Providence Service Corp (PRSC) Offers Weak Q4 and FY11 Preliminary Results
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Price: $155.58 --0%
Financial Fact:
Operating income: 9.79M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Operating income: 9.79M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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The Providence Service Corporation (Nasdaq: PRSC) today announced that while its 2011 earnings per share is expected to be above expectations due to a gain related to an acquisition retroactively recognized in Q2 2011, fourth quarter operating results are anticipated to be below prior guidance.
Revenue for the fourth quarter of 2011 is expected to be approximately $244 million, with earnings per diluted share of between $0.22 and $0.24. Results are subject to the year end audit. The Street is forecasting EPS of $0.31 and $246.43 million.
This compares to prior guidance which forecasted revenue to be in the range of $245 to $250 million and diluted earnings per share of between $0.30 and $0.32. In the fourth quarter of 2010, revenue was $219 million and diluted earnings per share was $0.33.
For the full year, revenue is expected to be approximately $943 million, with earnings per diluted share of between $1.27 and $1.29, including the gain related to an acquisition. The Street is estimating EPS of $1.24 on $944.99 million in sales.
Providence previously anticipated revenue for 2011 of between $944 and $949 million and earnings per diluted share of between $1.15 and $1.17 including the non-cash charge of approximately $2.5 million, or $0.11 per share, related to the write-off of unamortized deferred financing fees of its senior credit facility. In 2010, Providence reported revenue of $879.7 million and diluted earnings per share of $1.78.
Included in the fourth quarter of 2011 was an unanticipated $1.1 million expense in the NET insurance captive that ceased to write auto insurance policies in 2011 and shortfalls in certain social services markets during their transition to managed care. Earnings for the year are expected to include a gain of $2.7 million, or $0.20 per share, from a June 2011 acquisition due to the fair value of net assets acquired exceeding the purchase price of the business.
Revenue for the fourth quarter of 2011 is expected to be approximately $244 million, with earnings per diluted share of between $0.22 and $0.24. Results are subject to the year end audit. The Street is forecasting EPS of $0.31 and $246.43 million.
This compares to prior guidance which forecasted revenue to be in the range of $245 to $250 million and diluted earnings per share of between $0.30 and $0.32. In the fourth quarter of 2010, revenue was $219 million and diluted earnings per share was $0.33.
For the full year, revenue is expected to be approximately $943 million, with earnings per diluted share of between $1.27 and $1.29, including the gain related to an acquisition. The Street is estimating EPS of $1.24 on $944.99 million in sales.
Providence previously anticipated revenue for 2011 of between $944 and $949 million and earnings per diluted share of between $1.15 and $1.17 including the non-cash charge of approximately $2.5 million, or $0.11 per share, related to the write-off of unamortized deferred financing fees of its senior credit facility. In 2010, Providence reported revenue of $879.7 million and diluted earnings per share of $1.78.
Included in the fourth quarter of 2011 was an unanticipated $1.1 million expense in the NET insurance captive that ceased to write auto insurance policies in 2011 and shortfalls in certain social services markets during their transition to managed care. Earnings for the year are expected to include a gain of $2.7 million, or $0.20 per share, from a June 2011 acquisition due to the fair value of net assets acquired exceeding the purchase price of the business.
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