LOUISVILLE, Ky., March 31 /PRNewswire-FirstCall/ --
Almost Family, Inc. (Nasdaq: AFAM) today announced its operating results
for the three and twelve-month periods ended December 31, 2002.
Three Month Results
The Company reported net income from continuing operations of $376,693 or
$0.15 per diluted share in the quarter ended December 31, 2002 versus net
income from continuing operations of $840,111 or $0.29 per diluted share in
the quarter ended December 31, 2001. Decreased attendance in the Company's
adult day care centers directly related to snow and ice during the month of
December 2002 reduced net income by approximately $0.03 per diluted share.
Earnings for the December 2002 quarter were also adversely impacted by changes
in Medicare and Medicaid reimbursement rates in the Company's and increased
costs of insurance and staffing.
The Company filed its Form 10-K with the Securities and Exchange
Commission today. Please refer to that filing for additional information.
William B. Yarmuth, Chairman and CEO commented: "Given the current
reimbursement and operating environment, our energies for the next few
quarters will be focused on increasing sales volumes and lowering operating
costs. We are currently evaluating the financial performance of all our
operating units and our current level of operating expenses as a part of our
effort to improve the Company's earnings trend."
In addition to reporting its 2002 results, the Company noted that
unusually severe winter weather in February 2003 will negatively impact
results for the first quarter of 2003 although the quarter is expected to be
profitable.
Results of operations for the three months ended December 31, 2002 and
2001 are set forth in the table below:
Consolidated 2002 2001 Change
Amount % Rev Amount % Rev Amount %
Net ADHS $14,937,886 66.5% $13,351,757 64.1% $1,586,129 11.9%
Revenues VN 7,528,877 33.5% 7,464,914 35.9% 63,963 0.9%
$22,466,763 100.0% $20,816,670 100.0% $1,650,092 7.9%
Operating ADHS $313,935 2.1% $ 1,043,748 7.8% $ (729,813) -69.9%
Income VN 997,870 13.3% 1,291,339 17.3% (293,469) -22.7%
1,311,805 5.9% 2,335,087 11.2% (1,023,282) -43.8%
Unallocated
corporate
expenses 592,057 2.6% 631,763 3.0% (39,706) -6.3%
EBIT 719,748 3.2% 1,703,324 8.2% (983,576) -57.7%
Interest
expense 201,492 0.9% 254,864 1.2% (53,371) -20.9%
Income taxes 141,562 0.6% 608,350 2.9% (466,787) -76.7%
Net income $ 376,693 1.7% $ 840,111 4.0% (463,418) -55.2%
Net income per
share:
Basic:
Weighted
average
shares 2,274,447 2,463,815 (189,368) -7.7%
Net income $ 0.17 $ 0.34 $ (0.17) -50.0%
Net income per
share:
Diluted:
Weighted
average
shares 2,503,214 2,895,100 (391,886) -13.5%
Net income $ 0.15 $ 0.29 $ (0.12) -41.4%
Twelve-Month Results
Results of operations for the twelve months ended December 31, 2002 and
2001 are set forth in the table below:
Consolidated 2002 2001 Change
Amount % Rev Amount % Rev Amount % Rev
Net ADHS $56,970,241 66.4% $51,447,232 64.9% $5,523,009 10.7%
Revenues VN 28,799,296 33.6% 27,859,181 35.1% 940,115 3.4%
$85,769,537 100.0% $79,306,414 100.0% $6,463,123 8.2%
Operating ADHS $ 2,465,057 4.3% $ 3,847,080 7.5% (1,382,024) -35.9%
Income VN 3,590,936 12.5% 3,774,342 13.6% (183,406) -4.9%
6,055,993 7.1% 7,621,422 9.6% (1,565,430) -20.5%
Unallocated
corporate
expenses 3,109,675 3.6% 2,044,928 2.6% 1,064,747 52.0%
EBIT 2,946,318 3.5% 5,576,495 7.0% (2,630,177) -47.2%
Interest
expense 813,555 1.0% 896,339 1.1% (82,784) -9.2%
Income taxes 787,850 0.9% 2,006,474 2.5% (1,218,623) -60.7%
Net income from
continuing
operations 1,344,913 1.6% 2,673,552 3.4% (1,328,769) -49.7%
Discontinued
Operations
Gain from reversal
of previously
recorded disposal
charge, net of
income taxed -- 1,087,350 (1,087,350) NM
Net income $ 1,344,913 1.6% $ 3,760,902 NM $(2,415,989) NM
Net income per
share:
Basic:
Weighted
average
shares 2,416,224 2,646,177 (229,953) -8.7%
Continuing
operations $ 0.56 $ 1.01 (0.45) -44.6%
Discontinued
operations -- 0.41 (0.41) NM
Net income $ 0.56 $ 1.42 (0.86) NM
Net income per
share:
Diluted:
Weighted
average
shares 2,719,809 3,077,462 (357,653) -3.5%
Continuing
operations $ 0.49 $ 0.87 (0.38)-43.7%
Discontinued
operations -- 0.35 (0.35) NM
Net income $ 0.49 $ 1.22 (0.73) NM
Unallocated corporate expenses in the twelve months ended December 31,
2002 include approximately $816,000, consisting primarily of professional
fees, related to the cost of conducting the investigation into the restatement
of the Company's financial statements as previously disclosed. There can be
no assurance that additional costs will not be incurred in future periods.
Almost Family, Inc. is a health services company providing adult day
health care services focused on providing alternatives for seniors and other
special needs adults who wish to avoid nursing home and other institutional
placement. The Company also operates a chain of Medicare-certified home
health agencies under the trade name "Caretenders(TM)." The Company has
operations in Alabama, Connecticut, Florida, Indiana, Kentucky, Maryland,
Massachusetts, and Ohio.
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, the Company's ability to better control its costs,
expected trends in medical costs, the Company's ability to operate profitably
under Medicare PPS with lower rates, and the Company's expectations with
regard to market conditions, 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 outcome of potential changes to Medicare PPS payment
rates, the ability of the Company to maintain its level of operating
performance, cost control objectives; 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
December 31, 2002, 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.
 back to top
Related links:
http://www.almost-family.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/784275.html
CONTACT:
William Yarmuth or Steve Guenthner, both of
Almost Family, Inc., +1-502-899-5355
|
