Key Developments For The Providence Service Corporation
The Providence Service Corporation (PRSC.O) (Nasdaq)
The Providence Service Corporation's LogistiCare Subsidiary Announces Non-Emergency Medical Transportation Contracts Worth Over $11 Million Annually in Florida
The Providence Service Corporation announced that its LogistiCare subsidiary, has received notice of award from the State of Florida Commission for the Transportation Disadvantaged to provide Medicaid non-emergency transportation services to both Miami-Dade and Volusia Counties. The award, estimated to be worth $14 million in revenue over the initial 18 month term, is subject to finalized contracts and various processing procedures. The renewal has an initial value of $11 million and a contract period of January 1, 2010 through June 30, 2011, for an effective annual contract value of approximately $9.3 million. There is also the potential for three additional one-year renewals.
The Providence Service Corporation Reaffirms Q4 2009 Guidance; Revises FY 2009 EPS Guidance; Reaffirms FY 2009 Revenue Guidance
The Providence Service Corporation reaffirmed fourth quarter 2009 guidance for revenue of between $209 and $215 million and diluted earnings per share (EPS) of $0.33 to $0.35. For fiscal 2009, with the inclusion of a non-recurring tax benefit of $1.4 million, or $0.11 per diluted share, earnings per diluted share should be in the range of $1.51 to $1.53 on revenue of $794 to $800 million. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $0.33 for the fourth quarter of 2009.
The Providence Service Corporation's Workforce Development Subsidiary Receives $7 to $8 Million Annual Contract For City of Detroit
The Providence Service Corporation announced that Detroit, Michigan based Ross Innovative Employment Solutions, part of Providence's wholly owned workforce development subsidiary, Providence Community Services, Inc., was awarded an annual $7 to $8 million contract by the Detroit Workforce Development Department, a Michigan Works! Agency, for the oversight and operation of several One Stop Service Centers in the city. Under the contract, Ross will operate four One-Stop Service Centers and a mobile unit for the city of Detroit. The centers are designed to meet the needs of both the business community and job seekers. Ross will provide job seekers, including dislocated workers from industries such as automotive, education, government and manufacturing, with soft skills employability workshops, referrals to vocational and professional training, career guidance and job placement. Each center provides the opportunity for laid off workers to file their unemployment claim and place their resume on the talent bank. Other customers are expected to include the underemployed, displaced homemaker, returning citizens, veterans, persons with disabilities, older youth, and older workers. For the local business community, Ross will provide access to a full range of local workforce development services including labor market information, advertisement support, application prescreening, assessments, job matching and placements, as well as on-the-job training and incumbent worker training.
The Providence Service Corporation Issues Q3 2009 Outlook Above Analysts' Estimates; Issues Q4, FY 2009 Outlook; Revenue Outlook Above Analysts' Estimates
The Providence Service Corporation announced that for the third quarter of 2009, it expects diluted earnings per share (EPS) to be $0.20 to $0.22 on revenue of approximately $207 million. For the fourth quarter of 2009, the Company anticipates revenue of between $209 and $215 million and diluted EPS of $0.33 to $0.35. For fiscal 2009, the Company expects earnings per diluted share to be in the range of $1.37 to $1.41 on revenue of $794 to $800 million. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $0.19 on revenue of $196 million for the third quarter of 2009; EPS of $0.35 on revenue of $205 million for the fourth quarter of 2009; and EPS of $1.37 on revenue of $766 million for fiscal 2009.
The Providence Service Corporation Issues Q2 2009 EPS Outlook In Line With Analysts' Estimates
The Providence Service Corporation announced that for second quarter of 2009, it expects to report earnings per share (EPS) of at least $0.36. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.38 for the same period.
