CORAL GABLES, Fla., Nov. 17 /PRNewswire/ -- Ramsay Youth Services, Inc.
(Nasdaq: RYOU) today announced the results for the third quarter ended
September 30, 2000. The Company reported that total revenues for the quarter
were $27,865,000, an increase of 37% as compared to revenues of $20,413,000 in
the same period of the prior year. Net income for the quarter was $138,000 or
$0.02 per share as compared to $396,000 or $0.04 per share for the same
quarter last year.
For the nine months ended September 30, 2000, the Company reported that
total revenues increased by 29% to $76,579,000 from $59,230,000 for the same
period a year ago. Net income for the nine months ended September 30, 2000,
totaled $405,000 or $0.05 per share on a fully diluted basis as compared to
net income of $958,000 or $0.10 per share on a fully diluted basis in the
prior year. The prior year results exclude 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.
Commenting on the results, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc., said, "Our earnings this period were negatively impacted
by losses in the operation of the Bayamon detention center in Puerto Rico. In
addition, the Company has experienced delays in the start-up of new contracts
and in the collection of receivables from its current contracts in Puerto
Rico. We anticipate that these delays may impact earnings in the future."
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.
The forward-looking statements involve known and unknown risks and
uncertainties, including the uncertainties regarding resolution to the issues
in Puerto Rico. 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. AND SUBSIDIARIES
OPERATING RESULTS
QUARTER ENDED SEPTEMBER 30,
2000 1999
Revenues $27,865,000 100.0% $20,413,000 100.0%
Operating expenses:
Salaries, wages
and benefits 18,012,000 64.6% 12,462,000 61.1%
Other operating
expenses 7,995,000 28.7% 6,227,000 30.5%
Provision for
doubtful accounts 265,000 1.0% 423,000 2.1%
Depreciation
and amortization 573,000 2.1% 599,000 2.9%
Total operating
expenses 26,845,000 96.4% 19,711,000 96.6%
Income from
operations 1,020,000 3.6% 702,000 3.4%
Non-operating
expenses:
Interest and other
financing charges,
net (820,000) (2.9%) (306,000) (1.5%)
Total non-operating
expenses (820,000) (2.9%) (306,000) (1.5%)
Income before
income taxes 200,000 0.7% 396,000 1.9%
Provision for
income taxes 62,000 0.2% --- ---
Net income $138,000 0.5% $396,000 1.9%
Income per common share:
Basic $0.02 $.04
Diluted $0.02 $.04
Weighted average
number of common
shares outstanding:
Basic 8,915,000 8,890,000
Diluted 8,915,000 9,105,000
RAMSAY YOUTH SERVICES, INC. AND SUBSIDIARIES
OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 30,
2000 1999
Revenues $76,579,000 100.0% $59,230,000 100.0%
Operating expenses:
Salaries, wages
and benefits 48,345,000 63.1% 35,474,000 59.9%
Other operating
expenses 21,961,000 28.7% 18,699,000 31.6%
Provision for
doubtful accounts 1,730,000 2.3% 1,392,000 2.3%
Depreciation and
amortization 1,721,000 2.2% 1,756,000 3.0%
Total operating
expenses 73,757,000 96.3% 57,321,000 96.8%
Income from
operations 2,822,000 3.7% 1,909,000 3.2%
Non-operating
income (expenses):
Other income --- --- 1,548,000 2.6%
Interest and other
financing
charges, net (1,815,000) (2.4%) (897,000) (1.5%)
Loss on sale
of assets (456,000) (0.6%) --- ---
Total non-operating
income (expenses),
net (2,271,000) (3.0%) 651,000 1.1%
Income before
income taxes 551,000 0.7% 2,560,000 4.3%
Provision for
income taxes 146,000 0.2% 102,000 0.2%
Net income $405,000 0.5% $2,458,000 4.1%
Income per
common share:
Basic $0.05 $0.28
Diluted $0.05 $0.25
Weighted average
number of common
shares outstanding:
Basic 8,908,000 8,889,000
Diluted 9,034,000 9,729,000
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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