U S Physical Therapy (USPH) has reported 1.80 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $5.71 million, or $0.46 a share in the quarter, compared with $5.82 million, or $0.47 a share for the same period last year. On an adjusted basis, net profit for the quarter was $6.47 million, when compared with $6.53 million in the last year period.
Revenue during the quarter grew 5.11 percent to $88.34 million from $84.05 million in the previous year period. Gross margin for the quarter contracted 19 basis points over the previous year period to 22.26 percent. Total expenses were 86.35 percent of quarterly revenues, up from 85.78 percent for the same period last year. That has resulted in a contraction of 57 basis points in operating margin to 13.65 percent.
Operating income for the quarter was $12.06 million, compared with $11.95 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $13.11 million compared with $12.85 million in the prior year period. At the same time, adjusted EBITDA margin contracted 44 basis points in the quarter to 14.84 percent from 15.29 percent in the last year period.
Chris Reading, chief executive officer, said about the recent quarter, "While we got off to a slower than expected start in July, visits rebounded sequentially in August and September. Additionally, our development activity is strong and we expect to finish this year with very solid de novo as well as acquisition-related growth."
Operating cash flow improves significantlyU S Physical Therapy has generated cash of $42.03 million from operating activities during the nine month period, up 45.63 percent or $13.17 million, when compared with the last year period. The company has spent $20.34 million cash to meet investing activities during the nine month period as against cash outgo of $21.86 million in the last year period. It has incurred net capital expenditure of $5.58 million on net basis during the nine month period, up 20.76 percent or $0.96 million from year ago period.
The company has spent $22.45 million cash to carry out financing activities during the nine month period as against cash outgo of $0.72 million in the last year period.
Cash and cash equivalents stood at $15.02 million as on Sep. 30, 2016, down 26.92 percent or $5.53 million from $20.56 million on Sep. 30, 2015.
Working capital decreases marginally
U S Physical Therapy has witnessed a decline in the working capital over the last year. It stood at $40.24 million as at Sep. 30, 2016, down 4.88 percent or $2.06 million from $42.30 million on Sep. 30, 2015. Current ratio was at 2.53 as on Sep. 30, 2016, down from 2.98 on Sep. 30, 2015.
Days sales outstanding were almost stable at 40 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding was almost stable at 2 days for the quarter, when compared with the previous year period.
Debt comes downU S Physical Therapy has recorded a decline in total debt over the last one year. It stood at $41.53 million as on Sep. 30, 2016, down 15.40 percent or $7.56 million from $49.09 million on Sep. 30, 2015. Total debt was 13.40 percent of total assets as on Sep. 30, 2016, compared with 17.78 percent on Sep. 30, 2015. Debt to equity ratio was at 0.19 as on Sep. 30, 2016, down from 0.26 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 36.98 for the quarter from 46.86 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
