U.S. Physical Therapy Makes Seven Clinic Acquisition; Raises 2912 EPS Guidance to $1.47-1.54 vs $1.43-1.51 Prior Guidance
U.S. Physical Therapy, Inc. (NASDAQ: USPH) has acquired a majority interest in a seven clinic physical therapy group. The practice currently sees approximately 45,000 patient visits per year and produces over $5 million in annual revenue. The purchase price for U.S. Physical Therapy's 70% acquired interest was $6,340,000 which was financed with borrowings under the Company's credit line and a seller note.
In conjunction with the acquisition, the Company is increasing its earnings guidance for the year 2012 to be in the range of $17.3 million to $18.3 million in net income and $1.47 to $1.54 in diluted earnings per share. Prior guidance was for diluted earnings per share of $1.43 to $1.51. The new annual earnings guidance range represents projected net income from existing operations and excludes additional potential future acquisitions. The Company does not provide quarterly earnings guidance. The annual guidance figures will not be updated unless there is a material development that causes management to believe that earnings will be significantly outside the given range.
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