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Providence Service Corporation Releases Fourth Quarter and Audited Year End 2008 Results
Date:3/27/2009

7,000 clients through 1,039 contracts at December 31, 2008, with an estimated 6.3 million individuals eligible to receive the Company's non-emergency transportation services related to its LogistiCare operations. Combined, the Company has a nearly $1 billion book of business including managed entities.

In addition to the financial results prepared in accordance with generally accepted accounting principles (GAAP) provided throughout this press release, the Company has provided adjusted EBITDA, a non-GAAP measurement, which presents its earnings on a pro forma basis excluding taxes, interest, depreciation and amortization, non-cash asset impairment charges related to Providence's goodwill and other intangible assets, and non-cash stock based compensation expense related to the acceleration of vesting of all unvested stock options and restricted stock awards as of December 30, 2008. Providence's management utilizes adjusted EBITDA as a means to measure operating performance. Details of the excluded items and a reconciliation of this non-GAAP financial measure to the most comparable GAAP financial measure are presented in a table below. The non-GAAP measure does not replace the presentation of our GAAP financial results. The Company has provided this supplemental non-GAAP information because the Company believes it provides meaningful comparisons of the results of Providence's operations for the periods presented in this press release. The non-GAAP measure is not in accordance with, or an alternative for, generally accepted accounting principles and may be different from pro forma measures used by other companies. The items excluded in the non-GAAP measure pertain to certain items that are considered to be material so that exclusion of the items would, in management's belief, enhance a reader's ability to compare the results of the Company's business after excluding these items.

Certain statements herein, such as any statements about
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SOURCE Providence Service Corporation
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Related medicine news :

1. Providence St. Joseph Medical Center, Caregivers Reach Agreement on a Union Contract
2. Providence Service Corporation Announces 35% Revenue Growth with Third Quarter Results; Increases Revenue Guidance for 2007
3. Providence Service Corporation Completes Private Placement of $70 Million of Convertible Senior Subordinated Notes
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
5. LogistiCare, a Subsidiary of Providence Service Corp., Opens Phoenix Call Center to Support Expanding Commercial Client Base
6. Providence Service Corporation to Present at the 2008 UBS Global Healthcare Services Conference on February 11
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8. Providence Service Corporation to Report Fourth Quarter 2007 Results on Wednesday, March 12th After the Market Closes
9. Providence Service Corporation and UnitedHealth Group Affiliate, OptumHealth Behavioral Solutions, Enter Into Strategic Relationship Agreement
10. Providence Service Corporation Announces Fourth Quarter 2007 Revenue and Earnings Above Forecast; Issues First Quarter 2008 Guidance
11. Providence Service Corporation Announces Intent to File a Common Stock Shelf Registration Statement
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