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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

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"We have come through this unprecedented and difficult season worse than hoped for, but given the circumstances in each state a lot better off than many other businesses," said Fletcher McCusker, Chairman and CEO. "The long term prospects of our business remain good and we believe the budgetary pressures being experienced by our payers should benefit us over time as payers turn to us as the less costly, quality provider of services. Ironically, the budget pressures that are creating our immediate challenges are the same pressures causing states to decide to move to our brokered model of transportation services and hopefully some of our other creative programs in our social services segment."

The Company expects diluted earnings per share in the second half of 2008 to be no less than $0.45 with a greater percentage of these earnings coming in the fourth quarter due to traditional summer seasonality and payer budgeting delays. The resulting floor for estimated 2008 earnings of $1.00 per diluted share is down from prior Company guidance of $1.45 to $1.50. Revenue is expected to be no less than approximately $650 million for the year from prior guidance of $673 million. Upside to this guidance could come from delayed new business procurements that could be worth up to approximately $100M annually, possible payer rate adjustments, potential increased business in North Carolina or retroactive rate increases. However in the current economic environment it is uncertain if any of the above will occur in 2008. The Company intends to address these issues in more depth at its second quarter conference call scheduled for August 7, 2008.

Schedule for Second Quarter 2008 Earnings Release and Conference Call

The Company will report financial results for its second quarter ended June 30, 2008 on Wednesday, August 6, 2008, after the market closes and will hold a conference call at 11:00 a.m. EDT (9:00 a.m. MDT, 8:00 a.m. Arizona and PDT) on Thursday, Aug
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SOURCE The Providence Service Corporation
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