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

Ltd in Canada, the integration of which are going as planned. And today we announced the signing of a merger agreement and arrangement of financing for our largest acquisition ever, which we believe will create a significant platform for growth in 2008 and beyond."

Guidance

As a result of additional organic growth from the July procurement cycle and the recently completed acquisition of Family & Children's Services which will add an additional $2 million to revenue on a quarterly basis, Providence is increasing its fourth quarter and full year revenue guidance for 2007 to $70 million and $256 million respectively versus its prior guidance of $68 million-$69 million and $251 million-$253 million. (Previous guidance reflected approximately $6 million-$8 million in incremental contract business as a result of the July procurement cycle, the renewal of 100% of all existing contracts that cycle July 1 and additional revenue from WCG.) The Company is also reaffirming its earnings guidance of $0.33-$0.34 per diluted share for the fourth quarter and $1.17-$1.19 for the full year. The Company does not anticipate any material revenue or earnings impact in 2007 from the LogistiCare acquisition which is pending Federal Trade Commission antitrust review. Diluted shares outstanding in the fourth quarter of 2007 are estimated at 12,200,000.

The Company currently expects 2008 revenue to be approximately $310 million with EPS of $1.38-$1.40 based upon current contracted business, not including any unannounced contracts or acquisitions. Including the acquisition of LogistiCare, the combined company is estimated to have revenue of approximately $673 million in 2008 and EPS of $1.45 to $1.50. The Company expects to finalize its budget for 2008 and update full year guidance early in the year after its January government renewal cycle and the Hart, Scott Rodino review of its LogistiCare acquisition.

Conference Call

Providence will hold a conference call at
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SOURCE Providence Service Corporation
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