Psychiatric Solutions 3Q profit rises

Psychiatric Solutions 3rd-quarter profit rises on higher admissions

• On 6:14 pm EDT, Tuesday October 27, 2009

FRANKLIN, Tenn. (AP) -- Psychiatric Solutions Inc., a provider of behavioral health services, said third-quarter profit rose on stronger admissions and a jump in revenue.

Net income attributable to PSI stockholders rose to $28.2 million, or 50 cents per share, from $26.4 million, or 47 cents per share, last year.

Revenue for the quarter ended Sept. 30 rose to $455.3 million from $431.7 million.

Analysts surveyed by Thomson Reuters had expected profit of 56 cents per share on revenue of $462.2 million.

Admissions from all facilities rose 7.9 percent, and revenue from facilities rose 5.3 percent to $422.5 million.

PSI's same-facility revenue increased 4.7 percent because of a 3.3 percent increase in patient days and a 1.6 percent increase in revenue per patient day.

PSI lowered its outlook for 2009 earnings from continuing operations attributable to PSI stockholders. The company expects earnings per share between $2.11 and $2.14, down from $2.16 to $2.24 in previous expectations. The outlook excludes the impact from any future acquisitions.

Shares of the company declined $3.14, or 13 percent, to $21.10 in aftermarket trading, as investors focused on the company's outlook.