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Providence Service Corporation Announces 187% Revenue Increase in First Quarter of 2008
Date:5/7/2008

First Quarter Highlights: - Revenue of $174 million, up 187% from same quarter a year ago, including

LogistiCare; Providence base social services segment grew 29% - Net income of $3.7 million, or $.29 per diluted share, includes expense

of $1.6 million, attributable to management bonuses and $350,000 of

unanticipated audit costs, totaling $0.09 per diluted share

- Cash flow of $13.8 million after $2.2 million of debt repayment

TUCSON, Ariz., May 7 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced results for the first quarter of 2008 ended March 31, 2008.

For the first quarter of 2008, the Company reported revenue of $173.7 million, an increase of 187% from $60.5 million for the comparable period in 2007, and above management's guidance of $170 million. Revenue from Providence's base social services segment grew 29.2% to $78.1 million in the first quarter and the acquired Non-Emergency Transportation Services segment totaled $95.6 million. Operating income was $10.9 million in the quarter, more than double the $5.3 million recorded in the year ago period. Net income was $3.7 million, or $0.29 per diluted share, in the quarter ended March 31, 2008, and included $1.6 million of management bonuses and $350,000 of additional audit costs as result of 2007 acquisition activity. In the year ago quarter, net income was $3.3 million, or $0.28 per diluted share. Providence's direct client census grew to over 55,000 at March 31, 2008 from 51,259 at March 31, 2007, and the Company had over seven million individuals eligible to receive services under its non-emergency transportation contracts. The number of direct contracts increased to 705 a
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SOURCE The Providence Service Corporation
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