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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