U.S. Physical Therapy, Inc. (USPH) has reported a 26.97 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $6.04 million, or $0.48 a share in the quarter, compared with $4.76 million, or $0.38 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.11 million, or $0.49 a share compared with $5.96 million or $0.48 a share, a year ago. Revenue during the quarter grew 4.77 percent to $90.86 million from $86.72 million in the previous year period. Gross margin for the quarter contracted 411 basis points over the previous year period to 20.68 percent. Total expenses were 87.94 percent of quarterly revenues, up from 85.46 percent for the same period last year. That has resulted in a contraction of 249 basis points in operating margin to 12.06 percent.
Operating income for the quarter was $10.95 million, compared with $12.61 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $12.56 million compared with $13.66 million in the prior year period. At the same time, adjusted EBITDA margin contracted 193 basis points in the quarter to 13.83 percent from 15.75 percent in the last year period.
Chris Reading, chief executive officer, said, "The year 2016 ended with another solid quarter for same store visit growth and with excellent development activity. For the year we opened, primarily within our top 20 partnerships, the largest number of new de novo locations in the past 10 years, plus added a number of additional facilities through acquisition. Our strong development progress has continued thus far in 2017. We are pleased to be able to get back out to meet with our shareholders and to provide an updated, and current, outlook for our Company."
For fiscal year 2017, U.S. Physical Therapy, Inc. forecasts net income to be in the range of $26 million to $27.30 million. The company projects diluted earnings per share to be in the range of $2.07 to $2.16.
Operating cash flow improves significantly
U.S. Physical Therapy, Inc. has generated cash of $51.05 million from operating activities during the year, up 36.06 percent or $13.53 million, when compared with the last year. The company has spent $32.49 million cash to meet investing activities during the year as against cash outgo of $26.12 million in the last year. It has incurred net capital expenditure of $8.20 million on net basis during the year, up 32.41 percent or $2.01 million from year ago.
The company has spent $14.29 million cash to carry out financing activities during the year as against cash outgo of $9.89 million in the last year period.
Cash and cash equivalents stood at $20.05 million as on Dec. 31, 2016, up 27.06 percent or $4.27 million from $15.78 million on Dec. 31, 2015.
Working capital remains almost stable
Working capital of U.S. Physical Therapy, Inc. remained almost stable for the quarter at $41.35 million, when compared with the previous year period. Current ratio was at 2.68 as on Dec. 31, 2016, down from 3.17 on Dec. 31, 2015.
Days sales outstanding were almost stable at 21 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding was almost stable at 1 days for the quarter, when compared with the previous year period.
Debt moves up
U.S. Physical Therapy, Inc. has witnessed an increase in total debt over the last one year. It stood at $51.82 million as on Dec. 31, 2016, up 5.52 percent or $2.71 million from $49.11 million on Dec. 31, 2015. Total debt was 14.75 percent of total assets as on Dec. 31, 2016, compared with 17.54 percent on Dec. 31, 2015. Debt to equity ratio was at 0.27 as on Dec. 31, 2016, up from 0.25 as on Dec. 31, 2015. Interest coverage ratio improved to 8.29 for the quarter from 4.06 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
