CORAL GABLES, Fla., Nov. 8 /PRNewswire-FirstCall/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) today announced results for the
third quarter ended September 30, 2002. The Company reported total revenues
of $36,323,000 as compared to total revenues of $33,638,000 for the same
period of the prior year. Reported net income for the third quarter was
$1,262,000, or $0.11 per fully diluted share, as compared to net income of
$1,078,000, or $0.10 per fully diluted share in the same quarter of the prior
year. As a result of the reversal of the deferred tax valuation allowance in
the second quarter of 2002, the Company's effective tax rate increased to
37.7% during the current quarter, as compared to an effective tax rate of
13.7% in the same quarter of the prior year. This change in the effective tax
rate reduced net income for the quarter by $486,000, or $0.04 per fully
diluted share.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO )
For the nine months ended September 30, 2002, the Company reported total
revenues of $108,863,000, as compared to total revenues of $99,267,000 for the
same period of the prior year. Reported net income for the nine month period
was $12,093,000, or $1.06 per fully diluted share as compared to net income of
$2,258,000, or $0.23 per fully diluted share in the same period of the prior
year. The results for the current nine month period were positively impacted
by the reversal of a deferred tax asset valuation allowance in June 2002.
This reversal of deferred tax asset valuation allowance, net of the
amortization of deferred tax assets, increased net income during the current
period by $6,708,000, or $0.59 per fully diluted share.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc., stated, "We are extremely pleased with our performance
in the quarter and nine month period. The results reflect the on-going demand
for our services and our continued success in growing the specialized
treatment areas of our business."
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 eleven 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 SEPTEMBER 30,
2002 2001
Revenues $36,323,000 100.0% $33,638,000 100.0%
Operating expenses:
Salaries, wages and
benefits 22,671,000 62.4% 21,283,000 63.3%
Other operating expenses 9,971,000 27.4% 9,457,000 28.1%
Provision for doubtful
accounts 401,000 1.1% 264,000 0.8%
Depreciation and
amortization 679,000 1.9% 639,000 1.9%
Total operating expenses 33,722,000 92.8% 31,643,000 94.1%
Income from operations 2,601,000 7.2% 1,995,000 5.9%
Non-operating expenses:
Interest and other
financing charges, net 576,000 1.6% 746,000 2.2%
Total non-operating
expenses, net 576,000 1.6% 746,000 2.2%
Income before income taxes 2,025,000 5.6% 1,249,000 3.7%
(Benefit) provision for income
taxes 763,000 2.1% 171,000 0.5%
Net income $1,262,000 3.5% $1,078,000 3.2%
Income per common share:
Basic $0.14 $0.12
Diluted $0.11 $0.10
Weighted average number of
common shares outstanding:
Basic 9,279,000 9,056,000
Diluted 11,493,000 11,059,000
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 30,
2002 2001
Revenues $108,863,000 100.0% $99,267,000 100.0%
Operating expenses:
Salaries, wages and
benefits 67,706,000 62.2% 61,846,000 62.3%
Other operating expenses 29,516,000 27.1% 28,087,000 28.3%
Provision for doubtful
accounts 1,839,000 1.7% 2,183,000 2.2%
Depreciation and
amortization 1,928,000 1.8% 1,824,000 1.8%
Asset impairment charges 125,000 0.1% -- 0.0%
Total operating expenses 101,114,000 92.9% 93,940,000 94.6%
Income from operations 7,749,000 7.1% 5,327,000 5.4%
Non-operating expenses:
Interest and other
financing charges, net 1,871,000 1.7% 2,597,000 2.6%
Total non-operating
expenses, net 1,871,000 1.7% 2,597,000 2.6%
Income before income taxes 5,878,000 5.4% 2,730,000 2.8%
(Benefit) provision for income
taxes (6,215,000) (5.7%) 472,000 0.5%
Net income $12,093,000 11.1% $2,258,000 2.3%
Income per common share:
Basic $1.30 $0.25
Diluted $1.06 $0.23
Weighted average number of
common shares outstanding:
Basic 9,272,000 8,977,000
Diluted 11,444,000 9,977,000
SOURCE Ramsay Youth Services, Inc.
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Related links:
http://www.ramsay.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO
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PRN Photo Desk, 888-776-6555 or 212-782-2840
Company News On-Call:
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CONTACT:
Isa Diaz, Executive Vice President, Corporate
Relations, Ramsay Youth Services, +1-305-569-4626
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