Current Report Filing (8-k)
02 April 2020 - 7:06AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 1, 2020
U.S. PHYSICAL THERAPY, INC.
(Exact name of registrant as specified in its charter)
Registrant’s telephone number, including area code: (713) 297-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐
Business Update
The effects of the COVID-19 pandemic continue to adversely impact U.S. Physical Therapy, Inc. (the “Company, “us”, “our” and “we”). Our patient volumes last week overall were
approximately 55% of normal but vary significantly by region. At this point, we have 51 clinics at least temporarily closed. Clinics that remain open continue to experience a significant decline in patient volume as new patient referrals slow
and existing patients cancel scheduled appointments and fail to schedule additional appointments. Likewise the Company’s industrial injury prevention business is experiencing a significant downturn as more of our clients’ locations are on reduced
work schedules or closed. As a result, the Company expects a significant drop in revenue and, in the near term, expects to incur operating losses. Management has taken a number of steps to mitigate these losses. We have furloughed or
terminated approximately 1,500 employees across the company to date. In our corporate office, we have made across the board salary reductions of from 20% to 25%, not including the 35% to 40% salary reduction for executives disclosed last week in
Current Report on Form 8-K filed on March 26, 2020. In addition, many of our clinic partnerships have made similar salary reductions. We continue to renegotiate leases, deploy a telehealth and e-visit solution to perform services remotely, slow
development of new clinics, delay potential acquisitions and cut other expenses, especially any discretionary spending.
Risk Factors
Our business can be affected by certain risks, uncertainties and factors which include, but are not limited to:
Refer to the Company’s Annual Report on Form 10-K – Item 1A. Risk Factors - filed on February 28, 2020 and the Current Report on Form 8-K filed on March 26, 2020 – Item 8.01 Other Events – Amendment
to Risk Factors - for a listing and explanation of risk factors.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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