Boston, MA 03/06/2014 (wallstreetpr) – U.S Physical Therapy, Inc. (NYSE:USPH) reported its fourth quarter and full year results for the period ending December 31, 2013, in which earnings per share came in at $0.32 falling short of analyst’sestimates of $0.35. Total revenue for the fourth quarter came in at $62.38 million also falling short of consensus estimates of $65.33 million
Net income from continuing operations for the quarter came in at $3.9 million representing earnings per diluted share of $0.32 while earnings for full year clocked in at $17.5 million or per diluted shares of $1.45.
Fourth quarter financials
U.S Physical Therapy, Inc. (NYSE:USPH) saw its fourth quarter revenues surge to highs of $68 million as compared to $62 million reported in the same quarter a year ago, this was an increase of 10%. The surge in net revenue for the quarter was mainly as a result of an in increase of 11.1% on patient visits which reached highs of 638,000 from 574,000.
Total clinic operating costs for the fourth quarter stood at $52 million representing 76.5% of the total revenue an increase, from $48 million reported for the same quarter a year ago. The increase in operating costs was as a result of the opening of new clinics which incurred $4.4 million in operating costs. The fourth quarter results also includes a pretax charge of $850,000.
U.S Physical Therapy, Inc. (NYSE:USPH) gross margin for the fourth quarter increased to 16.14 million an increase 12.2% from 14.4 million reported in the fourth quarter of 2012. U.S Physical Therapy corporate costs for the quarter came in at $6.8 million against $6.1 million for the fourth quarter of 2012. The corporate costs represented 9.9% of the total revenue for the quarter and 9.7% for 2012.
Full year results
U.S Physical Therapy, Inc. (NYSE:USPH) reported net revenue totaling $264 million for the full year an increase of 5.8% compared to F2012 total revenues of $249 million. The increase in revenue was as a result of an increase in patients visit from 2.3 million to 2.4 million.
Total clinic operating costs for the year clocked in at $199.4 million up from $186.74 million reported in 2012. U.S Physical Therapy, Inc. (NYSE:USPH) gross margin for the full year came in at $64 million compared to $62 million in 2012, with operating income for full year coming in at $38 million.
