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Earn Money from Foster Kids

August 26, 2005 permalink

This Reuters press release is too sick for comment.



LOS ANGELES, Aug 22 (Reuters) - Providence Service Corp. (PRSC.O: Quote, Profile, Research), which provides social services under government contract, on Monday said it has acquired for $8.4 million foster care service providers Maple Star Nevada and Maple Services LLC.

The deal gives Providence inroads into two new states, Colorado and Oregon, and broadens existing business in Nevada into foster care services, the company said.

Maple Star Nevada provides therapeutic foster care services in several Nevada locations and for-profit Maple Services LLC provides management services to Oregon and Colorado not-for-profit providers of foster care services.

The acquisition is effective Aug. 1.

Providence said the deal is expected to add about $5.5 million to its annual revenue and raised its 2005 revenue outlook to $137 million from $135 million.

The acquisition is also expected raise earnings by about 2 cents per share in 2006, but, because of debt service costs, it is not expected to affect projected 2005 earnings per share of 99 cents, the company said.

Source: Reuters website