Aug 5 2010
Psychiatric Solutions, Inc. ("PSI") (NASDAQ: PSYS) today announced financial results for the second quarter ended June 30, 2010. Revenue increased 10.4% for the quarter to $502.7 million from $455.3 million for the second quarter of 2009. Income from continuing operations attributable to PSI stockholders increased 12.9% to $39.0 million for the second quarter of 2010 from $34.6 million for the second quarter last year, and 11.3% per diluted share to $0.69 from $0.62. Results for the second quarter of 2010 included transaction costs of approximately $6.4 million, which are related to PSI's previously announced definitive agreement providing for the acquisition of PSI by Universal Health Services, Inc. ("UHS").
PSI's same-facility revenue for the second quarter of 2010 grew 7.7% from the second quarter last year, primarily due to a 4.2% increase in patient days and a 3.3% increase in revenue per patient day. The Company expanded its same-facility EBITDA margin by 100 basis points to 24.0% for the second quarter from 23.0% for the second quarter of 2009. Consolidated adjusted EBITDA increased to $97.4 million, or 19.4% of revenue, for the second quarter of 2010 from $89.6 million, or 19.7% of revenue, for the second quarter last year. A reconciliation of all GAAP and non-GAAP financial results in this release can be found on page 7.
Net cash from continuing operating activities for the second quarter of 2010 increased 25.9% from the second quarter of 2009 to $99.1 million. Capital expenditures, primarily for maintenance and the addition of beds to existing facilities, totaled $28.1 million for the quarter. PSI made $56.7 million of principal payments on long-term debt during the quarter, including a $50 million optional prepayment on its senior secured term loan. PSI's ratio of debt to total capitalization improved to 50.6% at the end of the second quarter of 2010 from 52.8% at the end of the first quarter of 2010 and 56.5% at the end of the second quarter of 2009. In addition, the ratio of debt to adjusted EBITDA for the trailing 12 months improved to 3.3 at the end of the quarter just ended from 3.5 at the end of the first quarter of 2010 and 3.8 at the end of the second quarter last year. PSI completed the second quarter of 2010 with $49.7 million in cash and cash equivalents and no borrowings under its $300 million revolving credit facility.
Source:
Psychiatric Solutions, Inc.