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Providence Service Corporation Signs Definitive Agreement to Acquire LogistiCare, the Nation's Leading Case Management Provider Coordinating Non-Emergency Transportation Services for the Medicaid Population
Date:11/6/2007

who meet certain criteria are entitled to free transportation to covered medical services. Current spending on Medicaid NET services is approximately $2.8 billion annually and spending is projected to increase by 10% per year.

Morgan Stanley and CIT Capital Securities LLC served as co-advisors to Providence on the transaction. RBC Capital Markets acted as Sole Placement Agent for the senior unsecured convertible notes.

Guidance

Providence is expected to segment report the NET division, currently estimated to generate $363 million of revenue, creating approximately an additional $0.06 to $0.10 of earnings per share. This is based on a revised share count of 14,800,000 after considering the convertible shares as converted and canceling over approximately 430,000 of LogistiCare management options in exchange for Providence common stock. Combined EPS for 2008 is estimated at $1.45 to $1.50 compared to guidance of $1.38 to $1.40 without LogistiCare. Including the acquisition of LogistiCare, the combined company is estimated to have revenue of approximately $673 million in 2008. The acquisition is not expected to materially impact current 2007 EPS guidance of $1.17-1.19. Providence will provide quarterly guidance early in 2008 after the January contracting cycle.

Conference Call

Providence will hold a conference call to discuss the acquisition and its third quarter earnings at 11:00 a.m. EST (9:00 a.m. Arizona and MST, 8:00 a.m. PST) on Wednesday, November 7, 2007. Interested parties are invited to listen to the call live over the Internet at http://investor.provcorp.com or http://www.earnings.com. The call is also available by dialing (866) 356- 3377, or for international callers (617) 597-5392 and by using the passcode 31969599. A replay of the teleconference will be available on h
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SOURCE Providence Service Corporation
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