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Providence Service Corporation Announces Fourth Quarter 2007 Revenue and Earnings Above Forecast; Issues First Quarter 2008 Guidance
Date:3/12/2008

Highlights:

- Completed LogistiCare acquisition

- Successful bank syndicate and convertible offering

- Vanderbilt study released showing 81% success rate

- Fourth quarter revenue of $99 million was 41% ahead of $70 million guidance, $23 million from LogistiCare and $6 million from social services

segment - Fourth quarter diluted earnings per share of $0.35, ahead of guidance

TUCSON, Ariz., March 12 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced results for the fourth quarter and calendar year ended December 31, 2007.

For the fourth quarter of 2007, the Company reported revenue of $98.7 million, an increase of 76% from $55.9 million for the comparable period in 2006 including an increase of 36% in its social services segment and above the Company's guidance of $70 million. The higher than anticipated revenue was in large part due to the timing of the LogistiCare transaction closing, which occurred in the first week of December after a faster than anticipated Hart, Scott, Rodino review. LogistiCare added $22.9 million of revenue to the fourth quarter and year.

Operating income was $8.9 million in the quarter, a substantial increase from just over $1.0 million in the year ago period. Net income was $4.3 million, or $0.35 per diluted share, in the quarter ended December 31, 2007, exceeding the high end of guidance issued in conjunction with the release of third quarter results. LogistiCare's contribution to earnings in the quarter after deal related expenses, debt service and the amortization of intangible value was negligible. In the year ago quarter ended
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SOURCE 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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