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Providence Service Corporation Reports Q2 2011 Results In Line With Expectations
Date:8/8/2011

TUCSON, Ariz., Aug. 8, 2011 /PRNewswire/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced its financial results for the second quarter ended June 30, 2011.  

For the second quarter of 2011, the Company reported revenue of $235.3 million, an increase of 5.8% from $222.3 million for the comparable period in 2010.  Revenue from Providence's non-emergency transportation (NET) services segment grew 6.7% to $142.0 million in the second quarter from $133.1 million in the prior year period.  Revenue from the social services segment increased 4.6% to $93.3 million, up from $89.2 million in the second quarter of 2010.  

Net income was $4.9 million, or $0.36 per diluted share, in the second quarter of 2011.  This compares to net income of $7.3 million, or $0.54 per diluted share, in the second quarter of 2010.  The Company benefitted from a $1.7 million quarter over quarter decline in interest expense as a result of refinancing its senior credit facility in the first quarter of 2011.

Providence's direct client census was approximately 59,100 at June 30, 2011, compared to approximately 58,100 at December 31, 2010 and 60,700 at June 30, 2010.  Year over year census was negatively impacted by a decline, primarily in workforce development, due to our non-renewal of one contract.  The Company had approximately 9.6 million individuals eligible to receive services under its NET contracts at June 30, 2011 compared to approximately 8.2 million at December 31, 2010 and approximately 8.0 million at June 30, 2010.  Direct contracts numbered 647 at June 30, 2011 up from 633 at June 30, 2010.  

For the first six months of 2011, the Company reported revenue of $463.1 million, an increase of 4.5% from $443.3 million in the first six months of 2010.  Revenue from Providence's NET services segment grew 5.8% to
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