<SEC-DOCUMENT>0000885978-17-000017.txt : 20170510
<SEC-HEADER>0000885978-17-000017.hdr.sgml : 20170510
<ACCEPTANCE-DATETIME>20170510081126
ACCESSION NUMBER:		0000885978-17-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170510
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20170510
DATE AS OF CHANGE:		20170510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S PHYSICAL THERAPY INC /NV
		CENTRAL INDEX KEY:			0000885978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		IRS NUMBER:				760364866
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11151
		FILM NUMBER:		17828559

	BUSINESS ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
		BUSINESS PHONE:		7132977000

	MAIL ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
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 UNITED STATES</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">FORM 8-K</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">CURRENT REPORT</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pursuant to Section&#160;13 or 15(d)</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">of the Securities Exchange Act of 1934</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">Date of Report (Date of earliest event reported):&#160;May 10, 2017</div>

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<div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">U.S. PHYSICAL THERAPY, INC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; FONT-STYLE: normal">&#160;</div>

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<td style="WIDTH: 89.5%; VERTICAL-ALIGN: top">&#160;Registrant's press release dated May 10, 2017 - U.S. Physical Therapy Announces First Quarter 2017 Select Preliminary Operating and Financial Results .*</td>
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<div style="MARGIN-TOP: 11.25pt">* Furnished herewith.<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 11.25pt">SIGNATURE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>

<div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>

<div style="TEXT-ALIGN: left">CONTACT:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">U.S. Physical Therapy, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">Larry McAfee, Chief Financial Officer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">Chris Reading, Chief Executive Officer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">(713) 297-7000</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">Three Part Advisors</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">Joe Noyons</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">(817) 778-8424<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; 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<div style="FONT-SIZE: 20pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">U.S. Physical Therapy Announces</div>

<div style="FONT-SIZE: 20pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">&#160;First Quarter 2017 Select Preliminary Operating </div>

<div style="FONT-SIZE: 20pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">and Financial Results </div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Houston, TX, May 10, 2017 </font>&#8211; U.S. Physical Therapy, Inc. ("USPH") (NYSE: USPH) is a national operator of outpatient physical therapy clinics. The Company today reported select operating and financial results for the first quarter ended March 31, 2017. The below financial information is preliminary and unaudited, and subject to adjustment based on the Company&#8217;s final review.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify"><u>First Quarter 2017 Compared to First Quarter 2016 - Selected Preliminary Operating and Financial Results</u></div>

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<td style="FONT-SIZE: 12pt; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Total net revenues increased 12.3% from $86.9 million in the 2016 period to $97.6 million in the 2017 period, primarily due to a 10.1% increase in net patient revenues from the physical therapy operations, higher revenues from management contracts due to an increase in the number of facilities managed by the Company and one month of revenues from the workforce performance solutions business acquired in March 2017.&#160; </td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">Net patient revenues from physical therapy operations increased approximately $8.6 million to $93.7 million in the 2017 period from $85.0 million in the 2016 period due to an increase in total patient visits of 10.3% from 808,000 to 892,000 partially offset by a $0.18 decrease in average net patient revenue per visit to $105.04 from $105.22. Revenues from management contracts and other, excluding the workforce performance solutions business, was $2.4 million.</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">&#160;<font style="FONT-SIZE: 12pt">The revenues from the recently acquired workforce performance solutions business was $1.5 million for the month of March 2017.</font></td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">May 10, 2017</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">Average physical therapy patient visits per day per clinic increased to 25.2 in the first quarter of 2017 from 24.7 in the 2016 period.</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">Same store revenues and visits increased slightly for de novo and acquired clinics open for one year or more. The same store net rate per visit was flat.</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify"><u>Other Financial and Operational Information</u></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">On January 3, 2017, the Company acquired a 70% interest in a physical therapy practice that owns and operates 17 clinics and manages an additional 8 clinics.</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">Effective March 1, 2017, the Company acquired a 55% interest in a leading provider of workforce performance solutions. Services provided include onsite injury prevention and rehabilitation, performance optimization and ergonomic assessments. </div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">The aggregate consideration paid for the two acquisitions was $18.0 million of which $17.1 million was paid in cash and $0.9 million in notes payable. </div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">As of March 31, 2017 total patient accounts receivable were $43.2 million, net of $1.9 million of allowance for doubtful accounts. </div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">The average age of the Company&#8217;s accounts receivables was 39 days at March 31, 2017.</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">Borrowings under the Company&#8217;s amended credit agreement totaled $58.0 million at March 31, 2017. </div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">Notes payable to selling shareholders as of March 31, 2017 were $6.0 million. </div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">As of March 31, 2017, the Company&#8217;s cash balance was $25.2 million.</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">As of the end of the first quarter of 2017, net debt (third party debt minus cash) was $38.8 million.</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><u>Management&#8217;s Comments</u></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify"><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font>Chris Reading, Chief Executive Officer, said, &#8220;Business revenues and patient volume remains strong. Development activities, both de novo and acquisition related, are very healthy. Additionally, we have added to our team and resources recently to further strengthen our development related activities. While we continue to move our Company&#8217;s operations forward, we are also working diligently to complete the steps necessary to become current in our filings with the Securities and Exchange Commission. Thank you, our shareholders, for your continued support.&#8221;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: left"><u>Accounting Correction for Redeemable Non-Controlling Interests and Restatement of Prior Period Financial Statements</u></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left"><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font>As previously disclosed on March 17, 2017, the Company filed a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission (&#8220;SEC&#8221;) regarding the delayed filing of the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the&#160;"2016 Form 10-K&#8221;) due to management&#8217;s 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. On April 28, 2017, the Company disclosed that it did not 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 both its 2016 Form 10-K and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 as soon as is possible.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><u>Forward-Looking Statements</u></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify"><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font>This press release contains statements that are considered to be 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 &#8220;believes&#8221;, &#8220;expects&#8221;, &#8220;intends&#8221;, &#8220;plans&#8221;, &#8220;appear&#8221;, &#8220;should&#8221; 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: </div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">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;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">the risk that the correction in the accounting method for redeemable non-controlling interests could adversely affect the Company&#8217;s ability to make timely filings with the Securities and Exchange Commission; </div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">the risk of damage to the Company&#8217;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; </div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">changes as the result of government enacted national healthcare reform;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">changes in Medicare guidelines and reimbursement or failure of our clinics to maintain their Medicare certification status;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">revenues we receive from Medicare and Medicaid being subject to potential retroactive reduction;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">U.S. Physical Therapy Press Release&#160;&#160;&#160;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page 4</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">May&#160;10, 2017</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><u>About U.S. Physical Therapy, Inc.</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify"><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font>Founded in 1990, U.S. Physical Therapy, Inc. operates 557 outpatient physical and occupational therapy clinics in 42 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. Besides owning and operating clinics, the Company manages 30 physical therapy facilities for third parties, including hospitals and physician groups. The Company also provides onsite services for clients&#8217; employees including injury prevention, rehabilitation, ergonomic assessments and performance optimization.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
