Full Press Release Details
Physical Therapy Provides Update on Form 10-K Filing and Announces
Increase in Quarterly Dividend
HOUSTON--(BUSINESS WIRE)--March 31, 2017--U.S. Physical Therapy, Inc.
(NYSE: USPH), announced today that the filing of its Annual Report on
Form 10-K for the year ended December 31, 2016 will not occur until
after the extended March 31, 2017 deadline. The Company also
announced an 18% increase in its regular quarterly dividend.
On March 17, 2017, USPH filed a Form 12b-25, Notification of Late
Filing, with the Securities and Exchange Commission (the "SEC")
regarding its delayed Form 10-K due to management's need for additional
time to complete its review of the appropriate accounting treatment for
redeemable non-controlling interests of its acquired partnerships. At
that time, the Company expected that it would be able to file the Form
10-K within the 15-day extension period provided by Form 12b-25. The
Company has subsequently determined that it will be unable to meet the
15-day extension period deadline. The Company continues to work
diligently to complete the preparation of its consolidated financial
statements in order to be in a position to file its Annual Report on
Form 10-K for the fiscal year ended December 31, 2016 with the SEC as
soon as possible in April.
Increase in Quarterly Dividend
The Company also announced today that it is increasing its quarterly
dividend per share by 18% to $0.20 per quarter in 2017 from $0.17 per
quarter in 2016. The first quarterly dividend of 2017 will be paid on
May 5, 2017 to shareholders of record as of April 17, 2017. The Company
initiated paying quarterly dividends in 2011 and has increased the
amount each year since.
Forward-Looking Statements
This press release contains statements that are considered to be
forward-looking within the meaning under Section 21E of the Securities
Exchange Act of 1934, as amended. These statements contain
forward-looking information relating to the financial condition, results
of operations, plans, objectives, future performance and business of our
Company. These statements (often using words such as "believes",
"expects", "intends", "plans", "appear", "should" and similar words)
involve risks and uncertainties that could cause actual results to
differ materially from those we expect. Included among such statements
may be those relating to new clinics, availability of personnel and the
reimbursement environment. The forward-looking statements are based on
our current views and assumptions and actual results could differ
materially from those anticipated in such forward-looking statements as
a result of certain risks, uncertainties, and factors, which include,
but are not limited to:
the risk that the review for the correction in accounting method for
redeemable non-controlling interests could result in the determination
that the effect of the matters under review are materially greater or
lesser than the Company currently believes;
the risk that the correction in the accounting method for redeemable
non-controlling interests could adversely affect the Company's ability
to make timely filings with the Securities and Exchange Commission;
the risk of damage to the Company's business and reputation arising
from the correction in accounting method for redeemable
non-controlling interests, and potential claims or proceedings
relating to such matters;
changes as the result of government enacted national healthcare reform;
changes in Medicare guidelines and reimbursement or failure of our
clinics to maintain their Medicare certification status;
revenue we receive from Medicare and Medicaid being subject to
potential retroactive reduction;
business and regulatory conditions including federal and state
governmental and other third party payor investigations and audits;
compliance with federal and state laws and regulations relating to the
privacy of individually identifiable patient information, and
associated fines and penalties for failure to comply;
possible legal actions, which could subject us to increased operating
costs and uninsured liabilities;
changes in reimbursement rates or payment methods from third party
payors including government agencies and deductibles and co-pays owed
revenue and earnings expectations;
general economic conditions;
availability and cost of qualified physical and occupational
personnel productivity and retaining personnel;
competitive, economic or reimbursement conditions in our markets which
may require us to reorganize or close certain operations and thereby
incur losses and/or closure costs including the possible write-down or
write-off of goodwill and other intangible assets;
acquisitions, purchase of non-controlling interests (minority
interests) and the successful integration of the operations of the
acquired businesses;
maintaining adequate internal controls;
maintaining necessary insurance coverage;
availability, terms, and use of capital; and
weather and other seasonal factors.
Many factors are beyond our control. Given these uncertainties, you
should not place undue reliance on our forward-looking statements.
Please see our periodic reports filed with the Securities and Exchange
Commission for more information on these factors. Our forward-looking
statements represent our estimates and assumptions only as of the date
of this press release. Except as required by law, we are under no
obligation to update any forward-looking statement, regardless of the
reason the statement is no longer applicable.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 558 outpatient
physical and occupational therapy clinics in 42 states. The Company's
clinics provide preventative and post-operative care for a variety of
orthopedic-related disorders and sports-related injuries, treatment for
neurologically-related injuries and rehabilitation of injured workers.
Besides owning and operating clinics, the Company manages 30 physical
therapy facilities for third parties, including hospitals and physician
groups. The Company also provides onsite services for clients' employees