Exhibit 99.2 Correction to the information provided in PHC, Inc. press release dated September 25, 2007 The company's cash and cash equivalents totaled $3.4 million at June 30, 2007, an increase from $1.6 million at the end of the previous fiscal year. Total net receivables from patient care at 2007 fiscal year end was $6.6 million, a decrease of 6% from $7.0 million at the previous year end. The balance sheet current ratio was 1.96:1 at June 30, 2007. Stockholders' equity increased 36% to a record $18.3 million at June 30, 2007 from $13.5 million at the end of the previous year. 4 PHC, INC. AND SUBSIDIARIES Consolidated Balance Sheets June 30, 2007 2006 __________ __________ ASSETS Current assets: Cash and cash equivalents $3,395,173 $1,820,105 Accounts receivable, net of allowance for doubtful accounts of $3,764,585 and $3,100,586 at June 30, 2007 and 2006, respectively 6,524,387 6,955,475 Pharmaceutical research receivables 1,942,268 1,470,019 Prepaid expenses 688,600 490,655 Other receivables and advances 868,628 751,791 Deferred tax assets 2,015,000 2,841,000 __________ __________ Total current assets 15,434,056 14,329,045 __________ __________ Accounts receivable, non-current 35,000 40,000 Other receivables 91,697 53,457 Property and equipment, net 2,121,191 1,799,888 Deferred financing costs, net of amortization of $150,124 and $106,422 at June 30, 2007 and 2006, respectively 613,865 117,023 Customer relationships, net of amortization of $380,000 and $260,000 at June 30, 2007 and 2006, respectively 2,020,000 2,140,000 Goodwill 3,508,576 2,664,643 Other assets 3,465,356 571,931 __________ __________ Total assets $27,289,741 $21,715,987 =========== =========== LIABILITIES Current liabilities: Accounts payable $1,261,841 $1,509,659 Current maturities of long-term debt 1,134,300 918,013 Revolving credit note 1,518,742 1,603,368 Deferred revenue 433,301 385,742 Current portion of obligations under capital leases 205,858 57,881 Accrued payroll, payroll taxes and benefits 1,631,693 1,619,672 Accrued expenses and other liabilities 1,702,772 1,026,419 __________ __________ Total current liabilities 7,888,507 7,120,754 Long-term debt, less current maturities 831,387 1,021,546 Obligations under capital leases 226,706 61,912 Deferred tax liabilities 93,000 56,000 __________ __________ Total liabilities 9,039,600 8,260,212 __________ __________ Commitments and contingent liabilities STOCKHOLDERS' EQUITY Preferred stock, 1,000,000 shares authorized, none issued or outstanding -- -- Class A Common Stock, $.01 par value; 30,000,000 shares authorized, 19,622,076 and 17,874,966 shares issued at June 30, 2007 and 2006, respectively 196,221 178,749 Class B Common Stock, $.01 par value; 2,000,000 shares authorized, 775,760 and 775,760 issued and outstanding at June 30, 2007 and 2006, respectively, each convertible into one share of Class A Common Stock 7,758 7,758 Additional paid-in capital 26,812,808 23,718,197 Treasury stock, 199,098 and 199,098 class A common shares at cost at June 30, 2007 and 2006, respectively (191,700) (191,700) Accumulated deficit (8,574,946) (10,257,229) __________ __________ Total stockholders' equity 18,250,141 13,455,775 __________ __________ Total liabilities and stockholders' equity $27,289,741 21,715,987 =========== =========== 5