hmm Balance sheet vs future
Not sure yet about the raw balance sheet of A/L.
Read the $17.4M award annual thru each yr 10.31.2012
Maybe that plus the increases in Revs & earnings are what
people are focusing on. Perhaps the cash flow and future
promise built in are the winning elements.
Hell of a year range tho! $0.68 L - 33. H
Heavy Vol Friday on selloff. Might retest 0.68 Also there
was analyst target cut from $8 to $2.50 That's a real reduction
to any upside moves! Esp bad when stockholders then sell off
rather than run it up inspite of downgrade.
I've noticed when a stock pops in face of those lowered targets
that the stock most often continues up. Rarely does it recover
tho when drops further in light of that.
SIRI in fact went on to announce RS in face of target lowered back when it was $1.50 and target cut.
Providence's LogistiCare Subsidiary Receives Notice of Award for $17.4 Million South Carolina Transportation Contract
8:46a ET October 10, 2008 (PR NewsWire)
The Providence Service Corporation (Nasdaq: PRSC) today announced that its LogistiCare subsidiary, the nation's largest coordinator of non-emergency transportation (NET) services, has received a notice of award from the State of South Carolina to provide transportation services to the South Carolina Department of Social Services for 28 counties under the state's Family Independence Program.
Services under the contract, valued at $17.4 million annually, should begin November 3, 2008 and contain annual renewal options that run through October 31, 2012. The award is subject to finalized contracts and various processing procedures and should be additive to earnings in 2009.
"We are extremely pleased to be able to serve South Carolina's Family Independence Program," said John Shermyen, LogistiCare's CEO. "South Carolina is committed to helping families become self sufficient and transportation is key to their access of program services and employment and training opportunities. We look forward to working with the state and our transportation providers to help make a difference in the lives of these families."
The Company also announced an additional social services contract award with the state of Michigan in the amount of $1.0 million annually. The Michigan award, while small, is notable because it is an " off-season announcement" as social services contracts traditionally are awarded to begin service July 1, the beginning of the state fiscal year . This contract is expected to take effect in January 2009.
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