LOUISVILLE, Ky., Aug. 16 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced its operating results for the three and six
months ended June 30, 2004. Basic earnings per share for the quarter were
$0.17 in 2004 versus $0.21 in the same quarter of 2003. Basic earnings per
share for the six months ended June 30 were $0.30 in 2004 versus $0.32 in the
same period of 2003. The Company's VN revenue increased nearly 10%, while
overall Home Health Care revenue grew 7.0%. Adult Day Care revenue declined
9.5% primarily as a result of store closings in late 2003. Earnings for the
quarter and six-months ended June 30, 2004 were unfavorably impacted by $0.03
per share due to the costs of a successful union defense in one of the
Company's personal care locations.
The Company will be filing its Form 10-Q with the Securities and Exchange
Commission today. Please refer to that filing for additional information.
William B. Yarmuth, Chairman and CEO commented on the Company's results
for the quarter: "Our Visiting Nurse segment has again turned in strong
admissions, revenue and operating income growth. Focusing our attention on the
growth prospects of this segment continues to pay off. Our two new Florida
Medicare agencies are on track with our expectations. We will continue our
efforts to drive admissions growth and to acquire and start up new VN
agencies. The Company has plans to open 4-6 new VN agency locations over the
next three quarters."
The Company also noted that operating results in it Adult Day Care segment
improved dramatically from the March 2004 quarter, although reported
performance is still down from the same quarter last year. Net income for the
quarter ended June 30, 2004 included losses of $62,000 or $0.03 per share from
adult day care centers no longer in operation as of July 1, 2004. The Company
added that the Maryland Medicaid program implemented a 2.7% rate increase
effective July 1, 2004 after granting no rate increase in 2003.
Results of operations for the three months ended June 30, 2004 and 2003
are set forth in the table below:
Consolidated 2004 2003 Change
Amount % Rev Amount % Rev Amount %
Net Revenues
Home Health
Care VN $ 8,108,047 36.4% $ 7,336,681 33.6% $771,366 10.5%
PC 8,288,627 37.2% 7,987,994 36.6% 300,633 3.8%
16,396,674 73.6% 15,324,675 70.2% 1,071,999 7.0%
Adult Day
Care 5,894,183 26.4% 6,511,888 29.8% (617,705) -9.5%
$22,290,857 100.0% $21,836,563 100.0% $454,294 2.1%
Operating Income
Home Health
Care VN $ 1,305,639 16.1% $ 1,151,774 15.7% $153,865 13.4%
PC 768,089 9.3% 952,146 11.9% (184,057) -19.3%
2,073,728 12.6% 2,103,920 13.7% (30,192) -1.4%
Adult Day
Care 366,644 6.2% 439,748 6.8% (73,104) -16.6%
2,440,372 10.9% 2,543,668 11.6% (103,296) -4.1%
Unallocated
corporate
expenses 1,656,882 7.4% 1,544,775 7.1% 112,107 7.3%
Income before
interest and
taxes 783,490 3.5% 998,893 4.6% (215,403) -21.6%
Facility gains
(losses) (2,566) 0.0% (14,314) -0.1% 11,748 -82.1%
Interest expense 123,116 0.6% 168,481 0.8% (45,365) -26.9%
Income taxes 263,123 1.2% 326,439 1.5% (63,316) -19.4%
Net income $ 394,685 1.8% $ 489,659 2.2% $(94,974) -19.4%
Earnings per
share:
Basic $ 0.17 $ 0.21 $ (0.04) -19.0%
Diluted $ 0.15 $ 0.20 $ (0.05) -25.0%
Weighted average
shares outstanding
Basic 2,299,000 2,296,527 2,473 0.1%
Diluted 2,552,978 2,489,466 64,415 2.6%
Results of operations for the six months ended June 30, 2004 and 2003 are
set forth in the table below:
Consolidated 2004 2003 Change
Amount % Rev Amount % Rev Amount %
Net Revenues
Home Health
Care VN $16,449,457 37.2% $14,942,550 34.5% $1,506,907 10.1%
PC 16,390,519 37.0% 15,982,036 36.9% 408,483 2.6%
32,839,976 74.2% 30,924,586 71.3% 1,915,390 7.2%
Adult Day Care 11,435,625 25.8% 12,429,622 28.7% (993,997) -8.0%
$44,275,601 100.0% $43,354,208 100.0% $921,393 2.1%
Operating Income
Home Health
Care VN $2,813,815 17.1% $2,421,508 16.2% $392,307 16.2%
PC 1,546,294 9.4% 1,977,009 12.4% (430,715) -21.8%
4,360,109 13.3% 4,398,517 14.2% (38,408) -0.9%
Adult Day Care 232,455 2.0% 311,904 2.5% (79,449) -25.5%
4,592,564 10.4% 4,710,421 10.9% (117,857) -2.5%
Unallocated
corporate
expenses 3,168,380 7.2% 3,143,521 7.3% 24,859 0.8%
Income before
interest and
taxes 1,424,184 3.2% 1,566,900 4.6% (142,716) -9.1%
Facility gains
(losses) 3,854 0.0% (11,709) 0.0% 15,563 -132.9%
Interest expense 267,959 0.6% 341,644 0.8% (73,685) -21.6%
Income taxes 464,032 1.0% 485,419 1.1% (21,387) -4.4%
Net income $696,047 1.6% $728,128 1.7% $(32,081) -4.4%
Earnings per share:
Basic $ 0.30 $ 0.32 $ (0.02) -6.3%
Diluted $ 0.27 $ 0.29 $ (0.02) -6.9%
Weighted average
shares outstanding
Basic 2,297,763 2,292,996 4,767 0.2%
Diluted 2,553,915 2,484,763 69,188 2.8%
The Company's 2003 Form 10-K includes a description of its business plan
which calls for an increase in emphasis on the Visiting Nurse segment. In the
information above "VN" refers to the Company's Visiting Nurse segment, "PC"
refers to the Company's in-home Personal Care segment and "ADC" refers to the
Company's facility-based Adult Day Care Segment.
Almost Family, Inc.(TM) and subsidiaries (collectively "Almost Family") is
a leading regional provider of home health nursing services and adult day
health services. The Company has service locations in Florida, Kentucky,
Ohio, Maryland, Connecticut, Massachusetts, Alabama and Indiana (in order of
revenue significance).
Contact: William Yarmuth or Steve Guenthner (502) 891-1000.
All statements, other than statements of historical facts, included in
this news release, including the objectives and expectations of management for
future operating results, expectations for improved earnings from the ADC
segment, the Company's ability to generate same store sales growth, the
Company's ability to acquire visiting nurse agencies at prices it is willing
to pay, the Company's ability to attract investment of additional capital, 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 Medicaid reimbursement
due to state budget shortfalls; the ability of the Company to maintain its
level of operating performance and achieve its cost control objectives;
government regulation; health care reform; pricing pressures from Medicare,
Medicaid and other third-party payers; changes in laws and interpretations of
laws relating to the healthcare industry, and the Company's self-insurance
risks. 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, 2003, 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.
 back to top
Related links:
http://www.almost-family.com
Company News On-Call:
http://www.prnewswire.com/comp/784275.html
CONTACT:
William Yarmuth or Steve Guenthner of Almost
Family, Inc., +1-502-891-1000
|
