U.S. Physical Therapy Reports Q4 EPS of $0.28 vs. $0.25

U.S. Physical Therapy, Inc. USPH today reported results for the fourth quarter and year ended December 31, 2010. U.S. Physical Therapy’s net income for the quarter ended December 31, 2010 increased 81% to $4.1 million from $2.3 million in the fourth quarter of 2009. Diluted earnings per share rose to $.35 from $.19. Included in the quarterly results was a positive adjustment in the income tax provision of $.8 million, or $.07 per diluted share. Excluding the tax adjustment earnings per share would have been $.28. Net revenue increased 5.8% from $50,416,000 in the fourth quarter of 2009 to $53,327,000 in the fourth quarter of 2010, due to an increase in average net patient revenue per visit of $3.44, or 3.3%, from $103.92 to $107.36 and an increase of 1.7% in patient visits from 469,000 to 478,000.