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Providence Service Unit Wins $17.4 Million South Carolina Contract

Fri. October 10, 2008; Posted: 04:43 PM
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Oct 10, 2008 (financialwire.net via COMTEX) -- PRSC | Quote | Chart | News | PowerRating -- October 10, 2008 (FinancialWire) -- The Providence Service Corp. (NASDAQ: PRSC | Quote | Chart | News | PowerRating) (Current Market Cap: US$45.56 Mil.) said that its LogistiCare unit, a coordinator of transportation services, has received a notice of award valued at $17.4 million annually to provide transportation services to the South Carolina Department of Social Services for 28 counties under the state's Family Independence Program.

Services under the contract are scheduled to begin November 3, and will contain annual renewal options that run through October 31, 2012. Providence said that the award is subject to finalized contracts and various processing procedures and should be additive to earnings in 2009.

The company also said that it won an additional social services contract award with the state of Michigan in the amount of $1 million annually. It said that the Michigan award, while small, is notable because it is an " off-season announcement" as social services contracts traditionally are awarded to begin service July 1, the beginning of the state fiscal year . This contract is scheduled to take effect in January 2009.

Atlanta-based LogistiCare manages a national network of more than 1,100 transportation companies that provide more than seventeen million trips to customers annually. LogistiCare's clients have included state Medicaid agencies, school boards, transit authorities, hospital systems and managed care organizations.

Tucson, Arizona-based Providence Service provides home and community based social services and non-emergency transportation services management to government sponsored clients under programs such as welfare, juvenile justice, Medicaid and corrections.

FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .

Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

http://www.financialwire.net

For full details on Providence Service Corp The (PRSC) click here. Providence Service Corp The (PRSC) has Short Term PowerRatings of 7. Details on Providence Service Corp The (PRSC) Short Term PowerRatings is available at This Link.

    


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