U.S. Physical Therapy Increases Quarterly Dividend
02 July 2019 - 6:20AM
Business Wire
Sells a Partnership Interest
U.S. Physical Therapy, Inc. (NYSE: USPH), announced today that
the Company plans to increase its quarterly dividend and that it
has sold a partnership interest.
U.S. Physical Therapy Raises Quarterly
Dividend
In March, the Company announced an increase in its quarterly
dividend of 17% from $.23 per share per quarter in 2018 to $.27 in
2019. Two quarterly dividends have been paid thus far this year at
the $.27 rate. The Company plans to increase the third and fourth
quarter dividends for 2019 by an additional 11% to $.30 per share.
U.S. Physical Therapy began paying quarterly dividends in 2011 and
has increased the dividend amount every year since as well as
having paid a special dividend.
Sold a Partnership
Interest
The Company has sold its 50% interest in one physical therapy
partnership to the group’s founders. The sales proceeds to U.S.
Physical Therapy, all of which is in cash, is $11.6 million. There
is an estimated $2.0 million pre-tax gain on the sale. Management
does not anticipate any other sales of partnership interests. The
practice historically had financially underperformed.
About U.S. Physical Therapy,
Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 565
outpatient physical therapy clinics in 41 states. The Company's
clinics provide preventative and post-operative care for a variety
of orthopedic-related disorders and sports-related injuries,
treatment for neurologically-related injuries and rehabilitation of
injured workers. In addition to owning and operating clinics, the
Company manages 28 physical therapy facilities for unaffiliated
third parties, including hospitals and physician groups. The
Company also has an industrial injury prevention business which
provides onsite and offsite services for clients’ employees
including injury prevention, rehabilitation, assessments and
performance optimization.
More information about U.S. Physical Therapy, Inc. is available
at www.usph.com. The information included on that website is not
incorporated into this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190701005845/en/
U.S. Physical Therapy, Inc. Larry McAfee, Chief Financial
Officer Chris Reading, Chief Executive Officer (713) 297-7000
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