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LogistiCare has partnered with The Salvation Army Kroc Center in Camden to deliver emergency food to residents during the COVID-19 pandemic. This initiative began on May 8 and utilizes LogistiCare's transportation provider to assist food-insecure individuals who cannot access stores. The pilot program aims to expand as demand grows, addressing a reported 400% increase in emergency food needs statewide. LogistiCare, a subsidiary of Providence Service Corporation, manages non-emergency medical transportation and serves over 24 million riders annually.
Jersey City has partnered with LogistiCare and the Community FoodBank of New Jersey to deliver food to residents in need during the COVID-19 pandemic. As of May 13, 2020, this initiative has successfully provided meals to over 120 families since its launch on April 23. Mayor Steven Fulop emphasized the effort addresses the community's changing needs during this crisis. The delivery service allows residents to receive essential food safely at home while utilizing existing resources, showcasing collaboration between the city, state agencies, and nonprofit organizations.
On May 8, 2020, the Community FoodBank of New Jersey and LogistiCare launched a food delivery program in Bayonne, leveraging LogistiCare's excess transportation capacity. Starting April 30, food has reached nearly 200 families identified through local food pantries amid COVID-19 challenges. Assemblyman Nicholas Chiaravalloti emphasized the importance of the initiative for food-insecure residents, while Bayonne officials highlighted collaboration efforts. The program simplifies registration for residents, ensuring timely delivery of essential food supplies to those in need.
The Providence Service Corporation (Nasdaq: PRSC) reported Q1 2020 financial results, revealing revenue of $367.3 million, a slight decline of 0.1% year-over-year. Net income was $16.3 million, translating to $1.02 per diluted share. Adjusted EBITDA rose to $16.0 million, a 31.5% increase from Q1 2019. Cash flow from operations was strong at $38.8 million. The acquisition of National MedTrans, adding over $200 million in estimated annual revenue, was a key strategic move. The company also repurchased shares and expanded its credit facility to enhance financial flexibility amid COVID-19 uncertainties.
On May 6, 2020, Providence Service Corporation announced that its subsidiary, LogistiCare, has acquired National MedTrans from Specialty Benefits. This acquisition will enhance LogistiCare's operations by adding over $200 million in estimated annual revenue and over five million trips annually for approximately two million members, mainly for State Medicaid agencies. The CEO stated this deal is expected to be accretive to earnings and aligns with LogistiCare's gross margin profile.