Income from Continuing Operations Increased to $0.15 From $0.10 Loss in Prior
Year, Excluding Non-Recurring Items
LOUISVILLE, Ky., June 14 /PRNewswire/ -- Almost Family, Inc,
(Nasdaq: AFAM) announced earnings for the quarter and year ended
March 31, 2000.
For the three months ended March 31, 2000, 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. In the same quarter last year,
the Company reported net income from continuing operations of $34,218 or
$0.01 per share, excluding non-recurring items, on revenues of $10,024,441.
The Company attributed the lower earnings for this year's fourth quarter to
the impact of unusually severe winter weather on its northeast U.S. adult day
care centers, noting that 13 of the Company's 25 centers are located in the
northeast.
In its fourth quarter, the Company opened a new adult day care center,
located in Owensboro, KY, and closed its Birmingham AL center. The Company
recorded a one-time charge to write-off the remaining leasehold improvements
and provide for future lease obligations as prescribed by accounting rules,
The total after-tax charge was $241,749 or $0.08 per share.
For the year, the Company reported net income from continuing operations
of $470,258 or $0.15 per share, excluding non-recurring items, on revenues of
$44,723,677. This compares to a net loss of ($307,326) or ($0.10) per share,
excluding non-recurring items, on revenues of $39,619,347 last year.
"We are very pleased with our operations' growth in revenue and earnings.
Despite the fourth quarter's unusually severe winter weather experienced in
the northeast, particularly Maryland, our results are being driven primarily
by increased occupancy rates and volume growth," said William B. Yarmuth,
Almost Family's Chairman and CEO. "We view fiscal 2000 as a year of
significant change for our Company. We have reinvented ourselves in the midst
of tremendous change in healthcare and have emerged with good earnings
improvement and essentially debt free."
Results of operations for the three and twelve month periods ended
March 31, 2000 and 1999 are set forth in the table below.
Results of Operations
Periods Ended March 31,
Three Months Change
2000 1999 Amount Percent
Continuing Operations
Net Revenues $11,397,286 $10,024,441 $1,372,846 13.7%
Pre-tax Center
Contribution 1,211,485 1,339,599 (128,114) -9.6%
Net Income (loss) from
Continuing Operations (262,871) 34,218 (297,089)
Discontinued Operations
Results of operations -- (1,420,391) 1,420,391
Estimated loss on
disposal -- -- --
Cumulative Effect of
Accounting Change -- -- --
Net income (loss) $ (262,871) $(1,386,173) $1,123,302
Earnings (loss) per share
Continuing operations $ (0.08) $ 0.01 $ (0.10)
Discontinued operations
Results of operations -- (0.46) 0.46
Estimated loss on disposal -- -- --
Cumulative Effect of
Accounting Change -- -- --
Total Earnings (loss)
per share $ (0.08) $ (0.44) $ 0.36
Continuing operations
excluding non-recurring
items:
Net income (loss) $ (21,122) $ 34,218 $ (55,340)
Earnings (loss) per
share $ (0.01) $ 0.01 $ (0.02)
Year Change
2000 1999 Amount Percent
Continuing Operations
Net Revenues $44,723,677 $39,619,347 $5,104,331 12.9%
Pre-tax Center
Contribution 6,025,778 5,067,932 957,846 18.9%
Net Income (loss) from
Continuing Operations 175,323 (373,828) 549,151
Discontinued Operations
Results of operations 81,724 (5,681,864) 5,763,588
Estimated loss on
disposal (5,000,000) -- (5,000,000)
Cumulative Effect of
Accounting Change -- (171,974) 171,974
Net income (loss) $(4,742,953) $(6,227,667) $1,484,714
Earnings (loss) per share
Continuing operations $ 0.06 $ (0.12) $ 0.18
Discontinued operations
Results of operations 0.03 (1.82) 1.85
Estimated loss on disposal (1.60) -- (1.60)
Cumulative Effect of
Accounting Change -- (0.06) 0.06
Total Earnings (loss)
per share $ (1.52) $ (2.00) $ 0.48
Continuing operations
excluding non-recurring
items:
Net income (loss) $ 470,258 $ (307,326) $ 777,584
Earnings (loss) per
share $ 0.15 $ (0.10) $ 0.25
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.
As previously announced, the Company changed its name to Almost Family
(Nasdaq: AFAM) from Caretenders HealthCorp (Nasdaq: CTND) on January 31, 2000.
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 implementation of a Medicare prospective payment
system: government regulation; health care reform, pricing pressures from
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, 1999, 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/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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