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

$280.9 million in the first half of 2011 from $265.6 million in the prior year period.  Revenue from the social services segment increased 2.5% to $182.2 million, up from $177.7 million in the first half of 2010.

Net income was $9.3 million, or $0.70 per diluted share, in the first half of 2011 and included a non-cash charge of approximately $2.5 million, or $0.11 per share, related to the write-off of unamortized deferred financing fees of its senior credit facility.  Net income was $16.4 million, or $1.19 per diluted share, in the first half of 2010.  

At June 30, 2011, the Company had unrestricted cash and cash equivalents of $54.2 million.  During the first half of 2011, the Company generated a total of $21.9 million in cash from operations.  At June 30, 2011, the Company had long term liabilities of $179.1 million, down from $184.5 million at December 31, 2010 and $190.3 million at June 30, 2010.  

"Our second quarter 2011 results are consistent with our revised forecast," stated Fletcher McCusker, Chairman and CEO.  "We have completed the social services contract renewal cycle with substantially all contracts renewed and with relatively stable rates.  The NET segment is more competitive than ever and while we are pleased with our new wins, they have come with lower margins.  We won the incumbent contract in Virginia, our second largest contract, and recently added a new state-wide NET services contract in Wisconsin and our bid was accepted and we are currently negotiating for a large state regional contract as part of a competitive procurement.  Due to start up expenses, the two new contracts are not expected to be profitable in 2011."

Guidance Providence anticipates revenue for 2011 of between $933 and $943 million and earnings per diluted share of between $1.29 and $1.33 after including the non-cash charge of approximately $2.5 million, or $0.11 per share, related to the writ
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SOURCE Providence Service Corporation
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