Company Declares Quarterly Dividend
U. S. Physical Therapy Reports Second Quarter and Six Months 2013 Results
<0> U.S. Physical Therapy, Inc.Larry McAfee, 713-297-7000Chief Financial OfficerorChris Reading, 713-297-7000Chief Executive OfficerorThe Ruth GroupStephanie Carrington, 646-536-7017 </0>
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the second quarter and six months ended June 30, 2013.
U.S. Physical Therapy’s net income for the three months ended June 30, 2013 was $4.9 million and diluted earnings per share were $0.41.
U.S. Physical Therapy’s net income for the six months ended June 30, 2013 was $8.6 million and diluted earnings per share were $0.72.
Chris Reading, Chief Executive Officer, said, “For the quarter our team made solid progress from the first quarter although we have more work to do. Development activity has been strong so far this year and we expect that to continue as our active discussions with physical therapy owners continue to be very steady. We remain focused on growing and improving our core physical therapy business and continuing our progress with our Fit2WRK workplace solutions.”
Larry McAfee, Chief Financial Officer, noted, “The Company’s receivable collections have been excellent. Average A/R days outstanding is at an all-time low of 40 days. Despite having added 21 clinics through acquisition in the first half of 2013, the amount outstanding under our credit line was reduced to $15,750,000 as of June 30 as compared to $17,400,000 at year end 2012.”
The third quarterly dividend of 2013 for $.10 per share will be paid on September 6 to shareholders of record as of August 20.
U.S. Physical Therapy's management will host a conference call at 10:30 a.m. Eastern Time, 9:30 a.m. Central Time, on Thursday, August 8, 2013 to discuss the Company’s Quarter and Six Months Ended June 30, 2013 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and enter reservation number 19128414 approximately 10 minutes before the call is scheduled to begin. To listen to the live call via web-cast, go to the Company's website at at least 15 minutes early to register, download and install any necessary audio software. The conference call will be archived and can be accessed until October 8, 2013.
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, as amended. 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 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 limited to:
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 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.
Founded in 1990, U.S. Physical Therapy, Inc. operates 449 clinics in 43 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 17 physical therapy facilities for third parties, including hospitals and physician groups.
More information about U.S. Physical Therapy, Inc. is available at . The information included on that website is not incorporated into this press release.