Attached files
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8-K - FORM 8-K - PSYCHIATRIC SOLUTIONS INC | g21263e8vk.htm |
EX-23.1 - EX-23.1 - PSYCHIATRIC SOLUTIONS INC | g21263exv23w1.htm |
EX-99.2 - EX-99.2 - PSYCHIATRIC SOLUTIONS INC | g21263exv99w2.htm |
EX-99.3 - EX-99.3 - PSYCHIATRIC SOLUTIONS INC | g21263exv99w3.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 Managements 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,
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 Managements 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.
1
Psychiatric Solutions, Inc.
Selected Financial Data (continued)
As of and for the Years Ended December 31,
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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