BRIEF: Third-quarter profit for Providence Service

Thu. November 05, 2009; Posted: 04:48 AM

Nov 05, 2009 (The Arizona Daily Star - McClatchy-Tribune Information Services via COMTEX) -- PRSC | Quote | Chart | News | PowerRating -- Providence Service Corp., a Tucson-based social services provider, swung to a third-quarter profit on a 24 percent increase in revenue and a one-time tax benefit.

On Wednesday, Providence reported net income of $4.4 million, or 34 cents per share, for the quarter ended Sept. 30.

That compares with a net loss of $140.8 million, or $11.17 per share, in the third quarter of 2008, which included a one-time impairment charge of $141 million for a major write-down of the company's assets.

The most recent quarterly results included a one-time tax benefit of $1.4 million, or 11 cents per share, from a recent adjustment of the company's 2008 income-tax provision.

The earnings of 23 cents per share without the tax benefit beat Wall Street analysts' average estimate of 21 cents for the quarter.

Providence posted third-quarter revenue of $206.8 million, up from $167 million a year earlier, as revenue from social services grew 13 percent and its non-emergency transportation services grew 32 percent.

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