Psychiatric Solutions, Inc. - Conference Presentation Calls

Dyer & Berens LLP announced that a class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee on behalf of investors who purchased or otherwise acquired the common stock of Psychiatric Solutions Inc. between February 21, 2008 and February 25, 2009, inclusive. The complaint charges that Psychiatric Solutions and certain of its officers and directors violated the federal securities laws. Specifically, defendants allegedly issued materially false statements concerning the company's safeguards and controls over its operations, including at its Riveredge Hospital facility. Defendants downplayed incidents at the company's facilities and falsely assured investors that corrective actions had already been taken to improve the quality, safety and risk management. Additionally, defendants allegedly issued materially false statements regarding the company's financial results.

Psychiatric Solutions Inc. reported unaudited consolidated earnings results for the third quarter and first nine months ended September 30, 2009. For the quarter, the company reported net income attributable to PSI stockholders of $28,152,000 or $0.50 diluted per share on revenues of $455,310,000 against net income attributable to PSI stockholders of $26,377,000 or $0.47 diluted per share on revenues of $431,713,000 for the same period a year ago. Income from continuing operations before income taxes was $45,504,000 against $44,949,000 last year. Income from continuing operations was $28,073,000 against $27,991,000 last year. Income from continuing operations, net of taxes attributable to PSI stockholders was $28,080,000 against $27,601,000 last year. Diluted income per share from continuing operations attributable to PSI stockholders was $0.50 against $0.49 last year. EBITDA was $75,616,000 against $72,999,000 last year. Adjusted EBITDA was $79,865,000 against $77,934,000 last year. Net cash from continuing operations increased 11.2% for the third quarter to $34.6 million from $31.2 million for the third quarter last year. Capital expenditures for the quarter were $65.7 million, which included the purchase of two inpatient psychiatric facilities. For the first nine months, the company reported net income attributable to PSI stockholders of $89,942,000 or $1.60 diluted per share on revenues of $1,348,534,000 against net income attributable to PSI stockholders of $80,932,000 or $1.44 diluted per share on revenues of $1,273,408,000 for the same period a year ago. Income from continuing operations before income taxes was $145,806,000 against $129,882,000 last year. Income from continuing operations was $90,092,000 against $80,694,000 last year. Income from continuing operations, net of taxes attributable to PSI stockholders was $89,754,000 against $80,052,000 last year. Diluted income per share from continuing operations attributable to PSI stockholders was $1.60 against $1.42 last year. Net cash provided by continuing operating activities was $154,861,000 against $85,057,000 last year. Net cash provided by operating activities was $154,988,000 against $87,922,000 last year. Cash paid for real estate acquisition was $18,996,000. Capital purchases of property and equipment was $95,611,000 against $80,558,000 last year. EBITDA was $231,984,000 against $215,615,000 last year. Adjusted EBITDA was $245,509,000 against $230,628,000 last year. The company reduced its guidance for 2009 earnings from continuing operations attributable to PSI stockholders per diluted share to a range of $2.11 to $2.14 from the prior range of $2.16 to $2.24. The company's guidance does not include the impact from any future acquisitions.