LOUISVILLE, Ky., May 15 /PRNewswire-FirstCall/ --
Almost Family, Inc. (Nasdaq: AFAM) today announced its operating results
for the three month period ended March 31, 2003.
Three Month Results
The Company reported net income of $238,469 or $0.10 per diluted share in
the quarter ended March 31, 2003 versus net income of $100,318 or $0.03 per
diluted share in the quarter ended March 31, 2002. As previously indicated
decreased attendance in the Company's adult day care centers directly related
to snow and ice, particularly during the month of February 2003, reduced net
income by approximately $0.05 per diluted share. Earnings for the March 2003
quarter were also adversely impacted by changes in Medicare and Medicaid
reimbursement rates and increased costs of insurance and staffing.
The Company filed its Form 10-Q with the Securities and Exchange
Commission today. Please refer to that filing for additional information.
Results of operations for the three months ended March 31, 2003 and 2002
are set forth in the table below:
Consolidated 2003 2002 Change
Amount % Rev Amount % Rev Amount %
Net Revenues
ADHS $ 13,911,776 64.7% $ 13,185,301 64.2% $ 726,475 5.5%
VN 7,605,869 35.3% 7,365,252 35.8% 240,617 3.3%
$ 21,517,645 100.0% $ 20,550,553 100.0% $ 967,092 4.7%
Operating
Income
ADHS $ 176,962 1.3% $ 614,677 4.4% $ (437,716) -71.2%
VN 951,429 12.5% 1,123,514 15.3% (172,085) -15.3%
1,128,391 5.2% 1,738,191 8.5% (609,800) -35.1%
Unallocated
corporate
expenses 551,709 2.6% 1,350,486 6.6% (798,777) -59.1%
Income before
interest and
taxes 576,682 2.7% 387,705 1.9% 188,977 48.7%
Interest
expense 179,233 0.8% 220,454 1.1% (41,221) -18.7%
Income
taxes 158,980 0.7% 66,933 0.3% 92,047 NM
Net
income $ 238,469 1.1% $ 100,318 0.5% $ 138,151 NM
Net income per share:
Basic:
Weighted
average
shares 2,289,465 2,499,056 (209,591) NM
Net income $ 0.10 $ 0.04 $ 0.06 NM
Net income per share:
Diluted:
Weighted
average
shares 2,476,900 3,006,736 (529,836) -17.6%
Net income $ 0.10 $ 0.03 $ 0.07 NM
NM - Non Meaningful
Unallocated corporate expenses in the three months ended March 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.
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.
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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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