LOUISVILLE, Ky., May 17 /PRNewswire/ -- Almost Family, Inc. (Nasdaq: AFAM)
announced earnings for the three and twelve-month periods ended
March 31, 2001. The Company's reported consolidated net income of $2,211,848
or $0.70 per share for the year and $751,486 or $0.24 per share for the
quarter ended March 31, 2001.
ADHS Operations
For the year ended March 31, 2001, the Company reported net income from
continuing operations of $1,601,863 or $0.51 per share on revenues of
$49,680,572. In the same period last year, the Company reported net income
from continuing operations of $175,322 or $0.06 per share on revenues of
$44,723,677. The 2000 results included a $0.09 non-recurring charge for
closure of an adult day care facility and a loss on the sale of a building.
As was the case for the quarter, the higher earnings, up over 800% for the
year, resulted primarily from higher sales volumes and improved reimbursement
rates.
For the three months ended March 31, 2001, the Company reported net income
from Adult Day Health Services continuing operations of $368,951 or $0.12 per
share on revenues of $12,737,588. In the same quarter last year, the Company
reported a net loss from continuing operations of ($21,122) or ($0.01) per
share (excluding non-recurring items) on revenues of $11,397,286. The Company
attributed the increase in earnings to higher sales volumes, increased
attendance in its adult day care facilities and improved reimbursement rates.
William B. Yarmuth, AFAM's CEO commented on the ADHS earnings: "We are
very pleased to have completed such a tremendously successful year. Almost
Family has worked long and hard to emerge from the very difficult health care
environment of 1997-2000 as a thriving healthy enterprise now generating
significant financial returns for our shareholders. As always, we have
accomplished this by maintaining our focus on providing the highest quality
care and customer service and through the commitment of our employees."
Visiting Nurse Operations
In addition to its continuing operations results, the Company reported net
income from its visiting nurse division of $382,535 or $0.12 per share for the
quarter. The March quarter was the division's second quarter of operations
under the new Medicare Prospective Payment System (PPS). Medicare PPS went
into effect October 1, 2000 replacing the previous cost reimbursed system
which had been in place for over 30 years. Although "discontinued operations"
accounting treatment is being used for this segment, the Company will report
these earnings in its income statement for the quarter and in future quarters.
Under these accounting rules, losses incurred in the comparable quarters of
last year and in the first two quarters of this year were previously provided
for in a one-time charge recorded in September 1999. On a year to date basis,
the Company reported net income from the visiting nurse division of $609,985
or $0.19 per share.
Regarding the future prospects of the visiting nurse operation, which has
now proven its ability to operate profitably, the Company is continuing to
evaluate strategic alternatives for this business unit pursuant to previously
adopted plans. Yarmuth added the following comments on the visiting nurse
operating results: "We are extraordinarily pleased with the performance of
our visiting nurse business. Although the Medicare PPS is still somewhat new,
we are clearly performing very well. While we are continuing to evaluate
various alternatives, we are increasingly enthusiastic about the on-going
operating prospects of this business."
Consolidated Results
The Company's reported consolidated net income of $751,486 or $0.24 per
share for the quarter and $2,211,848 or $0.70 per share for the year ended
March 31, 2001. The Company reported consolidated net (loss) for the
corresponding periods of the preceding year of ($262,871) or ($0.08) per share
and ($4,742,954) or ($1.52) per share respectively. The loss reported in the
year ended March 31, 2000 included a net $5 million after-tax charge related
to the disposition of the Company's home care operations. Refer to the
Company's recent SEC filings on Forms 10Q and 10K for additional historical
information. Additional information will be made available in the Company's
Form 10K for the year ended March 2001, expected to be filed shortly.
Results of operations for the years ended March 31, 2001 and 2000 are set
forth in the table below.
Year Ended
March 31, Change
2001 2000 Amount %
Continuing Operation
Net Revenues $ 49,680,572 $ 44,723,677 $ 4,956,895 11.1%
Pre-tax Center
Contribution 8,335,108 7,392,781 942,327 12.7%
Net Income from
Continuing Operations 1,601,863 175,322 1,426,541 813.7%
Discontinued Operations
Results of operations 609,985 81,724 528,261
Estimated Loss on
Disposal -- (5,000,000) 5,000,000
Net income (loss) $ 2,211,848 $ (4,742,954) $ 6,954,802
Earnings per share - Basic
Continuing
Operations $ 0.51 $ 0.06 $ 0.45 806.4%
Discontinued Operations
Results of operations 0.19 0.03 0.17
Estimated Loss on disposal -- (1.60) 1.60
Total earnings (loss)
per share $ 0.70 $ (1.52) $ 2.22
Earnings (loss) per share
- Diluted $ 0.67 $ (1.52) $ 2.19
Continuing operations
excluding non-recurring
items:
Net income $ 1,601,863 $ 470,261 $ 1,131,602 240.6%
Earnings per share
- Basic $ 0.51 $ 0.15 $ 0.36 237.9%
Earnings per share
- Diluted $ 0.48 $ 0.15 $ 0.33 221.4%
Results of operations for the years ended March 31, 2001 and 2000 are set
forth in the table below.
Three Months Ended
March 31, Change
2001 2000 Amount %
Continuing Operations
Net Revenues $ 12,737,588 $ 11,397,286 $ 1,340,302 11.8%
Pre-tax Center
Contribution 1,926,558 1,211,485 715,073 59.0%
Net Income from
Continuing Operations 368,951 (262,871) 631,822
Discontinued Operations
Results of operation 382,535 -- 382,535
Estimated Loss on
Disposal -- -- --
Net income $ 751,486 $ (262,871) $ 1,014,357
Earnings per share - Basic
Continuing
operations $ 0.12 $ (0.08) $ 0.20
Discontinued operations
Results of operations 0.12 -- 0.12
Estimated loss of
disposal -- -- --
Total Earnings per
share $ 0.24 $ (0.08) $ 0.32
Earnings per share -
Diluted $ 0.22 $ (0.08) $ 0.31
Continuing operations
excluding non-recurring
items:
Net income (loss) $ 368,951 $ (21,122) $ 390,073
Earnings per share
- Basic $ 0.12 $ (0.01) $ 0.12
Earnings per share
- Diluted $ 0.11 $ (0.01) $ 0.12
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.
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 effects of implementation of Medicare Prospective
Payment System, potential changes to the Medicare PPS (including but not
limited to the 15% rate reduction currently legislated to go into effect on
October 1, 2002), the ability of the Company to achieve the cost control and
earnings objectives of its plan for operating its visiting nurse division
under Medicare PPS; 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 March 31, 2000, 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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Related links:
http://www.almost-family.com
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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