluted $0.10 $0.02
Weighted average number of common
shares outstanding:
Basic 9,056,000 8,915,000
Diluted 11,059,000 8,915,000
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 30,
2001 2000
Revenues $99,267,000 100.0% $76,579,000 100.0%
Operating expenses:
Salaries, wages and
benefits 61,846,000 62.3% 48,345,000 63.1%
Other operating expenses 28,087,000 28.3% 21,961,000 28.7%
Provision for doubtful
accounts 2,183,000 2.2% 1,730,000 2.3%
Depreciation and
amortization 1,824,000 1.8% 1,721,000 2.2%
Total operating expenses 93,940,000 94.6% 73,757,000 96.3%
Income from operations 5,327,000 5.4% 2,822,000 3.7%
Non-operating expenses:
Interest and other
financing charges, net (2,597,000) (2.6%) (1,815,000) (2.4%)
Loss on sale of assets -- 0.0% (456,000) (0.6%)
Total non-operating
expenses, net (2,597,000) (2.6%) (2,271,000) (3.0%)
Income before income taxes 2,730,000 2.8% 551,000 0.7%
Provision for income taxes 472,000 0.5% 146,000 0.2%
Net income $2,258,000 2.3% $405,000 0.5%
Income per common share:
Basic $0.25 $0.05
Diluted $0.23 $0.05
Weighted average number of common
shares outstanding:
Basic 8,977,000 8,908,000
Diluted 9,977,000 9,034,000
SOURCE Ramsay Youth Services, Inc.
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Related links:
http://www.ramsay.com
CONTACT:
Isa Diaz, Vice President Corporate Relations
of Ramsay Youth Services, +1-305-569-4626
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