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8-K - FORM 8-K - PSYCHIATRIC SOLUTIONS INCg21263e8vk.htm
EX-23.1 - EX-23.1 - PSYCHIATRIC SOLUTIONS INCg21263exv23w1.htm
EX-99.2 - EX-99.2 - PSYCHIATRIC SOLUTIONS INCg21263exv99w2.htm
EX-99.3 - EX-99.3 - PSYCHIATRIC SOLUTIONS INCg21263exv99w3.htm
Exhibit 99.1
Item 6. Selected Financial Data.
     The selected financial data presented below for the years ended December 31, 2008, 2007 and 2006, and at December 31, 2008 and 2007, are derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The selected financial data for the years ended December 31, 2005 and 2004, and at December 31, 2006, 2005 and 2004, are derived from our audited consolidated financial statements not included herein. The audited consolidated financial statements for the years ended December 31, 2005 and 2004 and at December 31, 2006, 2005 and 2004 have been reclassified for discontinued operations. The selected financial data presented below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and with our consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K.
Psychiatric Solutions, Inc.
Selected Financial Data
As of and for the Years Ended December 31,
                                         
    2008     2007     2006     2005     2004  
    (In thousands, except per share amounts)  
Income Statement Data:
                                       
Revenue
  $ 1,703,865     $ 1,424,031     $ 992,484     $ 689,408     $ 447,391  
Costs and expenses:
                                       
Salaries, wages and employee benefits
    944,389       793,845       560,266       377,762       240,768  
Other operating expenses
    441,361       368,210       255,425       193,851       134,921  
Provision for doubtful accounts
    34,387       27,353       19,366       13,678       10,295  
Depreciation and amortization
    39,054       30,306       20,015       14,335       9,414  
Interest expense
    76,210       74,116       39,968       26,169       17,817  
Other expenses
          8,179             21,871       6,407  
 
                             
Total costs and expenses
    1,535,401       1,302,009       895,040       647,666       419,622  
 
                             
Income from continuing operations before income taxes
    168,464       122,022       97,444       41,742       27,769  
Provision for income taxes
    63,887       46,053       36,785       16,080       10,553  
 
                             
Income from continuing operations
  $ 104,577     $ 75,969     $ 60,659     $ 25,662     $ 17,216  
 
                             
Net income attributable to PSI stockholders
  $ 104,953     $ 76,208     $ 60,632     $ 27,154     $ 16,138  
 
                             
Basic earnings per share from continuing operations attributable to PSI stockholders
  $ 1.88     $ 1.39     $ 1.15     $ 0.57     $ 0.57  
 
                             
Basic earnings per share attributable to PSI stockholders
  $ 1.89     $ 1.40     $ 1.15     $ 0.61     $ 0.55  
 
                             
Shares used in computing basic earnings per share
    55,408       54,258       52,953       44,792       29,140  
Diluted earnings per share from continuing operations attributable to PSI stockholders
  $ 1.85     $ 1.36     $ 1.12     $ 0.55     $ 0.49  
 
                             
Diluted earnings per share attributable to PSI stockholders
  $ 1.87     $ 1.37     $ 1.12     $ 0.59     $ 0.48  
 
                             
Shares used in computing diluted earnings per share
    56,267       55,447       54,169       46,296       35,146  
     See Management’s Discussion and Analysis of Financial Condition and Results of Operations and Notes to Consolidated Financial Statements describing the reclassification from continuing operations to discontinued operations of the sale of our EAP business, the decision to make The Oaks Treatment Center and Nashville Rehabilitation Hospital available for sale, and the termination of one contract with a South Carolina juvenile justice agency. During 2008, we elected to sell one facility. Additionally, two contracts with a juvenile justice agency in Puerto Rico to manage inpatient facilities were terminated in 2008. During 2007, we elected to dispose of one facility. During 2006, we terminated three of our contracts to manage state-owned inpatient facilities and sold a therapeutic boarding school. These operations have been reclassified from continuing operations to discontinued operations.

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Psychiatric Solutions, Inc.
Selected Financial Data (continued)
As of and for the Years Ended December 31,
                                         
    2008   2007   2006   2005   2004
    (In thousands, except operating data)
Balance Sheet Data:
                                       
Cash
  $ 51,271     $ 39,970     $ 18,520     $ 54,533     $ 33,228  
Working capital
    245,377       157,555       103,287       138,843       44,791  
Property and equipment, net
    825,144       682,340       529,725       368,977       208,705  
Total assets
    2,505,990       2,179,504       1,581,746       1,176,131       498,342  
Total debt
    1,314,420       1,172,024       743,307       482,389       174,336  
Stockholders’ equity
    889,885       754,742       627,779       539,712       244,515  
 
                                       
Operating Data:
                                       
Number of facilities at period end
    91       86       70       54       33  
Number of licensed beds
    10,584       9,995       8,178       6,396       4,302  
Admissions
    163,968       138,835       106,489       76,795       49,165  
Patient days
    2,763,723       2,424,608       1,877,233       1,413,231       1,018,751  
Average length of stay
    17       17       18       18       21  

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