U.S. PHYSICAL THERAPY, INC. (NYSE:USPH) Files An 8-K Other Events
Item 8.01 OTHER EVENTS.
filed a Form 12b-25, Notification of Late Filing, with the
Securities and Exchange Commission (the SEC) regarding the
delayed filing of its Annual Report on Form 10-K for the fiscal
year ended December 31, 2016 (the “2016 Form 10-K) due to
managements need for additional time to complete its review of
the appropriate accounting treatment for redeemable
non-controlling interests of its acquired partnerships. On March
31, 2017, the Company further announced that it was working to be
in a position to file its 2016 Form 10-K with the SEC as soon as
possible in April 2017. The Company has subsequently determined
that it will be unable to meet its target of filing the 2016 Form
10-K in April 2017 and continues to work diligently to complete
the preparation of its consolidated financial statements in order
to file the 2016 Form 10-K as soon as is possible.
forward-looking within the meaning under Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
contain forward-looking information relating to the financial
condition, results of operations, plans, objectives, future
performance and business of our Company. These statements (often
using words such as believes, expects, intends, plans, appear,
should and similar words) involve risks and uncertainties that
could cause actual results to differ materially from those we
expect. Included among such statements may be those relating to
new clinics, availability of personnel and the reimbursement
environment. The forward-looking statements are based on our
current views and assumptions and actual results could differ
materially from those anticipated in such forward-looking
statements as a result of certain risks, uncertainties, and
factors, which include, but are not limited to:
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the risk that the review for the correction in
accounting method for redeemable non-controlling interests could result in the determination that the effect of the matters under review are materially greater or lesser than the Company currently believes; |
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the risk that the correction in the accounting method
for redeemable non-controlling interests could adversely affect the Company’s ability to make timely filings with the Securities and Exchange Commission; |
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the risk of damage to the Company’s business and
reputation arising from the correction in accounting method for redeemable non-controlling interests, and potential claims or proceedings relating to such matters; |
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changes as the result of government enacted national
healthcare reform; |
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changes in Medicare guidelines and reimbursement or
failure of our clinics to maintain their Medicare certification status; |
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revenue we receive from Medicare and Medicaid being
subject to potential retroactive reduction; |
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business and regulatory conditions including federal
and state regulations; |
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governmental and other third party payor investigations
and audits; |
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compliance with federal and state laws and regulations
relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply; |
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possible legal actions, which could subject us to
increased operating costs and uninsured liabilities; |
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changes in reimbursement rates or payment methods from
third party payors including |
patients;
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revenue and earnings expectations;
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general economic conditions;
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availability and cost of qualified physical and
occupational therapists; |
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personnel productivity and retaining personnel;
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competitive, economic or reimbursement conditions in
our markets which may require us to reorganize or close certain operations and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets; |
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acquisitions, purchase of non-controlling interests
(minority interests) and the successful integration of the operations of the acquired businesses; |
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maintaining adequate internal controls;
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maintaining necessary insurance coverage;
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availability, terms, and use of capital; and
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weather and other seasonal factors.
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you should not place undue reliance on our forward-looking
statements. Please see our periodic reports filed with the
Securities and Exchange Commission for more information on these
factors. Our forward-looking statements represent our estimates
and assumptions only as of the date of this press release. Except
as required by law, we are under no obligation to update any
forward-looking statement, regardless of the reason the statement
is no longer applicable.
About U.S. PHYSICAL THERAPY, INC. (NYSE:USPH)
U.S. Physical Therapy, Inc., through its subsidiaries, operates outpatient physical therapy clinics that provide pre-and post-operative care, and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers and neurological-related injuries. The Company’s segment is made up of various clinics within partnerships. The Company primarily operates through subsidiary clinic partnerships, in which it owns a general partnership interest and a limited partnership interest, and the managing therapists of the clinics owns the remaining limited partnership interest in the clinics. The Company operates approximately 510 clinics in over 40 states. There are approximately 380 clinics operated under Clinic Partnerships and over 100 operated as Company-owned Facilities. In addition to its owned clinics, it also manages physical therapy facilities for third parties, primarily physicians, with over 20 third-party facilities under management. U.S. PHYSICAL THERAPY, INC. (NYSE:USPH) Recent Trading Information
U.S. PHYSICAL THERAPY, INC. (NYSE:USPH) closed its last trading session down -0.20 at 65.60 with 36,166 shares trading hands.