LOUISVILLE, Ky., May 15 /PRNewswire-FirstCall/ --
Almost Family, Inc. (Nasdaq: AFAM) today announced its operating results
for the three-months ended March 31, 2002. After a non-recurring after-tax
charge of $489,746 or $0.20 per share for costs, primarily legal and
accounting fees, incurred in connection with the Company's investigation into
the previously announced restatement of the Company's financial statements for
the years ended March 2001 and 2000, net income for the three-months was
$100,318 or $0.04 per share. This non-recurring charge amounted to $815,794
before related income tax effect. Net income before the non-recurring charge
(described below) was $589,827 in the three months ended March 2002 versus
$432,618 in the same period in 2001 for an increase of 36%. Basic earnings
per share before the non-recurring item were $0.24 versus $0.14 in the three-
months ended March 31, 2002 and 2001 respectively.
Results of operations for the three months ended March 31, 2002 and 2001
are set forth in the table below:
Three Months Ended
March 31, 2002 March 31, 2001 (1)
(As Restated)
Amount % Rev Amount % Rev
Net Revenues:
Adult day health services $13,160,495 64.0% $12,737,587 65.1%
Visiting nurse services 7,390,058 36.0% 6,815,265 34.9%
$20,550,553 100.0% $19,552,852 100.0%
Operating income:
Adult day health services $695,845 5.3% $838,971 6.6%
Visiting nurse services 1,101,128 14.9% 583,829 8.6%
1,796,973 8.7% 1,422,800 7.3%
Unallocated corporate expense 593,474 2.9% 422,203 2.2%
Costs associated with
restatement of financial
statements 815,794 4.0% -- --%
EBIT 387,705 1.9% 1,000,597 5.1%
Interest expense 220,454 1.1% 184,337 0.9%
Income taxes 66,933 0.3% 383,642 2.0%
Net income $100,318 0.5% $432,618 2.2%
Net income per share:
Basic:
Weighted average shares 2,499,056 3,141,186
$0.04 $0.14
Diluted:
Weighted average shares 3,006,736 3,173,501
$0.03 $0.14
EBITDA (2) $878,498 4.2% $1,282,580 6.6%
Effective tax rate 40.0% 47.0%
(1) 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.
(2) Earnings before interest, taxes, depreciation and amortization.
The following table sets forth the Company's net income and earnings per
share excluding this non-recurring item:
March 31, 2002 March 31, 2001 (1)
(As Restated)
Amount % Rev Amount % Rev
Net income excluding
non-recurring item $589,827 2.9% $432,618 2.2%
Net income per share
excluding non-recurring item:
Basic $0.24 $0.14
Diluted $0.20 $0.14
EBITDA excluding non-recurring
item $1,694,291 8.3% $1,282,580 6.6%
William B. Yarmuth, AFAM's Chairman and CEO commented on the operating
results, "We are pleased to report these favorable year over year results
reflecting a 36% increase in net income excluding non-recurring items. We are
happy that our recent reporting difficulties have had no impact on the
underlying strength of our operations and that we remain a growing and vibrant
organization focused on the health care needs of our clients."
The Company will file its Form 10-Q with the Securities and Exchange
Commission later today.
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.
SOURCE Almost Family, Inc.
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Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/784275.html
CONTACT:
William Yarmuth or Steve Guenthner,
+1-502-899-5355, both of Almost Family, Inc.
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