Exhibit 99.1
PHC, INC.
REVISED FINANCIAL INFORMATION
FISCAL YEAR 2006 AND FOURTH QUARTER
FOR IMMEDIATE RELEASE
Company Contact: Investor Relations Contact:
__________________ ____________________________
PHC, Inc. Hayden Communications, Inc.
Bruce A. Shear Matt Hayden or Brett Maas
978-536-2777 843-272-4653
In preparation of the Company's annual report on 10-K the Company found a
miscalculation in the deferred tax asset which resulted in an increase in
deferred tax benefit and related increases in total assets, stockholders equity
and net income of $213,447 resulting in increased earnings per share of $.01.
Key Financial Indicators
(all numbers in thousands, except per-share amounts)
Increase
Q4 2006 Q4 2005 (decrease) % Change
_______ _______ __________ _________
Consolidated revenues $10,412 $9,273 $1,139 12.3%
Patient care revenues $ 7,391 $7,191 $ 200 2.8%
Pharmaceutical study
revenues $ 1,886 $1,125 $ 761 67.6%
Contract support service
revenues $ 1,135 $ 957 $ 178 18.6%
Income from operations $ 921 $1,040 $ (119) (11.4%)
Net Income $ 2,364 $1,091 $1,273 116.7%
Earnings per share -
Basic $ 0.13 $ 0.06 $ 0.07 116.7%
Earnings per share -
Diluted $ 0.12 $ 0.06 $ 0.06 100.0%
(all numbers in thousands, except per-share amounts)
Increase
FY 2006 FY 2005 (decrease) % Change
_______ _______ __________ _________
Consolidated revenues $38,013 $34,063 $3,950 11.6%
Patient care revenues $27,862 $26,087 $1,775 6.8%
Pharmaceutical study
revenues $ 5,799 $ 4,509 $1,290 28.6%
Contract support service
revenues $ 4,352 $ 3,467 $ 885 25.5%
Income from operations $ 3,184 $ 3,587 $( 403) (11.2%)
Net Income $ 4,045 $ 3,156 $ 889 28.2%
Earnings per share -
Basic $ 0.22 $ 0.18 $ 0.04 22.2%
Earnings per share -
Diluted $ 0.21 $ 0.17 $ 0.04 23.5%
Net income for the three months was $2.4 million, or $0.12 per fully diluted
share (based on 19.2 million fully diluted shares) compared to net income of
$1.0 million, or $0.06 per fully diluted share (based on 18.3 million shares)
for the fourth quarter last year. The Company's income tax benefit was $1.5
million, or $.08 per share, for the quarter, versus $171,892 in the fourth
quarter last year due to the recognition of the Company's net operating loss
carry-forward at June 30, 2006.
The Company's balance sheet reported a current ratio of 2.1:1 on June 30, 2006.
Stockholders' equity increased 47.8 percent to $135 million on June 30, 2006
from $9.1 million on June 30, 2005.
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About Pioneer Behavioral Health
Pioneer Behavioral Health operates companies that provide inpatient and
outpatient behavioral health care services, clinical research, and Internet-and
telephonic-based referral services. The Companies contract with national
insurance companies, government payors, and major transportation and gaming
companies, among others, to provide such services. For more information, please
visit www.phc-inc.com or www.haydenir.com.
Statement under the Private Securities Litigation Reform Act of 1995:
This press release may include "forward-looking statements" that are subject to
risks and uncertainties. Forward-looking statements include information about
possible or assumed future results of the operations or the performance of the
Company and its future plans and objectives. Various future events or factors
may cause the actual results to vary materially from those expressed in any
forward-looking statements made in this press release. For a discussion of these
factors and risks, see the Company's annual report on Form 10-K for the most
recently ended fiscal year.
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