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Providence Service Corp (PRSC.O)

PRSC.O on Nasdaq

36.10USD
2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Providence Service Corp & Frazier Healthcare Partners announce strategic partnership in Matrix Medical Network
Monday, 29 Aug 2016 07:30am EDT 

Providence Service Corp : Providence Service Corporation and Frazier Healthcare Partners announce strategic partnership in Matrix Medical Network . Transaction values matrix at $537.5 million . Providence to receive gross cash proceeds of approximately $418 million . Following closing of transaction, Co will retain a 40% equity interest in matrix,have representatives on Matrix's board . Expects to recognize a pre-tax gain as a result of transaction in range of $125 million to $150 million in q4 of 2016 . Frazier will own a 60% equity interest in matrix medical network . Cash proceeds to co include term loan underwritten by SunTrust Robinson humphrey, Frazier's subscription for 60% equity interest .Intends to use a portion of cash proceeds to repay in full its term loan and swingline credit facilities.  Full Article

Providence Service Q2 adjusted non-gaap earnings per share $0.70
Monday, 1 Aug 2016 05:10pm EDT 

Providence Service Corp : Q2 adjusted non-gaap earnings per share $0.70 . Q2 earnings per share $0.21 from continuing operations . Providence service corporation reports second quarter 2016 results .Q2 revenue rose 7.7 percent to $450.6 million.  Full Article

Providence Service Corp announces share repurchase program
Monday, 9 Nov 2015 04:40pm EST 

Providence Service Corp:Board of Directors has approved a new stock repurchase program for up to $70.0 million of its common stock over the next 12 months.  Full Article

Providence Service Corp completes sale of Providence Human Services and Providence Community Services
Monday, 2 Nov 2015 08:30am EST 

Providence Service Corp:Completes its definitive agreement to sell all the outstanding ownership interests of Providence Human Services, LLC (PHS) and Providence Community Services, LLC (PCS), both wholly owned subsidiaries of The Providence Service Corporation, to Molina Healthcare, Inc.  Full Article

Providence Service Corporation named David Shackelton as the Co's CFO
Thursday, 1 Oct 2015 04:05pm EDT 

Providence Service Corporation:Named David Shackelton as the Company's new Chief Financial Officer, effective immediately.Shackelton has served as Interim Chief Financial Officer since August 2015 and succeeds James M. Lindstrom in this position.  Full Article

Providence Service Corporation declared a cash dividend on its 5.5%/8.5% Series A convertible preferred stock
Thursday, 3 Sep 2015 04:05pm EDT 

Providence Service Corporation:Declared a cash dividend on its 5.5%/8.5% Series A convertible preferred stock.Payable on October 1, 2015 to holders of record on September 15, 2015.The dividend will be paid at a rate of 5.5% per annum, which is equal to approximately $1.38630 per share of convertible preferred stock.  Full Article

Molina Healthcare Inc to Acquire Providence Service Corp's Providence Human Services and Providence Community Services
Thursday, 3 Sep 2015 09:04am EDT 

Molina Healthcare Inc and Providence Service Corp:Parties have entered into definitive agreement whereby Molina Healthcare will acquire all outstanding ownership interests of Providence Human Services, LLC (PHS) and Providence Community Services, LLC (PCS), both wholly owned subsidiaries of The Providence Service Corporation.Under terms of the acquisition agreement, Molina will pay Providence Service Corporation about $200 million upon closing of transaction.Molina intends to fund the transaction with available cash on its balance sheet.transaction is expected to close during fourth quarter of 2015, subject to regulatory approvals and the satisfaction of other closing conditions.Providence intends to use 50% of net cash proceeds from the transaction to prepay certain loans under its existing credit facility.Molina Healthcare's financial advisor is UBS Investment Bank and its legal advisor is Sheppard Mullin Richter & Hampton LLP.Providence Service Corporation's financial advisor is Moelis & Company LLC and its legal advisor is Paul Hastings LLP.  Full Article

Providence Service Corp appoints James M. Lindstrom as Chief Executive Officer
Thursday, 6 Aug 2015 04:39pm EDT 

Providence Service Corp:Appointed James M. Lindstrom as President and Chief Executive Officer and a member of the Board of Directors, effective immediately.  Full Article

Providence Service Corp declares cash dividend
Thursday, 4 Jun 2015 04:05pm EDT 

Providence Service Corp:Declares cash dividend on 5.5 pct /8.5 pct Series A convertible preferred stock.Payable on July 1, to holders of record as of June 15.  Full Article

Providence Service Corporation announces CEO transition plan
Monday, 11 May 2015 05:00pm EDT 

Providence Service Corporation:Says Chief Executive Officer Warren Rustand has informed the Providence Board of Directors that he will be stepping down from his role as the CEO and as a Board Director.Providence's Chairman, Chris Shackelton, will assume the CEO role on an interim basis until a replacement is named.Says a transition of Rustand's responsibilities as CEO has commenced, with a formal title change anticipated to occur on June 1.Says Providence Board has engaged Heidrick & Struggles International, Inc. to conduct a broad and comprehensive search for a full time CEO replacement.Says search is expected to be completed over the next few months.Rustand has agreed to remain with the Company as a Senior Advisor for the remainder of 2015.  Full Article

BRIEF-Providence Service Corp reports Q3 earnings per share $0.13 from continuing operations

* New $100 million share repurchase program is currently company's only outstanding repurchase program