Revenues for the six months ended
Additionally, our Board of Directors declared a regular quarterly cash dividend of
The Company will host a conference call on
Cautionary Statement Regarding Forward-Looking Statements
This release and any schedules incorporated by reference into it may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, which are not historical facts but rather are based on current expectations, estimates and projections about our business and industry, our beliefs and assumptions. Words such as "believes," "anticipates," "plans," "expects," "will," "goal," and similar expressions are intended to identify forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Such
forward-looking information is also subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, risks arising from our providing services exclusively to the health care industry, primarily providers of long-term care; credit and collection risks associated with this industry; one client accounting for approximately 9% of revenues in the six month period ended
In addition, we believe that to improve our financial performance we must continue to obtain service agreements with new clients, provide new services to existing clients, achieve modest price increases on current service agreements with existing clients and maintain internal cost reduction strategies at our various operational levels. Furthermore, we believe that our ability to sustain the internal development of managerial personnel is an important factor impacting future operating results and successfully executing projected growth strategies.
HEALTHCARE SERVICES GROUP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended
June 30,
2011 2010
-------------- -------------
Revenues $ 211,507,000 $ 192,954,000
Operating costs and expenses:
Cost of services provided 181,742,000 165,240,000
Selling, general and administrative 15,511,000 13,150,000
-------------- -------------
Income from operations 14,254,000 14,564,000
Other income (loss):
Investment and interest income (loss) 463,000 (383,000)
-------------- -------------
Income before income taxes 14,717,000 14,181,000
Income taxes 4,889,000 5,460,000
-------------- -------------
Net income $ 9,828,000 $ 8,721,000
============== =============
Basic earnings per common share $ .15 $ .13
============== =============
Diluted earnings per common share $ .15 $ .13
============== =============
Cash dividends per common share $ .16 $ .15
============== =============
Basic weighted average number of common shares
outstanding 66,517,000 65,948,000
============== =============
Diluted weighted average number of common
shares outstanding 67,545,000 66,978,000
============== =============
HEALTHCARE SERVICES GROUP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
For the Six Months Ended
June 30,
2011 2010
-------------- --------------
Revenues $ 419,897,000 $ 376,755,000
Operating costs and expenses:
Cost of services provided 361,727,000 323,812,000
Selling, general and administrative 32,291,000 27,051,000
-------------- --------------
Income from operations 25,879,000 25,892,000
Other income:
Investment and interest income 1,177,000 366,000
-------------- --------------
Income before income taxes 27,056,000 26,258,000
Income taxes 9,461,000 10,109,000
-------------- --------------
Net income $ 17,595,000 $ 16,149,000
============== ==============
Basic earnings per common share $ .26 $ .25
============== ==============
Diluted earnings per common share $ .26 $ .24
============== ==============
Cash dividends per common share $ .31 $ .29
============== ==============
Basic weighted average number of common shares
outstanding 66,459,000 65,898,000
============== ==============
Diluted weighted average number of common
shares outstanding 67,499,000 66,983,000
============= =============
HEALTHCARE SERVICES GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2011 December 31, 2010
------------------ ------------------
Cash and cash equivalents $ 35,498,000 $ 39,692,000
Marketable securities, net 40,782,000 43,437,000
Accounts receivable, net 117,204,000 108,426,000
Other current assets 27,566,000 30,220,000
------------------ ------------------
Total current assets 221,050,000 221,775,000
Property and equipment, net 8,178,000 6,656,000
Notes receivable- long term, net 3,793,000 5,055,000
Goodwill, net 16,955,000 16,955,000
Other Intangible Assets, net 6,326,000 7,262,000
Deferred compensation funding 13,462,000 12,080,000
Other assets 9,125,000 8,151,000
------------------ ------------------
Total Assets $ 278,889,000 $ 277,934,000
================== ==================
Accrued insurance claims- current $ 5,878,000 $ 5,076,000
Other current liabilities 31,326,000 35,455,000
------------------ ------------------
Total current liabilities 37,204,000 40,531,000
Accrued insurance claims- long term 13,715,000 11,845,000
Deferred compensation liability 13,728,000 12,479,000
Stockholders' equity 214,242,000 213,079,000
------------------ ------------------
Total Liabilities and Stockholders'
Equity $ 278,889,000 $ 277,934,000
================== ==================
Company Contact:Daniel P. McCartney Chairman and Chief Executive Officer 215-639-4274
Source:
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