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Providence Service Corporation Announces 187% Revenue Increase in First Quarter of 2008


Income before income taxes 6,020 5,578

Provision for income taxes 2,316 2,259

Net income $3,704 $3,319

Earnings (loss) per common share:

Basic $0.30 $0.28

Diluted $0.29 $0.28

Weighted-average number of common shares


Basic 12,240,299 11,852,759

Diluted 12,452,041 11,983,421

The Providence Service Corporation

Consolidated Balance Sheets

(in thousands except share and per share data)

March 31, December 31,

2008 2007

Assets (Unaudited) (Audited)

Current assets:

Cash and cash equivalents $49,196 $35,379

Accounts receivable-billed, net of allowance

of $2.6 million 68,034 65,852

Accounts receivable - unbilled 2,149 2,250

Management fee receivable 10,460 10,166

Other receivables 1,706 2,524

Notes receivable 567 563

Notes receivable from related party 44 1,734

Restricted cash 7,071 8,842

Prepaid expenses and other 8,732 9,554

Deferred tax assets 3,247 5,094

Total current assets

SOURCE The Providence Service Corporation
Copyright©2008 PR Newswire.
All rights reserved

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