U.S. Physical Therapy, Inc. : U.S. Physical Therapy Makes Seven Clinic Acquisition
05/22/2012| 04:10pm US/Eastern
Increases Earnings Guidance for 2012
U.S. Physical Therapy, Inc. (NASDAQ: USPH), a leading national operator
of outpatient physical therapy clinics, has acquired a majority interest
in a seven clinic physical therapy group. The practice currently sees
approximately 45,000 patient visits per year and produces over $5
million in annual revenue. The purchase price for U.S. Physical
Therapy's 70% acquired interest was $6,340,000 which was financed with
borrowings under the Company's credit line and a seller note.
In conjunction with the acquisition, the Company is increasing its
earnings guidance for the year 2012 to be in the range of $17.3 million
to $18.3 million in net income and $1.47 to $1.54 in diluted earnings
per share. Prior guidance was for diluted earnings per share of $1.43 to
$1.51. The new annual earnings guidance range represents projected net
income from existing operations and excludes additional potential future
acquisitions. The Company does not provide quarterly earnings guidance.
The annual guidance figures will not be updated unless there is a
material development that causes management to believe that earnings
will be significantly outside the given range.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 418 clinics in 42
states. The Company's clinics provide preventative and post-operative
care for a variety of orthopedic-related disorders and sports-related
injuries, non-surgical treatment of osteoarthritis, treatment for
neurologically-related injuries and rehabilitation of injured workers.
In addition to owning and operating clinics, the Company manages
physical therapy facilities for third parties, including hospitals and
More information about U.S. Physical Therapy, Inc. is available at www.usph.com.
The information included on that website is not incorporated into this
This press release contains statements that are considered to be
forward-looking within the meaning under Section 21E of the Securities
Exchange Act of 1934. These statements contain forward-looking
information relating to the financial condition, results of operations,
plans, objectives, future performance and business of our Company. These
statements (often using words such as "believes", "expects", "intends",
"plans", "appear", "should" and similar words) involve risks and
uncertainties that could cause actual results to differ materially from
those we project. Included among such statements are those relating to
opening new clinics, availability of personnel and the reimbursement
environment. The forward-looking statements are based on our current
views and assumptions and actual results could differ materially from
those anticipated in such forward-looking statements as a result of
certain risks, uncertainties, and factors, which include, but are not
changes in Medicare guidelines and reimbursement or failure of our
clinics to maintain their Medicare certification status;
revenue and earnings expectations;
general economic conditions;
business and regulatory conditions including federal and state
changes as the result of government enacted national healthcare reform;
availability and cost of qualified physical and occupational
competitive, economic or reimbursement conditions in our markets which
may require us to reorganize or close certain clinics and thereby
incur losses and/or closure costs including the possible write-down or
write-off of goodwill and other intangible assets;
changes in reimbursement rates or payment methods from third party
payors including government agencies and deductibles and co-pays owed
maintaining adequate internal controls;
availability, terms, and use of capital;
acquisitions, purchase of non controlling interests (minority
interests) and the successful integration of the operations of the
acquired businesses; and
weather and other seasonal factors.
Many factors are beyond our control. Given these uncertainties, you
should not place undue reliance on our forward-looking statements.
Please see our periodic reports filed with the Securities and Exchange
Commission (the "SEC") for more information on these factors. Our
forward-looking statements represent our estimates and assumptions only
as of the date of this press release. Except as required by law, we are
under no obligation to update any forward-looking statement, regardless
of the reason the statement is no longer accurate.
U.S. Physical Therapy, Inc.
Larry McAfee, (713) 297-7000
Chris Reading, (713) 297-7000
The Ruth Group
Amy Glynn, (646) 536-7023
© Business Wire 2012