TUCSON
Arizona Star 11/05/09
Third-quarter profit for Providence Service
Providence Service Corp. , a Tucson-based social services provider, achieved a third-quarter profit on a 24 percent increase in revenue and a one-time tax benefit.
On Wednesday, Providence reported net income of $4.4 million, or 34 cents per share, for the quarter ended Sept. 30.
That compares with a net loss of $140.8 million, or $11.17 per share, in the third quarter of 2008, which included a onetime impairment charge of $141 million for a major write-down of the company’s assets.
The most recent quarterly results included a one-time tax benefit of $1.4 million, or 11 cents per share, from a recent adjustment of the company’s 2008 income- tax provision. The earnings of 23 cents per share without the tax benefit beat Wall Street analysts’ average estimate of 21 cents for the quarter.
Providence posted thirdquarter revenue of $206.8 million, up from $167 million a year earlier.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment