0000885978-16-000024.txt : 20160303 0000885978-16-000024.hdr.sgml : 20160303 20160303081255 ACCESSION NUMBER: 0000885978-16-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20160303 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160303 DATE AS OF CHANGE: 20160303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: U S PHYSICAL THERAPY INC /NV CENTRAL INDEX KEY: 0000885978 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HEALTH SERVICES [8000] IRS NUMBER: 760364866 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11151 FILM NUMBER: 161479581 BUSINESS ADDRESS: STREET 1: 1300 WEST SAM HOUSTON PARKWAY STREET 2: SUITE 300 CITY: HOUSTON STATE: TX ZIP: 77043 BUSINESS PHONE: 7132977000 MAIL ADDRESS: STREET 1: 1300 WEST SAM HOUSTON PARKWAY STREET 2: SUITE 300 CITY: HOUSTON STATE: TX ZIP: 77043 8-K 1 form8-k.htm
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 3, 2016
 
 
U.S. PHYSICAL THERAPY, INC.
(Exact name of registrant as specified in its charter)
 
 
 
         
Nevada
 
1-11151
 
76-0364866
(State or other jurisdiction
of incorporation or organization)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
     
1300 West Sam Houston Parkway South,
Suite 300, Houston, Texas
 
77042
(Address of Principal Executive Offices)
 
(Zip Code)
Registrant's telephone number, including area code: (713) 297-7000
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 



ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL RESULTS
On March 3, 2016, U.S. Physical Therapy, Inc. (the "Company") reported its results for the fourth quarter and year ended December 31, 2015 and will hold a conference call with investors at 9:30 Central Time on March 3. During the conference call, Adjusted EBITDA, a non-GAAP financial measure, for the three months and year ended December 31, 2015 will be discussed.
The following table reconciles adjusted net income attributable to common shareholders, the most directly comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), to Adjusted EBITDA. Management believes providing Adjusted EBITDA to investors is useful information for comparing the Company's period-to-period results.  Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense.
Adjusted EBITDA is not a measure of financial performance under GAAP. Items used to compute Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income attributable to common shareholders or net income including noncontrolling interests data presented in the consolidated financial statements as indicators of financial performance. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP, and is thus susceptible to varying calculations, this measurement may not be comparable to other similarly titled measures of other companies.

For the three months ended December 31, (in thousands):
        
   
2015
    
2014
  
         
Net revenues
  
$
86,724
    
$
79,390
  
                 
Net income attributable to U. S. Physical Therapy, Inc.
    
5,991
      
4,977
  
                 
Adjustments:
                
Depreciation and amortization
    
2,296
      
2,058
  
Interest, net (income) / expense
    
233
      
251
  
Noncontrolling interests
    
2,368
      
2,286
  
Equity grant expense
    
1,123
      
907
  
Provision for income taxes
    
4,019
      
3,241
  
                 
Adjusted EBITDA from operations including noncontrolling interests
    
16,030
      
13,720
  
                 
Noncontrolling interests
    
(2,368
)
    
(2,286
)
                 
Adjusted EBITDA
  
$
13,662
    
$
11,434
  
                 



 
For the year ended December 31, (in thousands):
        
   
2015
    
2014
  
         
Net revenues
  
$
331,302
    
$
305,074
  
                 
Net income attributable to U. S. Physical Therapy, Inc.
    
22,279
      
20,853
  
                 
Adjustments:
                
Depreciation and amortization
    
7,952
      
6,740
  
Interest, net (income) / expense
    
950
      
1,070
  
Noncontrolling interests
    
9,412
      
9,571
  
Equity grant expense
    
4,491
      
3,363
  
Provision for income taxes
    
14,653
      
14,274
  
                 
Adjusted EBITDA from operations including noncontrolling interests
    
59,737
      
55,871
  
                 
Noncontrolling interests
    
(9,412
)
    
(9,571
)
                 
Adjusted EBITDA
  
$
50,325
    
$
46,300
  
                 

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 
 
 
ITEM 9.01
 
 
 
FINANCIAL STATEMENTS AND EXHIBITS
 
     
Exhibits
  
Description of Exhibits
   
None
  
  
 

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
             
 
 
  
 
U.S. PHYSICAL THERAPY, INC.
       
Dated: March 3, 2016
 
  
 
By:
 
/s/ LAWRANCE W. MCAFEE
 
 
  
 
  
 
Lawrance W. McAfee
 
 
  
 
  
 
Chief Financial Officer
 
 
  
 
  
 
(duly authorized officer and principal financial and accounting officer)