Pediatric Services of America, Inc. Provides Update on Impact of Hurricane Katrina on its Operations
August 31 2005 - 6:01PM
Business Wire
Pediatric Services of America, Inc. (Nasdaq:PSAI) today announced
that Hurricane Katrina has caused a significant disruption in
operations at three of the Company's 120 branch offices - two in
southern Louisiana and one in Mobile, Alabama. PSAI's additional
branches in Louisiana are expected to return to normal operations
over the next few days. Of the impacted locations in southern
Louisiana, one is a nursing operation, while the other is a
respiratory branch office. The Mobile, Alabama location is also a
respiratory branch office. PSAI continues to assess the potential
financial impact Hurricane Katrina has had on these three
operations and intends to communicate this information when
available. Although the Company maintains insurance coverage for
property damage and business interruption, PSAI has the potential
to incur a significant loss from this disruption to its operations.
"Clearly, our primary concern at this time is for the safety of our
employees, patients and neighbors in the affected areas," said
Daniel J. Kohl, President and CEO of PSAI. "We are working through
our recovery plans and will remain focused on providing all
appropriate forms of assistance to our employees and patients. "
PSAI provides comprehensive pediatric home health care services
through a network of over 120 branch offices in 21 states,
including satellite offices and branch office start-ups. Through
these offices PSAI provides a combination of services, including
pediatric private duty nursing, pediatric day treatment centers
(PPECs), pharmacy services and home medical equipment. Additional
information on PSAI may be found on the Company's website at
http://www.psakids.com. NOTE: This press release contains certain
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995) relating to future
financial performance of Pediatric Services of America, Inc. (the
"Company"). When used in this press release, the words "may,"
"targets," "goal," "could," "should," "would," "believe," "feel,"
"expects," "confident," "anticipate," "estimate," "intend," "plan,"
"potential" and similar expressions may be indicative of
forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, certain of which are
beyond the Company's control. The Company cautions that various
factors, including the factors described hereunder and those
discussed in the Company's other filings with the Securities and
Exchange Commission, as well as general economic conditions,
industry trends, the Company's ability to collect for equipment
sold or rented, assimilate and manage previously acquired field
operations, collect accounts receivable, including receivables
related to acquired businesses and receivables under appeal, hire
and retain qualified personnel and comply with and respond to
billing requirements issues, including those related to the
Company's billing and collection system, nurse shortages,
competitive bidding, HIPAA regulations, Average Wholesale Price
("AWP") reductions, adverse litigation, workers' compensation
losses, availability and cost of medical malpractice insurance and
reduced state funding levels and nursing hours authorized by
Medicaid programs, and the impact of changes resulting from the
recently enacted Medicare Act, could cause actual results or
outcomes to differ materially from those expressed in any
forward-looking statements of the Company made by or on behalf of
the Company. Any forward-looking statement speaks only as of the
date on which such statement is made, and the Company undertakes no
obligation to update any forward-looking statement or statements to
reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of an unanticipated
event. New factors emerge from time to time, and it is not possible
for management to predict all of such factors. Further, management
cannot assess the impact of each such factor on the business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements.
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