Current Report Filing (8-k)
23 June 2020 - 11:16PM
Edgar (US Regulatory)
falseU S PHYSICAL THERAPY INC /NV000088597800008859782020-06-232020-06-23
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): June 23, 2020
U.S. PHYSICAL THERAPY, INC.
(Exact name of registrant as specified in its charter)
1300 West Sam Houston Parkway South,
Suite 300,
Houston, Texas
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77042
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(Address of Principal Executive Offices)
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(Zip Code)
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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
As disclosed in a series of Current Reports on Form 8-K filings beginning in March 2020 and as further described in U.S. Physical Therapy, Inc. (the
“Company”) first quarter 2020 earnings release and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the Securities and Exchange Commission on May 21, 2020, as the result of the impact of COVID-19 on operations,
management took a number of steps to reduce costs and stem short-term operating losses. At its lowest point in April, physical therapy patient volume declined to between 40% and 45% of normal. Remedial actions taken by management included temporarily
or permanently closing approximately 70 of 585 clinics. The Company furloughed or terminated approximately 2,150 people or 40% of the Company’s employees. Salaries for many of those employees that remained on the job were significantly reduced and
other cost cutting measures were taken.
In May, the Company generated an operating profit. During the month, for open physical therapy clinics, patient volume ran at approximately 65% of normal.
The Company’s industrial injury prevention business has been less effected by the pandemic and ran at approximately 90% of normal in May.
Ten of the Company’s temporarily closed clinics have now reopened. This week the Company’s open physical therapy clinics are operating at approximately 70%
of normal patient volume however this varies significantly by region. Approximately 300 employees temporarily furloughed have returned to work on either a part time or full time basis.
The Company currently has more than $40,000,000 in cash and $55,000,000 outstanding under its bank credit line. The Company is in compliance with all loan
covenants.
Summary of Risk Factors
Our business can be affected by certain risks, uncertainties and factors which include, but are not limited to:
Refer to Item 1A. Risk Factors in the Company’s Quarterly Report on Form 10-Q filed on May 21, 2020 and the Company’s Annual Report on Form 10-K for the
year ended December 31, 2019 filed on February 28, 2020 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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