Youth Services posts its first annual profit

September 14, 1994|By Kim Clark | Kim Clark,Sun Staff Writer

Youth Services International Inc., the Owings Mills-based operator of institutions for troubled children, reported its first annual profit yesterday.

The 3-year-old company said that because of new contracts to manage additional schools around the country, it earned $2.1 million on revenues of $34.9 million in the 12 months that ended June 30.

The company said tax-loss carryforwards also contributed to the recent profits.

In 1993, the company reported a loss of $1.7 million on revenues of $8.9 million.

The number of youths in programs run by Youth Services jumped from 397 last year to 1,036 this summer, the company said.

And last year saw the addition of important contracts, such as the $15.5 million annual contract to run the Charles H. Hickey School in Baltimore County.

Youth Services' financial performance for the spring surpassed projections that the company issued last month.

The company, which operates 10 programs in six states, said it earned $691,000 on revenues of $9.5 million in its last quarter of 1994, up from a loss of $142,000 on revenues of $4 million in the final period of 1993.

Youth Services

International Inc.

Owings Mills ... ... ... ... Ticker ... ... ... ... ... Yesterday's

... ... ... ... ... .. .. .. Symbol ... ... ... ... ... Cls. ... Chg.

... ... ... ... ... .. .. .. YSII ... ... ... .. .. ... 8 .. ... + 3/8

Period ended

6/30 ... ... ... ... ... ... 4th qtr. ... ... ... Year ago ... ... Chg.

Revenue .. .. .. ... ... ... $9,466 ... ... .. .. $3,999 ... .. .. +136.7%

Net Income .. .. ... ... ... $691 ... ... ... ... $(142) ... .. .. --

Primary EPS ... ... .. .. .. $0.12 .. ... ... ... $(0.03) .. .. .. --

... ... ... ... ... ... ... 12 mos. ... ... ... Year ago ... ... ... Chg.

Revenue ... ... ... ... ... $34,892 ... ... ... $8,895 ... ... .. .. +292.3%

Net Income ... ... .. .. .. $2,092 .. .. .. ... $(1,671) ... ... ... --

Primary EPS .. ... .. .. .. $0.44 ... ... .. .. $(0.40) ... .. .. .. --

Figures in thousands (except per share data.)

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