EX-99.1 3 g92119exv99w1.txt EX-99.1 RE-ISSUED FORM 10-K - ITEM 6 EXHIBIT 99.1 ITEM 6. SELECTED FINANCIAL DATA. The selected financial data presented below for the years ended December 31, 2003, 2002 and 2001, and at December 31, 2003 and December 31, 2002, are derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The selected financial data for the years ended December 31, 2000 and 1999, and at December 31, 2001, 2000 and 1999, are derived from our audited consolidated financial statements not included herein. The selected financial data presented below should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and with our consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. PSYCHIATRIC SOLUTIONS, INC. SELECTED FINANCIAL DATA AS OF AND FOR THE YEARS ENDED DECEMBER 31,
2003 2002 2001 2000 1999 -------- --------- ------- -------- ------- (Dollars in thousands, except per share amounts) INCOME STATEMENT DATA: Revenue $284,946 $ 113,912 $43,999 $ 23,502 $ 4,500 Costs and expenses: Salaries, wages and employee benefits 147,069 62,326 26,183 15,257 4,350 Other operating expenses 96,735 35,716 11,322 5,826 1,609 Provision for bad debts 6,315 3,681 662 467 529 Depreciation and amortization(1) 5,734 1,770 945 757 234 Interest expense 14,781 5,564 2,660 1,723 371 Other expenses(2) 5,271 178 1,237 -- -- -------- --------- ------- -------- ------- Total costs and expenses 275,905 109,235 43,009 24,030 7,093 -------- --------- ------- -------- ------- Income (loss) from continuing operations before income taxes 9,041 4,677 990 (528) (2,593) Provision for (benefit from) income taxes 3,800 (1,007) -- -- -- -------- --------- ------- -------- ------- Income (loss) from continuing operations $ 5,241 $ 5,684 $ 990 $ (528) $(2,593) ======== ========= ======= ======== ======= Net income (loss) available to common stockholders $ 4,405 $ 5,684 $ 2,578 $ (1,916) $(6,877) ======== ========= ======= ======== ======= Basic earnings (loss) per share from continuing operations $ 0.53 $ 0.93 $ 0.20 $ (0.11) $ (0.64) ======== ========= ======= ======== ======= Basic earnings (loss) per share $ 0.53 $ 0.93 $ 0.51 $ (0.40) $ (1.69) ======== ========= ======= ======== ======= Shares used in computing basic earnings (loss) per share 8,370 6,111 5,010 4,817 4,062 Diluted earnings (loss) per share from continuing operations $ 0.44 $ 0.86 $ 0.19 $ (0.11) $ (0.64) ======== ========= ======= ======== ======= Diluted earnings (loss) per share $ 0.44 $ 0.86 $ 0.49 $ (0.40) $ (1.69) ======== ========= ======= ======== ======= Shares used in computing diluted earnings (loss) per share from continuing operations 11,749 6,986 5,309 4,817 4,062
See Management's Discussion and Analysis of Financial Condition and Results of Operations and Notes to Consolidated Financial Statements describing the reclassification from continuing operations to discontinued operations of three contracts to manage state-owned facilities in Florida assumed in 2003 with the acquisition of Ramsay Youth Services, Inc. and exited during 2004. PSYCHIATRIC SOLUTIONS, INC. SELECTED FINANCIAL DATA (CONTINUED) AS OF AND FOR THE YEARS ENDED DECEMBER 31,
2003 2002 2001 2000 1999 -------- -------- -------- -------- ------- (Dollars in thousands, except per share amounts) BALANCE SHEET DATA: Cash $ 44,954 $ 2,392 $ 1,262 $ 336 $ 1,164 Working capital (deficit) 67,153 2,369 (3,624) (4,571) 920 Property and equipment, net 149,589 33,547 17,980 308 300 Total assets 347,658 90,138 54,294 26,356 13,154 Total debt 175,003 43,822 36,338 16,641 6,428 Series A convertible preferred stock 25,316 -- -- -- -- Stockholders' equity 91,328 30,549 9,238 6,235 5,817 OPERATING DATA: Number of facilities 24 5 4 -- -- Number of licensed beds 3,128 699 489 -- -- Admissions 35,824 14,737 3,027 -- -- Patient days 678,506 145,575 30,511 -- -- Average length of stay 19 10 10 -- -- -------------------------------------------------------------------------------------------------
(1) Refer to the notes to the consolidated financial statements regarding the non-amortization provisions of goodwill for transactions completed subsequent to June 30, 2001 and effective for fiscal years ending after December 15, 2001. (2) Refer to the notes to the consolidated financial statements regarding our adoption of Statement of Financial Accounting Standards No. 145, Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections ("SFAS 145"). As a result of our adoption of SFAS 145, we have reclassified certain losses on refinancing of long-term debt previously reported as an extraordinary item to a component of income from continuing operations.