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Providence Service Corporation Reports 2011 Results
Date:3/14/2012

million in the prior year period.  Revenue from the social services segment increased 5.7% to $361.4 million in 2011, up from $341.9 million in 2010.

Net income was $16.9 million, or $1.27 per diluted share, in 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 the Company's senior credit facility.  In addition there was a gain of $2.7 million, or $0.20 per share, from a June 2011 acquisition due to the net assets acquired exceeding the purchase price of the business.  Also impacting 2011 net income were start-up costs related to new and expanded LogistiCare contracts.  In 2010, net income was $23.6 million, or $1.78 per diluted share, and benefited from favorable NET utilization trends.

At December 31, 2011, the Company had unrestricted cash and cash equivalents of $43.2 million.  During 2011, the Company generated a total of $31.0 million in cash from operations.  At December 31, 2011, the Company had long term liabilities of $163.1 million, down from $184.5 million at December 31, 2010.  

"We are pleased to have completed 2011 with such strong performance in our LogistiCare division having won five of five new state contracts and retaining eight of nine incumbent contracts," stated Fletcher McCusker, Chairman and CEO.  "This is truly a testament to our experienced management team, dedicated employees and track record of performance.  While we will experience some start up expenses in the first two quarters of 2012 and could see delays in the start up of new contracts, we have no capitated state NET incumbent contracts up for rebid in 2012."

"On the social services side, we believe we are positioned to continue to benefit from recent trends that favor the privatization and home and community based provision of our services.  Organic growth is anticipated to continue through 2013 when
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SOURCE The Providence Service Corporation
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