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

t March 31, 2008 from 577 at March 31, 2007 mostly due to contracts acquired in connection with the Company's acquisition of LogistiCare.

Managed entity revenue, which represents revenue of the not-for-profit social services organizations the Company provides management and/or administrative services to in return for a negotiated management fee, increased 5.8% to $56.4 million for the quarter ended March 31, 2008 from $53.3 million for the prior year period. Managed entity revenue is presented to provide investors with an additional measure of the size of the operations under Providence's management or administration and can help investors understand trends in management fee revenue. Managed client census grew to over 25,000 at March 31, 2008 as compared to 24,087 at March 31, 2007. Contracts of managed entities decreased to 325 from 328 quarter over quarter due to the consolidation of certain contracts.

"This is an exciting time for us," said Fletcher McCusker, Chairman and CEO. "Increased enrollment in Medicaid and other demographic trends continue to strain state government budgets, creating a rich environment for privatization. At the end of the first quarter we won our second largest social services contract, an $18 million workforce development contract in the greater El Paso area and we continue our track record of renewals, with no indication of contract terminations for the July procurement cycle. This is despite the economic downturn and negative rhetoric regarding government budgets. We continue to believe we are part of the solution to government budget issues."

"We are also making progress integrating our recent acquisition of LogistiCare. We have co-located some of our employees and have consolidated certain IT and back office functions where appropriate. We are also beginning to see some synergies in the areas of strategic business development. As we look ahead, we continue to see over $100 million of contracts up for bid for the
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SOURCE The Providence Service Corporation
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4. Providence Service Corporation Signs Definitive Agreement to Acquire LogistiCare, the Nations Leading Case Management Provider Coordinating Non-Emergency Transportation Services for the Medicaid Population
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