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Providence Service Corporation Announces Record Revenues and Earnings in the First Quarter of 2009
Date:5/6/2009

First Quarter Highlights:

- Revenue gained 7.5% to $187 million compared to Q1 2008

- Net income increased 58.7% compared to Q1 2008, rising to $5.9 million, or $0.44 per diluted share

- Increases in client census and rate combined with increased efficiencies in operations contributed to record earnings

- Cash from operations totaled $7.8 million

- Sale of NET Services operations suspended by Providence

TUCSON, Ariz., May 6 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced results for the first quarter of 2009 ended March 31, 2009.

For the first quarter of 2009, the Company reported revenue of $186.7 million, an increase of approximately 7.5% from $173.7 million for the comparable period in 2008. Revenue from Providence's social services segment grew 9.1% to $85.2 million in the first quarter compared to $78.1 million in the prior year period while revenue from its non-emergency transportation (NET) services business totaled $101.5 million in the first quarter of 2009, an increase of 6.2% from $95.6 million in the first quarter of 2008.

Operating income increased 37.4% to $15.0 million in the first quarter of 2009 compared to $10.9 million recorded in the year ago period. Net income gained 58.7% to $5.9 million, or $0.44 per diluted share, in the quarter ended March 31, 2009, and included approximately $2.1 million in costs and expenses related to the amended credit agreement, the now abandoned consent solicitation and costs related to the potential sale of non-strategic assets. In the year ago quarter, net income was $3.7 million, or $0.29 per diluted share.

Providence's direct client census was approximately 60,000 at March 31, 2009, up from over 55,000 at Mar
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SOURCE Providence Service Corporation
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