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Providence Service Corporation Sees Budget Clarity Improving Toward Year End With Budget Issues Impacting Second Quarter and Balance of 2008
Date:7/29/2008

Three Material Procurement Awards Could Improve Outlook Second Quarter Results to be Reported Wednesday, August 6th After Market

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TUCSON, Ariz., July 29 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced that primarily due to budgetary issues impacting certain of the state and local government agencies that fund the services the Company provides, diluted earnings per share for the second quarter ending June 30, 2008 are expected to be approximately $0.26 to $0.28 per diluted share compared to prior guidance of between $0.36 and $0.38 per diluted share. Second quarter revenue for 2008 is expected to be approximately $173 million compared to prior guidance of $174-175 million. The Company is also revising its prior guidance for the balance of 2008 due to the delay of non-emergency transportation (NET) contract implementation and awards caused by state budget issues as well as the implementation of expenditure reduction plans in a few states and Canada that are negatively impacting the social services segment.

Among the specific issues impacting financial results for the second quarter of 2008, the Company recently learned that one payer that has historically provided incentive payments for services rendered through its June 30 fiscal year has elected to withhold an incentive payment of approximately $1.5 million, that the Company anticipated receiving in the second quarter, in order to brace for 2009 fiscal year issues.

All but a few states have finalized 2008-2009 budgets, with three additional states announcing unexpected new business procurement opportunities for the transportation segment, likely in 2009. Two of the previously
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