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April 16, 2020, 9:51 a.m. EDT

U.S. Physical Therapy to suspend dividend for rest of the year, has furloughed or cut 2,000 jobs

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By Tomi Kilgore

Shares of U.S. Physical Therapy Inc. /zigman2/quotes/201527198/composite USPH +0.70% slipped 0.5% in morning trading Thursday, after the operator of outpatient physical therapy clinics said it has furloughed or terminated about 2,000 employees, or about 40% of its workforce, as a result of the COVID-19 pandemic. The company said suspend its dividend for the rest of the year, after it pays the previously announced quarterly dividend of 32 cents a share on April 17. The company said it has closed 51 clinics and expects more closures, within clinics remaining open witnessing "significant" declines in patient volume amid slowing new patient referrals and increasing cancellations of scheduled appointments. Last week, overall patient volumes were about 55% of normal volumes. In addition to job cuts, the company said it has cut salaries by 20% to 25% at its corporate office, cut executive salaries by 35% to 40% and cut fees for the board of directors by 50%. Te stock has tumbled 41.0% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.21% has declined 16.0%.

/zigman2/quotes/201527198/composite
US : U.S.: NYSE
$ 75.06
+0.52 +0.70%
Volume: 54,713
Sept. 27, 2022 4:00p
P/E Ratio
25.65
Dividend Yield
2.18%
Market Cap
$969.34 million
Rev. per Employee
$96,016
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/zigman2/quotes/210599714/realtime
US : S&P US
3,647.29
-7.75 -0.21%
Volume: 2.22B
Sept. 27, 2022 5:18p
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