LOUISVILLE, Ky., April 2 /PRNewswire-FirstCall/ --
Almost Family, Inc. (Nasdaq: AFAM) today announced its operating results
for the nine-months ended December 31, 2001, which is also the Company's new
fiscal year end. On Monday, April 01, 2002, the Company filed its Form 10-K
for the nine months ended December 31, 2001 with the Securities and Exchange
Commission.
Where appropriate, the results of operations have been restated for the
correction of accounting errors with respect to the Company's self-insurance
programs as more fully explained in the Form 10-K. Other factors impacting
comparability include the change of the fiscal year end and the
reclassification of the Company's Visiting Nurse segment from discontinued
operations to continuing operations for all periods presented. The Company
strongly encourages readers of this release to carefully read the entire Form
10-K for a complete explanation of its operating results and financial
condition. The Form 10-K can be found on-line at the following internet
address:
http://eol.finsys.com/edgar_conv_rtf/2002/04/01/0000799231-02-000008.rtf
Results of operations for the nine months ended December 31, 2001,
comparative unaudited results for the nine months ended December 31, 2000 and
the year ended March 31, 2001 are set forth in the table below:
Nine Months Ended
(AS RESTATED) December 31, 2000 Year Ended
December 31, 2001 (1) (unaudited) (2) March 31, 2001 (2)
Amount % Rev Amount % Rev Amount % Rev
Net Revenues:
Adult day health
service $38,709,645 64.8% $36,942,984 66.1% $49,680,572 65.8%
Visiting nurse
services 21,043,917 35.2% 18,958,949 33.9% 25,774,214 34.2%
$59,753,561 100.0% $55,901,933 100.0% $75,454,786 100.0%
Operating Income:
Adult day
health
services $2,928,096 7.6% $2,683,335 7.3% $3,522,306 7.1%
Visiting nurse
services 3,190,513 15.2% (667,134) -3.5% (83,305) -0.3%
6,118,610 10.2% 2,016,201 3.6% 3,439,001 4.6%
Unallocated
corporate
expense 1,542,712 2.6% 1,181,302 2.1% 1,603,505 2.1%
EBIT 4,575,898 7.7% 834,899 1.5% 1,835,496 2.4%
Interest
expense 712,002 1.2% 631,316 1.1% 815,653 1.1%
Income taxes 1,622,831 2.7% 95,663 0.2% 479,305 0.6%
Net income from
continuing
operations $2,241,064 3.8% $107,920 0.2% $540,538 0.7%
Reclassification of
VN operating losses
previously
provided, net
of tax -- 737,220 737,220
Gain from
reversal of
previously
recorded disposal
charge, net
of tax 1,087,350 -- --
Net income
(loss) $3,328,414 $845,140 $1,277,757
Net income (loss) per share:
Basic:
Weighted
average
shares 2,478,000 3,145,511 3,145,511
Continuing
operations $0.90 $0.03 $0.17
Discontinued
operations 0.44 0.23 0.23
$1.34 $0.26 $0.40
Diluted:
Weighted
average
shares 2,909,285 3,306,682 3,306,682
Continuing
operations $0.77 $0.03 $0.16
Discontinued
operations 0.37 0.22 0.22
$1.14 $0.25 $0.38
EBITDA (3) $5,846,102 9.8% $2,081,403 3.7% $3,363,983 4.5%
Effective Tax
Rate 42.0% 47.0% 47.0%
(1) The Company changed its fiscal year end to December effective
December 31, 2001
(2) Where appropriate, amounts for these periods have been restated and
reclassified as discussed in the Company's Form 10-K for the nine
months ended December 31, 2001
(3) Earnings before interest, taxes, depreciation and amortization
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.
SOURCE Almost Family, Inc.
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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 of Almost
Family, Inc., +1-502-899-5355
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