Acadia second quarter revenue increases 58.1% to $100.5 million

Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the second quarter ended June 30, 2012. Revenue increased 58.1% for the second quarter to $100.5 million compared with $63.6 million for the second quarter of 2011. Income from continuing operations was $6.1 million, or $0.17 per diluted share, for the second quarter of 2012, compared with a loss from continuing operations of $21.7 million, or $1.23 per diluted share, for the second quarter last year. Adjusted income from continuing operations was $0.18 per diluted share, excluding transaction-related expenses totaling $0.7 million, for the second quarter of 2012 compared with a loss of $1.01 per diluted share, excluding sponsor management fees and transaction-related expenses totaling $6.3 million, for the second quarter of 2011. A reconciliation of all GAAP and non-GAAP financial results in this release is on pages 7 and 8.

For the first six months of 2012, revenues were $190.1 million compared with $80.4 million for the same period in 2011. Income from continuing operations was $9.4 million, or $0.27 per diluted share, for the first half of 2012, compared with a loss from continuing operations of $22.0 million, or $1.24 per diluted share, for the first six months of 2011. Adjusted income from continuing operations was $0.29 per diluted share, excluding transaction-related expenses totaling $1.4 million, for the first half of 2012 compared with a loss of $0.94 per diluted share, excluding sponsor management fees and transaction-related expenses totaling $9.0 million, for the first six months of 2011.

Joey Jacobs, Chairman and Chief Executive Officer of Acadia, commented, "Acadia's second quarter revenue growth was primarily driven by the expansion in the number of beds in operation to approximately 2,150 beds in 32 facilities at the end of the second quarter of 2012 from over 1,700 beds in 19 facilities at the end of the second quarter last year. In addition, we produced 7.3% growth in same facility revenue for the second quarter of 2012, which was driven primarily by a 9.2% increase in patient days for the period.

"We are also pleased with the strength of our margins for the second quarter of 2012. The Company's same facility EBITDA margin increased 60 basis points to 23.0% for the quarter compared with the same quarter in 2011. This increase contributed to the expansion in our adjusted consolidated EBITDA margin to 20.3%, up 280 basis points from the second quarter last year.

"The Company is well positioned to fund our organic growth initiatives and acquisition strategy. We continue to generate significant net cash flow from continuing operations, and we have availability of approximately $75 million under our revolving credit facility at the end of the second quarter. Furthermore, we completed a public offering of 9,487,500 shares of common stock in May, raising net proceeds of approximately $139 million. As a result, our ratio of total net debt (total debt minus cash and cash equivalents) to trailing 12 months adjusted EBITDA was 2.5 at June 30, 2012."

Acadia today revised its guidance for 2012 adjusted earnings per diluted share to a range of $0.59 to $0.60 based upon the impact of the additional shares of common stock outstanding from the May public offering. The Company's previous guidance for 2012 adjusted earnings per diluted share was a range of $0.65 to $0.67. The Company's guidance for adjusted earnings per diluted share excludes transaction-related expenses and does not include the impact of any future acquisitions.