Psychiatric Solutions 1Q profit rises 3 percent

Behavioral hospital operator Psychiatric Solutions Inc. said Monday its profit rose 3 percent in the first quarter as admissions increased.

Psychiatric Solutions runs hospitals in 32 states, Puerto Rico, and the U.S. Virgin Islands. It said total admissions rose 13 percent in the first quarter. At hospitals it has owned or operated for at least a year, admissions rose 9.8 percent, and revenue increased 7 percent.

The company said its profit edged up to $28.2 million, or 50 cents per share, from $27.8 million, or 49 cents per share, in the first quarter of 2009. Excluding a loss from discontinued operations, Psychiatric Solutions said it earned 56 cents per share in the latest period.

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Revenue increased 10 percent, to $476 million from $433.9 million.

Analysts had expected a profit of 54 cents per share and revenue of $469 million, according to Thomson Reuters. Analyst estimates generally exclude one-time items.

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Psychiatric Solutions said it is still in talks with a potential buyer. In March, the company confirmed it had been approached about a sale but did not disclose the suitor. Psychiatric Solutions retained advisers Goldman Sachs and Shearman & Sterling as it considers the deal.

In midday trading, Psychiatric Solutions stock fell 77 cents, or 2.5 percent, to $30.31.