HEALTHCARE SERVICES GROUP, INC. REPORTS RESULTS
FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2012
Bensalem, PA - February 5, 2013, Healthcare Services Group, Inc. (NASDAQ:HCSG) reported that revenues for the three months ended December 31, 2012 increased approximately 11% to $277,039,000 compared to $250,239,000 for the same 2011 period. Net income for the three months ended December 31, 2012 increased over 21% to $12,798,000 or $0.19 per basic and per diluted common share, compared to the three months ended December 31, 2011 net income of $10,565,000 or $0.16 per basic and per diluted common share.
Revenues for the year ended December 31, 2012 increased over 21% to $1,077,435,000 compared to $889,065,000 for the same 2011 period. Net income for the year ended December 31, 2012 increased approximately 16% to $44,214,000 or $0.65 per basic and per diluted common share, compared to the year ended December 31, 2011 net income of $38,156,000 or $0.57 per basic and $0.56 per diluted common share.
As previously announced, on January 22, 2013, our Board of Directors declared a quarterly cash dividend of $0.16625 per common share, payable on March 15, 2013 to shareholders of record at the close of business on February 22, 2013. This represents the 39th consecutive quarterly cash dividend payment, as well as the 38th consecutive increase since our initiation of quarterly cash dividends in 2003.
The Company's dividend policy is reviewed by the Board of Directors on a quarterly basis, taking into consideration, among other things, the impact of changing laws and regulations, including the American Taxpayer Relief Act of 2012 (the "Act"). The Company expects to continue to pay a regular quarterly cash dividend based, in part, on its understanding of the aforementioned legislations' tax treatment of dividend income.
Additionally, certain provisions of the Act addressed the expiration of various business tax extenders. Specifically, the Act will reinstate the Work Opportunity Tax Credit program retroactively from January 1, 2012 through December 31, 2013. Although the Company is still assessing its ultimate impact, it believes the Act will have a favorable impact on the Company's income tax expense for the first quarter and full year ended December 31, 2013.
The Company will host a conference call on Wednesday, February 6, 2013 at 8:30 am Eastern Time to discuss its results for the three months and year ended December 31, 2012. The call in number will be 888-713-3587. Passcode #1974511.
The Company also announces that it will make a presentation on February 26, 2013 regarding the Company at the “RBC Capital Markets Healthcare Conference” at The New York Palace Hotel in New York City.
The following information was filed by Healthcare Services Group Inc (HCSG) on Tuesday, February 5, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.