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Providence Service Corporation Announces 35% Revenue Growth with Third Quarter Results; Increases Revenue Guidance for 2007
Date:11/6/2007

ue 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 13% to $54.4 million for the quarter ended September 30, 2007 from $48.0 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 nearly 24,000 at September 30, 2007 as compared to approximately 23,000 at September 30, 2006. Contracts of managed entities grew from 300 to 318 year over year.

For the first nine months of 2007, revenue increased 37% to $186.5 million from $135.9 million for the year ago period. Operating income gained 17% to $16.8 million for the nine month period compared to $14.4 million in the first nine months of 2006. Net income was $10.1 million, or $0.85 per diluted share, for the nine month period ended September 30, 2007 compared to net income of $8.7 million, or $0.76 per fully diluted share, for the nine months ended

September 30, 2006. Managed entity revenue was $165.1 million and $137.2 million in the first nine months of 2007 and 2006, respectively.

"This quarter's performance was in line with where we thought we would be and we remain on track for the full year," said Fletcher McCusker Chairman and CEO. "We are thrilled with our 100% contract renewal rate in the quarter and our performance getting contracts negotiated and signed during the July fiscal year transition. We are happy to report that we have renewed all of our school based business and added approximately $2 million of additional organic growth from the July procurement cycle. Also, since the end of the last quarter we acquired substantially all of the assets of Family & Children's Services, Inc. in Pennsylvania and acquired WCG International Consultants
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