PHC, Inc., d/b/a Pioneer Behavioral Health (NYSE Amex: PHC), a leading provider of inpatient and outpatient behavioral health services, reported financial results for the company's fourth fiscal quarter and year ended June 30, 2009. The results exclude the operations of the company`s research division, Pivotal Research Centers, Inc. ("Pivotal"), which was sold during the 2009 third fiscal quarter and was classified as a discontinued operation.
Total net revenue from continuing operations was $11.7 million for the three months ended June 30, 2009 compared to $11.5 million for the three months ended June 30, 2008. Revenue increased due to higher net patient care revenue, which was partially offset by a decline in contract services revenue.
Net patient care revenue increased to $10.8 million for the three months ended June 30, 2009 from $10.4 million for the three months ended June 30, 2008. The increase in revenue is due primarily to the increase in capitated contract rates, increased utilization of step down programs and the opening of Seven Hills Behavioral Institute and Capstone Academy. Contract support services revenue provided by Wellplace declined to $0.9 million for the three months ended June 30, 2009 compared to $1.1 million in the year earlier period. The decrease is due to the expiration of the company's smoking cessation contract with a government contractor. The company currently has a bid to continue and expand the contract should the contractor decide to continue the program. PHC expects to offset the decrease in revenue through new contracts for EAP (Employee Assistance Programs) and Smoking Cessation programs.
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