PHC, INC. AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||
(Unaudited) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
March 31, | March 31, | ||||||||
2011 | 2010 | 2011 | 2010 | ||||||
Revenues: | |||||||||
Patient care, net | $ | 14,061,773 | $ | 12,692,869 | $ | 41,971,221 | $ | 36,452,909 | |
Contract support services | 1,393,862 | 839,305 | 3,187,772 | 2,591,256 | |||||
Total revenues | 15,455,635 | 13,532,174 | 45,158,993 | 39,044,165 | |||||
Operating expenses: | |||||||||
Patient care expenses | 7,653,245 | 6,576,086 | 22,098,067 | 19,454,431 | |||||
Cost of contract support services | 1,019,957 | 733,603 | 2,543,115 | 2,202,584 | |||||
Provision for doubtful accounts | 684,904 | 547,810 | 2,348,205 | 1,476,128 | |||||
Administrative expenses | 5,121,327 | 4,893,235 | 15,228,490 | 14,259,979 | |||||
Legal settlement | 446,320 | -- | 446,320 | -- | |||||
Total operating expenses | 14,925,753 | 12,750,734 | 42,664,197 | 37,393,122 | |||||
Income from operations | 529,882 | 781,440 | 2,494,796 | 1,651,043 | |||||
Other income (expense): | |||||||||
Interest income | 86,215 | 39,023 | 185,626 | 101,130 | |||||
Other income (expense) | (179,335) | 18,260 | (91,821) | 141,921 | |||||
Interest expense | (72,971) | (80,520) | (234,912) | (241,998) | |||||
Total other income (expense) | (166,091) | (23,237) | (141,107) | 1,053 | |||||
Income before provision for income taxes | 363,791 | 758,203 | 2,353,689 | 1,652,096 | |||||
Provision for income tax | 299,266 | 289,031 | 1,107,563 | 671,081 | |||||
Net income | $ | 64,525 | $ | 469,172 | $ | 1,246,126 | $ | 981,015 | |
Basic net income per common share | $ | -- | $ | 0.02 | $ | 0.06 | $ | 0.05 | |
Basic weighted average number of shares outstanding | 19,500,873 | 19,762,241 | 19,498,579 | 19,854,099 | |||||
Diluted net income per common share | $ | -- | $ | 0.02 | $ | 0.06 | $ | 0.05 | |
Diluted weighted average number of shares outstanding | 19,872,067 | 19,861,449 | 19,692,400 | 19,963,141 | |||||
