Income From Continuing Operations Increased to $0.08 From $0.02 in Prior Year
LOUISVILLE, Ky., Feb. 2 /PRNewswire/ -- Almost Family, Inc. (Nasdaq: AFAM)
announced earnings for the quarter and nine months ended December 31, 1999.
Earnings Report
For the three months ended December 31, 1999, net income from continuing
operations was $234,437 or $0.08 per share on revenues of $11,884,749. This
compares to net income of $71,326 or $0.02 on revenues of $10,159,459 in the
same quarter last year. For the nine months, the Company reported net income
from continuing operations of $437,145 or $0.14 per share on revenues of
$33,324,894. This compares to a net loss of ($479,871) or ($0.15) per share,
on revenues of $29,472,651 for the nine months ended last year.
As previously announced, the Company sold its product operations in
November for $14.5 million. Giving pro-forma effect to the lower interest
expense resulting from that sale, net income from continuing operations,
excluding non-recurring items, would have been $255,970 or $0.08 per share
compared to $114,677 or $0.04 per share for the quarters ended December 31,
1999 and 1998 respectively and $615,456 or $0.20 per share compared to a loss
of ($532,381) or ($0.17) per share for the nine months ended December 31, 1999
and 1998 respectively.
"We are very pleased with our operations' growth in revenue and earnings.
Revenues for the December quarter were up 17% over last year and up 7% over
our most recent quarter. These results are being driven primarily by
increased occupancy rates and volume growth," said William B. Yarmuth, Almost
Family Chairman and CEO. "As a result, quarterly pro-forma EPS is twice the
same quarter last year, at $0.08 versus $0.04, and is up 33% over the previous
quarter's $0.06."
Company Opens 24th ADC
The Company also announced the opening of a new adult day care center in
Frankfort, KY which is the Company's 24th nationwide and 5th in Kentucky. The
center has the capacity to care for 50 members per day. This is the second of
a total of four new centers planned for Kentucky as announced last fall. The
Company completed the acquisition of a center in Elizabethtown, KY last
September and expects to open a center in Owensboro, KY later this month. The
fourth of the new KY centers is being planned for Northern Kentucky although
its opening date has not yet been scheduled.
Results of operations for the three and six month periods ended
December 31, 1999 and 1998 are set forth in the table below.
Results of Operations
Period Ended December 31,
Three Months Change
1999 1998 Amount Percent
Continuing Operations
Net Revenues $11,884,749 $10,159,459 $1,725,290 17.0%
Pre-tax Center
Contribution 1,689,117 1,414,351 274,766 19.4%
Net Income (loss) from
Continuing Operations 234,437 71,326 163,112
Discontinued Operations
Results of operations -- 991,543 (991,543)
Estimated loss on disposal -- -- --
Net income (loss) $234,437 $1,062,869 $(828,432)
Earnings (loss) per share
Continuing operations $0.08 $0.02 $0.05
Discontinued operations
Results of operations -- 0.32 (0.32)
Estimated loss on disposal -- -- --
Total Earnings (loss)
per share $0.08 $0.34 $(0.27)
Continuing operations excluding
non-recurring items with
pro-forma adjustment to reflect
debt retired with proceeds
of product sale:
Net income (loss) $255,970 $114,677 $141,293
Earnings (loss) per share $0.08 $0.04 $0.05
Period Ended December 31,
Nine months Change
1999 1998 Amount Percent
Continuing Operations
Net Revenues $33,324,894 $29,472,651 $ 3,852,243 13.1%
Pre-tax Center Contribution 4,812,486 3,606,078 1,206,408 33.5%
Net Income (loss) from
Continuing Operations 437,145 (479,871) 917,016
Discontinued Operations
Results of operations 81,724 (4,189,649) 4,271,373
Estimated loss on disposal (5,000,000) -- (5,000,000)
Net income (loss) $(4,481,131) $(4,669,520) $ 188,389
Earnings (loss) per share
Continuing operations $ 0.14 $ (0.15) $ 0.29
Discontinued operations
Results of operations 0.03 (1.34) 1.37
Estimated loss on disposal (1.60) -- (1.60)
Total Earnings (loss) per
share $ (1.44) $ (1.50) $ 0.06
Continuing operations excluding
non-recurring items with
pro-forma adjustment to reflect
debt retired with proceeds of
product sale:
Net income (loss) $ 615,456 $ (532,381) $1,147,837
Earnings (loss) per share $ 0.20 $ (0.17) $ 0.37
Note: As discussed previously in this release, the Company used the
proceeds of the sale of the product operations to reduce outstanding debt.
This table includes a pro-forma adjustment to remove interest expense as if
the debt had been retired for the entirety of the periods presented.
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
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 implementation of a Medicare prospective payment
system; government regulation; health care reform; pricing pressures from
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, 1999, 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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Company News On-Call:
http://www.prnewswire.com/comp/784275.html or fax,
800-758-5804, ext. 784275
CONTACT:
William Yarmuth or Steve Guenthner, of Almost
Family, Inc., 502-899-5355
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