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PHC Announces 19.2% Increase in Fiscal 2011 First Quarter Revenues
Date:11/10/2010

PEABODY, Mass., Nov. 10, 2010 /PRNewswire-FirstCall/ -- PHC, Inc., d/b/a Pioneer Behavioral Health (NYSE Amex: PHC), a leading provider of inpatient and outpatient behavioral health services, today reported financial results for the Company's 2011 first fiscal quarter ended September 30, 2010.

First Fiscal Quarter of 2011 Highlights

  • For the first fiscal quarter ended September 30, 2010, net patient care revenues increased 21% to $14.2 million from $11.8 million for the same period in 2009.
  • Income from continuing operations increased 247% to $1.2 million from $356,000 for the same period in 2009.
  • Net income applicable to common shareholders increased 204% to $679,000 from net income of $224,000 for the same period in 2009.
  • The Company's Board of Directors authorized the repurchase of up to one million shares of its Class A common stock for a one-year period commencing July 1, 2010. In the fiscal 2011 first quarter, the Company repurchased approximately 100,000 shares at an average price of approximately $1.11 per share.
  • The Company obtained Centers for Medicare and Medicaid Services (CMS) approval for the Seven Hills Behavioral Institute facility, located in Henderson, Nevada, which enables it to immediately accept patients enrolled in the Medicare program.

  • Fiscal First Quarter of 2011 Financial ResultsTotal net revenues from continuing operations for the three months ended September 30, 2010 increased 19.2% to $15.1 million compared to $12.6 million for the three months ended September 30, 2009. Net patient care revenues increased 21.0% to $14.2 million for the three months ended September 30, 2010 from $11.8 million for the three months ended September 30, 2009. This increase in revenue is due primarily to increased census at Seven Hills Hospital in Las Vegas, a retroactive increase from a service contract at Har
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    SOURCE PHC, Inc., d/b/a Pioneer Behavioral Health
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