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8-K - FORM 8-K - U S PHYSICAL THERAPY INC /NV | h83487e8vk.htm |
Exhibit 99.1
CONTACT:
U.S. Physical Therapy, Inc.
Larry McAfee, Chief Financial Officer
Chris Reading, Chief Executive Officer
(713) 297-7000
Stephanie Carrington / Amy Glynn
The Ruth Group
(646) 536-7017 / 7023
U.S. Physical Therapy, Inc.
Larry McAfee, Chief Financial Officer
Chris Reading, Chief Executive Officer
(713) 297-7000
Stephanie Carrington / Amy Glynn
The Ruth Group
(646) 536-7017 / 7023
U.S. Physical Therapy Increases
Credit Line to $75,000,000
Credit Line to $75,000,000
Houston, TX, July 14, 2011 U.S. Physical Therapy, Inc. (NasdaqGS: USPH) (the Company), a
national operator of outpatient physical therapy clinics, announced today that it has increased the
commitment amount of its revolving credit agreement to $75,000,000 from $50,000,000. The loan
facility is provided by Bank of America and matures in August, 2015. Funds from the credit
agreement may be used for working capital, acquisitions, and for other corporate purposes. At
present, outstanding borrowings total $18,600,000 under the agreement.
Forward-Looking Statements
This press release contains statements that are considered to be forward-looking within the meaning
under Section 21E of the Securities Exchange Act of 1934. These statements contain forward-looking
information relating to the financial condition, results of operations, plans, objectives, future
performance and business of our Company. These statements (often using words such as believes,
expects, intends, plans, appear, should and similar words) involve risks and
uncertainties that could cause actual results to differ materially from those we project. Included
among such statements are those relating to opening new clinics, availability of personnel and the
reimbursement environment. The forward-looking statements are based on our current views and
assumptions and actual results could differ materially from those anticipated in such
forward-looking statements as a result of certain risks, uncertainties, and
factors, which include, but are not limited to:
| changes in Medicare guidelines and reimbursement or failure of our clinics to maintain their Medicare certification status; | ||
| revenue and earnings expectations; | ||
| general economic conditions; |
U.S. Physical Therapy Press Release
July 14, 2011
July 14, 2011
Page 2
| business and regulatory conditions including federal and state regulations; | ||
| changes as the result of government enacted national healthcare reform; | ||
| availability and cost of qualified physical and occupational therapists; | ||
| personnel productivity; | ||
| competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets; | ||
| changes in reimbursement rates or payment methods from third party payors including government agencies and deductibles and co-pays owed by patients; | ||
| maintaining adequate internal controls; | ||
| availability, terms, and use of capital; | ||
| acquisitions, purchase of non controlling interests (minority interests) and the successful integration of the operations of the acquired businesses; and | ||
| weather and other seasonal factors. |
Many factors are beyond our control. Given these uncertainties, you should not place undue reliance
on our forward-looking statements. Please see our periodic reports filed with the Securities and
Exchange Commission (the SEC) for more information on these factors. Our forward-looking
statements represent our estimates and assumptions only as of the date of this press release.
Except as required by law, we are under no obligation to update any forward-looking statement,
regardless of the reason the statement is no longer accurate.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 398 clinics in 42 states. The Companys
clinics provide preventative and post-operative care for a variety of orthopedic-related disorders
and sports-related injuries, non-surgical treatment of osteoarthritis, treatment for
neurologically-related injuries and rehabilitation of injured workers. In addition to owning and
operating clinics, the Company manages physical therapy facilities for third parties, including
hospitals and physician groups.
More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information
included on that website is not incorporated into this press release.
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