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In a release on August 6, the Company noted that net income for the second quarter 2009 was $3.6 million, or $.31 per diluted share, as compared to $2.9 million, or $.24 per diluted share, in the second quarter of 2008. For the six months ended June 30, net income was $6.4 million, or $.54 per diluted share, as compared to $5.2 million, or $.44 per diluted share, for the comparable period in the prior year.
Chris Reading, Chief Executive Officer, said "Our team's focus in creating extraordinary value for our patients and referral sources has helped USPH to prosper in an otherwise difficult economic environment. Collective improvements in our service offerings combined with a companywide focus to eliminate unnecessary cost has produced significant improvements in our net rate per visit, our gross and operating margins and ultimately in our net income and EPS. Cash flow has been very good and our balance sheet remains strong giving us the flexibility to take advantage of opportunities to grow our company."
Larry McAfee, Chief Financial Officer, said "U.S. Physical Therapy produced strong net cash flow in the first six months of 2009. Our net debt was reduced by $1.7 million from year end 2008 despite nine new clinic openings and purchasing approximately $5.6 million of common stock during the period." The Company's days sales outstanding for accounts receivable declined to an average of 45 days at June 30, as compared to 51 days at December 31, 2008.
In March 2009, U.S. Physical Therapy announced a share repurchase program. During the second quarter, the Company acquired 261,000 shares. Some 518,000 shares have been acquired in total since the repurchase program began.
((Comments on this story may be sent to health@closeupmedia.com))
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