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Providence Service Corporation Releases Third Quarter Results
Date:11/5/2008

- Results include $141 million non-cash asset impairment charge

- Improvements beginning to be seen with government payers

TUCSON, Ariz., Nov. 5 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced results for the third quarter of 2008 ended September 30, 2008. Included in the results is an estimated non cash $141.0 million, or $11.07 per share, asset impairment charge related to the Company's goodwill and certain of its intangible assets. This resulted from an interim impairment test that was triggered by a sustained decline in the Company's stock price and changes in the current spending environment as noted below. The magnitude of the charge is related to the deterioration in the market for mergers and acquisitions, which has seen dramatically lower valuations for comparable companies. The Company will perform its annual impairment analysis during the fourth quarter of this fiscal year, which could result in an adjustment in the estimated asset impairment charge. This non cash item is excluded from the financial covenant calculations related to the Company's credit agreement, and the Company was in compliance with its financial covenants as of September 30, 2008.

For the third quarter of 2008, the Company reported revenue of $167.0 million, an increase of approximately 162% from $63.7 million for the comparable period in 2007. Revenue from Providence's social services segment grew approximately 14% to $72.7 million in the third quarter from the prior year period and the revenue from its non-emergency transportation (NET) services segment, which the Company acquired in December 2007, totaled $94.3 million in the 2008 period.

The Company reported an operating loss of $138
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SOURCE Providence Service Corporation
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