Exhibit 99

Psychiatric Solutions Earns $0.63 per Diluted Share for Second Quarter 2009

Same-Facility Revenue Increases 6.0%

FRANKLIN, Tenn.--(BUSINESS WIRE)--July 28, 2009--Psychiatric Solutions, Inc. (“PSI”) (NASDAQ: PSYS) today announced financial results for the second quarter ended June 30, 2009. Revenue was $470.9 million for the quarter, up 5.5% from $446.3 million for the second quarter of 2008. Income from continuing operations attributable to PSI stockholders increased 19.3% to $35.0 million from $29.4 million. Income from continuing operations attributable to PSI stockholders per diluted share rose 21.2% to $0.63 for the second quarter of 2009 from $0.52 for the second quarter of 2008.

PSI’s same-facility revenue increased 6.0% for the second quarter of 2009 compared to the second quarter last year. This increase primarily reflected a 3.2% increase in revenue per patient day and a 2.7% increase in patient days. With all of its operating facilities currently in the same-facility base, PSI produced a record EBITDA margin of 22.6% on both a same-facility basis and a total-facilities basis. Consolidated adjusted EBITDA for the quarter was $91.4 million, which was 19.4% of revenue versus 18.3% for the second quarter of 2008. A reconciliation of all GAAP and non-GAAP financial results in this release can be found on page 6.

Net cash from continuing operations was $79.9 million for the second quarter of 2009, which was 2.3 times income from continuing operations attributable to PSI stockholders. Capital expenditures for the quarter were $56.9 million and included approximately $19.0 million for the acquisition of the real estate of a previously leased facility. The resulting free cash flow was used to further pay down PSI’s revolving credit facility, which had an outstanding balance of $60 million at the end of the quarter. The ratio of PSI’s total debt to trailing 12 months adjusted EBITDA improved to 3.8 at the end of the second quarter from 4.2 at the end of 2008 and 4.4 at the end of the second quarter last year. The Company’s debt to total capitalization improved to 56.5% at the end of the latest quarter from 59.6% and 61.2% at December 31 and June 30, 2008, respectively.

Joey Jacobs, Chairman, President and Chief Executive Officer of PSI, remarked, “We are very pleased with PSI’s same-facility revenue performance for the second quarter, which drove the operating leverage improvement evident in our record facility EBITDA margins. This performance also produced the strong growth in our cash flow from operations and strengthened our financial position. We remain on pace to add more than 400 beds to existing facilities during 2009, with nearly 200 completed during the first six months of the year. While we are very pleased with our second quarter results we are now moving into the third quarter, which is seasonally impacted by school summer vacations. Our performance through the first half of 2009 puts us on track to meet our established guidance for the year.”

PSI today confirmed its guidance for 2009 earnings from continuing operations per diluted share in a range of $2.24 to $2.32, reflecting growth of 17% to 21% compared with 2008. The Company’s guidance does not include the impact from any future acquisitions.

PSI will hold a conference call to discuss its second quarter financial results at 10:00 a.m. Eastern time on Wednesday, July 29, 2009. A live webcast of the conference call will be available at www.psysolutions.com in the “Investors” section of the site or at www.earnings.com. The webcast will be available through the end of business on August 14, 2009.

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements other than those made solely with respect to historical fact and are based on the intent, belief or current expectations of PSI and its management. PSI’s business and operations are subject to a variety of risks and uncertainties that might cause actual results to differ materially from those projected by any forward-looking statements. Factors that could cause such differences include, but are not limited to: (1) general economic and business conditions; (2) PSI’s ability to comply with applicable licensure and accreditation requirements; (3) risks inherent to the health care industry, including government investigations, the impact of unforeseen changes in regulation, decreases in reimbursement rates from federal and state health care programs or managed care companies and exposure to claims and legal actions by patients and others; (4) the ability to receive timely additional financing on terms acceptable to PSI to fund PSI’s acquisition strategy and capital expenditure needs; and (5) PSI’s ability to improve the operations of its inpatient facilities and successfully integrate recently acquired operations. The forward-looking statements herein are qualified in their entirety by the risk factors set forth in PSI’s filings with the Securities and Exchange Commission. PSI undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof.

PSI offers an extensive continuum of behavioral health programs to critically ill children, adolescents and adults and is the largest operator of owned or leased freestanding psychiatric inpatient facilities with over 10,000 beds in 31 states, Puerto Rico and the U.S. Virgin Islands. PSI also manages freestanding psychiatric inpatient facilities for government agencies and psychiatric inpatient units within medical/surgical hospitals owned by others.




PSYCHIATRIC SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands except for per share amounts)


		Three Months Ended June 30,						Six Months Ended June 30,
		2009			2008			2009			2008

Revenue		$	470,922		$	446,327		$	920,751		$	868,010

Salaries, wages and employee benefits (including share-based compensation of $4,457, $4,517, $9,276 and $10,077 the respective three and six month periods in 2009 and 2008)			257,525			243,336			509,304			477,325
Professional fees			46,171			45,705			89,970			88,355
Supplies			23,918			24,120			47,296			47,139
Rentals and leases			5,622			5,916			11,340			11,908
Other operating expenses			42,143			41,398			84,585			79,790
Provision for doubtful accounts			8,372			8,664			16,819			15,759
Depreciation and amortization			11,397			10,006			22,376			19,351
Interest expense			18,825			19,764			36,102			40,103
			413,973			398,909			817,792			779,730
Income from continuing operations before income taxes			56,949			47,418			102,959			88,280
Provision for income taxes			21,720			17,925			39,301			33,453
Income from continuing operations			35,229			29,493			63,658			54,827
Loss from discontinued operations, net of taxes			(615	)		(296	)		(1,523	)		(20	)
Net income			34,614			29,197			62,135			54,807
	Less: Net income attributable to noncontrolling interest		(206	)		(138	)		(345	)		(252	)
Net income attributable to PSI stockholders		$	34,408		$	29,059		$	61,790		$	54,555

Basic earnings per share:
	Income from continuing operations attributable to PSI stockholders	$	0.63		$	0.53		$	1.14		$	0.99
	Loss from discontinued operations, net of taxes		(0.01	)		-			(0.03	)		-
	Net income attributable to PSI stockholders	$	0.62		$	0.53		$	1.11		$	0.99

Diluted earnings per share:
	Income from continuing operations attributable to PSI stockholders	$	0.63		$	0.52		$	1.13		$	0.97
	Loss from discontinued operations, net of taxes		(0.01	)		-			(0.03	)		-
	Net income attributable to PSI stockholders	$	0.62		$	0.52		$	1.10		$	0.97

Shares used in computing per share amounts:
	Basic		55,559			55,279			55,531			55,211
	Diluted		55,921			56,233			55,948			56,016

Amounts attributable to PSI stockholders:
	Income from continuing operations, net of tax	$	35,023		$	29,355		$	63,313		$	54,575
	Loss from discontinued operations, net of taxes		(615	)		(296	)		(1,523	)		(20	)
	Net income	$	34,408		$	29,059		$	61,790		$	54,555




PSYCHIATRIC SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)


		June 30,		December 31,
		2009		2008

ASSETS
Current assets:
	Cash and cash equivalents	$	14,256	$	51,271
	Accounts receivable, less allowance for doubtful accounts of $51,877 and $48,791 for 2009 and 2008, respectively		249,305		247,727
	Prepaids and other		90,880		101,370
Total current assets			354,441		400,368
Property and equipment, net of accumulated depreciation			881,068		835,180
Cost in excess of net assets acquired			1,200,272		1,200,186
Other assets			70,707		68,524
Total assets		$	2,506,488	$	2,504,258

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Accounts payable	$	36,090	$	35,224
	Salaries and benefits payable		88,518		85,508
	Other accrued liabilities		60,171		76,522
	Current portion of long-term debt		5,014		34,414
Total current liabilities			189,793		231,668
Long-term debt, less current portion			1,244,003		1,280,006
Deferred tax liability			77,099		69,471
Other liabilities			29,034		28,271
Total liabilities			1,539,929		1,609,416
Redeemable noncontrolling interest			4,579		4,957
Total stockholders' equity			961,980		889,885
Total liabilities and stockholders' equity		$	2,506,488	$	2,504,258




PSYCHIATRIC SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)

			Six Months Ended June 30,
			2009			2008

Operating activities:
Net income			$	62,135		$	54,807
Adjustments to reconcile net income to net cash provided by continuing operating activities:
	Depreciation and amortization			22,376			19,351
	Amortization of loan costs and bond discount			2,034			1,105
	Share-based compensation			9,276			10,077
	Change in income tax assets and liabilities			21,579			432
	Loss from discontinued operations, net of taxes			1,523			20
	Changes in operating assets and liabilities, net of effect of acquisitions:
		Accounts receivable		(1,584	)		(30,084	)
		Prepaids and other current assets		463			385
		Accounts payable		(2,689	)		(1,448	)
		Salaries and benefits payable		3,010			2,608
		Accrued liabilities and other liabilities		2,100			(3,357	)
Net cash provided by continuing operating activities				120,223			53,896
Net cash used in discontinued operating activities				(1,973	)		(1,693	)
Net cash provided by operating activities				118,250			52,203

Investing activities:
Cash paid for acquisitions, net of cash acquired				-			(157,953	)
Cash paid for real estate acquisition				(18,996	)		-
Capital purchases of property and equipment				(62,629	)		(48,769	)
Other assets				419			(481	)
Net cash used in continuing investing activities				(81,206	)		(207,203	)
Net cash provided by discontinued investing activities				-			1,276
Net cash used in investing activities				(81,206	)		(205,927	)

Financing activities:
Net (decrease) increase in revolving credit facility				(169,333	)		130,000
Borrowings on long-term debt				106,500			-
Principal payments on long-term debt				(2,553	)		(2,487	)
Payment of loan and issuance costs				(8,110	)		(30	)
Excess tax benefits from share-based payment arrangements				-			815
Repurchase of common stock upon restricted stock vesting				(953	)		(209	)
Proceeds from exercises of common stock options				390			4,445
Net cash (used in) provided by financing activities				(74,059	)		132,534
Net decrease in cash				(37,015	)		(21,190	)
Cash and cash equivalents at beginning of the period				51,271			39,970
Cash and cash equivalents at end of the period			$	14,256		$	18,780

Effect of Acquisitions:
Assets acquired, net of cash acquired			$	-		$	164,558
Liabilities assumed				-			(6,605	)
Cash paid for acquisitions, net of cash acquired			$	-		$	157,953




PSYCHIATRIC SOLUTIONS, INC.
RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO EBITDA AND ADJUSTED EBITDA
(Unaudited, in thousands)


			Three Months Ended June 30,				Six Months Ended June 30,
			2009		2008		2009		2008


	Income from continuing operations attributable to stockholders		$	35,023	$	29,355	$	63,313	$	54,575
		Provision for income taxes		21,720		17,925		39,301		33,453
		Interest expense		18,825		19,764		36,102		40,103
		Depreciation and amortization		11,397		10,006		22,376		19,351
	EBITDA^(a)			86,965		77,050		161,092		147,482
	Other expenses:
		Share-based compensation		4,457		4,517		9,276		10,077
	Adjusted EBITDA^(a)		$	91,422	$	81,567	$	170,368	$	157,559

^(a) EBITDA and adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as income from continuing operations attributable to stockholders before interest expense (net of interest income), income taxes, depreciation and amortization. Adjusted EBITDA is defined as income from continuing operations attributable to stockholders before interest expense (net of interest income), income taxes, depreciation, amortization, and other items included in the caption above labeled “Other expenses.” These other expenses may occur in future periods but the amounts recognized can vary significantly from period to period and do not directly relate to the ongoing operations of our health care facilities. PSI’s management relies on EBITDA and adjusted EBITDA as the primary measures to review and assess operating performance of its facilities and their management teams. PSI believes it is useful to investors to provide disclosures of its operating results on the same basis as that used by management. Management and investors also review EBITDA and adjusted EBITDA to evaluate PSI’s overall performance and to compare PSI’s current operating results with corresponding periods and with other companies in the health care industry. You should not consider EBITDA and adjusted EBITDA in isolation or as a substitute for net income, operating cash flows or other cash flow statement data determined in accordance with accounting principles generally accepted in the United States. Because EBITDA and adjusted EBITDA are not measures of financial performance under accounting principles generally accepted in the United States and are susceptible to varying calculations, they may not be comparable to similarly titled measures of other companies.




PSYCHIATRIC SOLUTIONS, INC.
OPERATING STATISTICS - OWNED FACILITIES
(Unaudited)
(Revenue in thousands)

		Three Months Ended June 30,						%
		2009			2008			Change
Same-facility results:
	Revenue	$	425,079		$	401,049		6.0	%
	Admissions		44,842			42,357		5.9	%
	Patient days		721,843			702,782		2.7	%
	Average length of stay^(a)		16.1			16.6		-3.0	%
	Revenue per patient day^(b)	$	589		$	571		3.2	%
	EBITDA margin		22.6	%		21.4	%	120 bps

Total facility results:
	Revenue	$	425,862		$	401,049		6.2	%
	Admissions		44,965			42,357		6.2	%
	Patient days		723,153			702,782		2.9	%
	Average length of stay^(a)		16.1			16.6		-3.0	%
	Revenue per patient day^(b)	$	589		$	571		3.2	%
	EBITDA margin		22.6	%		21.3	%	130 bps



		Six Months Ended June 30,						%
		2009			2008			Change
Same-facility results:
	Revenue	$	819,867		$	781,349		4.9	%
	Admissions		86,628			82,656		4.8	%
	Patient days		1,396,668			1,372,795		1.7	%
	Average length of stay^(a)		16.1			16.6		-3.0	%
	Revenue per patient day^(b)	$	587		$	569		3.2	%
	EBITDA margin		21.6	%		21.3	%	30 bps

Total facility results:
	Revenue	$	832,339		$	781,349		6.5	%
	Admissions		88,337			82,656		6.9	%
	Patient days		1,418,745			1,372,795		3.3	%
	Average length of stay^(a)		16.1			16.6		-3.0	%
	Revenue per patient day^(b)	$	587		$	569		3.2	%
	EBITDA margin		21.6	%		21.2	%	40 bps

^(a) Average length of stay is defined as patient days divided by admissions.
^(b) Revenue per patient day is defined as owned facility revenue divided by patient days.

CONTACT:
Psychiatric Solutions, Inc.
Brent Turner
Executive Vice President, Finance and Administration
615-312-5700