EX-99.1 3 g04518exv99w1.htm EX-99.1 RE-ISSUED FORM 10-K, ITEM 6. - SELECTED FINANCIAL DATA Ex-99.1
 

Exhibit 99.1
Item 6. Selected Financial Data.
     The selected financial data presented below for the years ended December 31, 2005, 2004 and 2003, and at December 31, 2005 and December 31, 2004, 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, 2002 and 2001, and at December 31, 2003, 2002 and 2001, 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,
                                         
    2005     2004     2003     2002     2001  
    (In thousands, except per share amounts)  
Income Statement Data:
                                        
Revenue
   $ 715,324     $ 470,969     $ 277,575     $ 113,912     $ 43,999  
Costs and expenses:
                                        
Salaries, wages and employee benefits
     392,309       254,897       142,292       62,326       26,183  
Other operating expenses
     202,149       143,560       95,025       35,716       11,322  
Provision for doubtful accounts
     13,498       10,794       6,312       3,681       662  
Depreciation and amortization
     14,738       9,808       5,707       1,770       945  
Interest expense
     27,056       18,964       14,778       5,564       2,660  
Other expenses (1)
     21,871       6,407       5,271       178       1,237  
 
                              
Total costs and expenses
     671,621       444,430       269,385       109,235       43,009  
 
                              
Income from continuing operations before income taxes
     43,703       26,539       8,190       4,677       990  
Provision for (benefit from) income taxes
     16,836       10,085       3,477       (1,007 )     —  
 
                              
Income from continuing operations
   $ 26,867     $ 16,454     $ 4,713     $ 5,684     $ 990  
 
                              
Net income
   $ 27,154     $ 16,801     $ 5,216     $ 5,684     $ 2,578  
 
                              
Basic earnings per share from continuing operations
   $ 0.60     $ 0.54     $ 0.23     $ 0.47     $ 0.10  
 
                              
Basic earnings per share
   $ 0.61     $ 0.55     $ 0.26     $ 0.47     $ 0.26  
 
                              
Shares used in computing basic earnings per share
     44,792       29,140       16,740       12,222       10,020  
Diluted earnings per share from continuing operations
   $ 0.58     $ 0.47     $ 0.20     $ 0.43     $ 0.09  
 
                              
Diluted earnings per share
   $ 0.59     $ 0.48     $ 0.22     $ 0.43     $ 0.24  
 
                              
Shares used in computing diluted earnings per share from continuing operations
     46,296       35,146       23,498       13,972       10,618  
     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 eight contracts to manage state-owned facilities in Florida. We exited three contracts during 2006, two contracts during 2005 and three contracts during 2004. In 2006, we also sold a therapeutic boarding school.

 

 

Psychiatric Solutions, Inc.
Selected Financial Data (continued)
As of and for the Years Ended December 31,
                                         
    2005   2004   2003   2002   2001
    (In thousands, except operating data)
Balance Sheet Data:
                                        
Cash
   $ 54,700     $ 33,451     $ 44,948     $ 2,392     $ 1,262  
Working capital (deficit)
     138,844       39,843       66,446       2,369       (3,624 )
Property and equipment, net
     378,162       217,927       149,275       33,547       17,980  
Total assets
     1,175,031       496,684       346,202       90,138       54,294  
Total debt
     482,389       174,336       175,003       43,822       36,338  
Series A convertible preferred stock
     —       —       25,316       —       —  
Stockholders’ equity
     539,712       244,515       91,328       30,549       9,238  
 
                                        
Operating Data:
                                        
Number of facilities
     55       34       24       5       4  
Number of licensed beds
     6,389       4,295       3,128       699       489  
Admissions
     77,097       49,484       26,278       14,737       3,027  
Patient days
     1,392,877       996,840       525,055       145,575       30,511  
Average length of stay
     18       20       20       10       10  
 
(1)   As a result of 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, 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 for the year ended December 31, 2001.