LOUISVILLE, Ky., Feb. 1 /PRNewswire/ -- Almost Family, Inc. (Nasdaq: AFAM)
announced earnings for the three and nine-month periods ended December 31,
2000.
ADHS Operations
For the three months ended December 31, 2000, the Company reported net
income from Adult Day Health Services continuing operations of $438,124 or
$0.14 per share on revenues of $12,621,389. In the same quarter last year,
the Company reported net income from continuing operations of $234,437 or
$0.08 per share on revenues of $11,884,749. The Company attributed the
increase in earnings to higher sales volumes, increased attendance in its
adult day care facilities and improved reimbursement rates.
For the nine months ended December 31, 2000, the Company reported net
income from continuing operations of $1,232,912 or $0.39 per share on revenues
of $36,942,984. In the same period last year, the Company reported net income
from continuing operations of $437,145 or $0.14 per share on revenues of
$33,324,894. The 1999 results included a $0.02 non-recurring loss on the sale
of a building. As for the quarter, the higher earnings, up 182% for the nine-
months, resulted primarily from higher sales volumes and improved
reimbursement rates.
Visiting Nurse Operations
In addition to its continuing operations results, the Company reported net
income from its visiting nurse division of $227,450 or $0.07 per share for the
quarter and nine months. The December quarter was the division's first
quarter of operations under the new Medicare Prospective Payment System (PPS).
Medicare PPS went into effect October 1, 2000 replacing the previous cost
reimbursed system which had been in place for over 30 years. It is also the
first quarter of profitable operations for the division. Although
"discontinued operations" accounting treatment is being used for this segment,
the Company will report these earnings in its income statement for the quarter
and in future quarters. Under these accounting rules, losses incurred in the
comparable quarters of last year and in the first two quarters of this year
were previously provided for in a one-time charge recorded in September 1999.
Regarding the future prospects of the visiting nurse operations, the
division's financial performance under PPS is a result of the Company's work
to prepare for operation under PPS. The Company is continuing to reduce its
operating costs through operating efficiencies. Accordingly, although it is
not releasing an estimate of expected future earnings, management does expect
visiting nurse earnings in the next and subsequent quarters to improve over
the current quarter's results. The Company is continuing to evaluate
strategic alternatives for this business unit pursuant to plans it adopted
last year.
Consolidated Results
Including the results of the visiting nurse operations, the Company's
consolidated net income is reported as $665,574 or $0.21 per share for the
quarter and $1,460,362 or $0.46 per share for the nine months. The Company
reported consolidated net income (loss) for the corresponding periods of the
preceding year of $234,437 or $0.08 per share and ($4,484,597) or ($1.44) per
share respectively. The loss reported in the nine-months ended December 31,
1999 included a net $5 million after-tax charge related to the disposition of
the Company's home care operations. Refer to the Company's recent SEC filings
on Forms 10Q and 10K for additional historical information. Additional
information will be made available in the Company's Form 10Q for the December
2000 quarter, expected to be filed shortly.
Three Months Ended
December 31, Change
2000 1999 Amount %
Continuing Operations
Net Revenues $12,621,389 $11,884,749 $736,640 6.2%
Pre-tax Center
Contribution 2,177,288 1,887,242 290,046 15.4%
Net Income from Continuing
Operations 438,124 234,437 203,687 86.9%
Discontinued Operations
Results of operations 227,450 -- 227,450
Estimated Loss on
Disposal -- -- --
Net income $665,574 $234,437 $431,137 183.9%
Earnings per share - Basic
Continuing operations $0.14 $0.08 $0.06 85.6%
Discontinued operations
Results of operations 0.07 -- 0.07
Estimated loss on
disposal -- -- --
Total Earnings per share $0.21 $0.08 $0.14 182.0%
Earnings per share -
Diluted $0.20 $0.08 $0.12
Continuing operations
excluding
non-recurring items:
Net income (loss) $438,124 $234,437 $203,687 86.9%
Earnings per share -
Basic $0.14 $0.08 $0.06 85.6%
Earnings per share -
Diluted $0.13 $0.08 $0.06 73.7%
Total Days of Care 175,720 168,356 7,364 4.4%
In-Center Avg. Weekday
Attendance 1,262 1,210 51 4.2%
In-Center Capacity 1,701 1,604 97 6.0%
In-Center Occupancy Rate 74.2% 75.5% -1.29%
Nine Months Ended
December 31, Change
2000 1999 Amount %
Continuing Operations
Net Revenues $36,942,984 $33,324,894 $3,618,090 10.9%
Pre-tax Center
Contribution 6,408,550 5,377,102 1,031,448 19.2%
Net Income from Continuing
Operations 1,232,912 437,145 795,767 182.0%
Discontinued Operations
Results of operations 227,450 78,258 149,192
Estimated Loss on
Disposal -- (5,000,000) 5,000,000
Net income (loss) $1,460,362 $(4,484,597) $5,944,959
Earnings per share - Basic
Continuing operations $0.39 $0.14 $0.25 180.2%
Discontinued operations
Results of operations 0.07 0.03 0.05
Estimated loss on
disposal -- (1.60) 1.60
Total earnings (loss) per
share $0.46 $(1.44) $1.90
Earnings (loss) per share -
Diluted $0.44 $(1.44) $1.88
Continuing operations
excluding
non-recurring items:
Net income $1,232,912 $490,335 $742,577 151.4%
Earnings per share -
Basic $0.39 $0.16 $0.24 149.8%
Earnings per share -
Diluted $0.37 $0.16 $0.22 137.2%
Total Days of Care 532,769 474,046 58,723 12.4%
In-Center Avg. Weekday
Attendance 1,266 1,166 100 8.6%
In-Center Capacity 1,684 1,550 135 8.7%
In-Center Occupancy Rate 75.1% 75.2% -0.09%
Almost Family, Inc. is an adult day health care services company focused
on providing alternatives for seniors and other special needs adults who wish
to avoid nursing home placement. The Company has locations in Kentucky,
Maryland, Alabama, Massachusetts, Connecticut, Indiana, Ohio, and Florida.
As previously announced, the Company changed its name to Almost Family
(Nasdaq: AFAM) from Caretenders HealthCorp (Nasdaq: CTND) on January 31, 2000.
Contact: William Yarmuth or Steve Guenthner (502) 899-5355.
All statements, other than statements of historical facts, included in
this news release, including the objectives and expectations of management for
future operating results, are forward-looking statements. These forward-
looking statements are based on the Company's current expectations. Although
the company believes that the expectations expressed or implied in such
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct.
Because forward-looking statements involve risks and uncertainties, the
company's actual results could differ materially. The potential risks and
uncertainties which could cause actual results to differ materially could
include the impact of further changes in healthcare reimbursement systems,
including the ultimate effects of implementation of Medicare Prospective
Payment System, potential changes to the Medicare PPS, the ability of the
Company to achieve the cost control and earnings objectives of its plan for
operating its visiting nurse division under Medicare PPS; government
regulation; health care reform; pricing pressures from Medicaid and other
third-party payers; and changes in laws and interpretations of laws relating
to the healthcare industry. For a more complete discussion regarding these
and other factors which could affect the company's financial performance,
refer to the company's Securities and Exchange Commission filing on Form 10-K
for the year ended March 31, 2000, in particular information under the
headings "Business" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations." The company disclaims any intent or
obligation to update its forward-looking statements.
SOURCE Almost Family, Inc.
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http://www.almost-family.com
Company News On-Call:
http://www.prnewswire.com/comp/784275.html or fax,
800-758-5804, ext. 784275
CONTACT:
William Yarmuth or Steve Guenthner, both of
Almost Family, Inc., 502-899-5355
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