Income From Continuing Operations Increased to $0.16 From $0.06 in Prior Year
LOUISVILLE, Ky., Nov. 3 /PRNewswire/ --
Almost Family, Inc. (Nasdaq: AFAM) announced record earnings for the three
and six-month periods ended September 30, 2000.
For the three months ended September 30, 2000, the Company reported net
income from continuing operations of $504,072 or $0.16 per share on revenues
of $12,545,155. In the same quarter last year, the Company reported net
income from continuing operations of $199,387 or $0.06 per share on revenues
of $11,105,137. The Company attributed the increase in earnings of over 150%
to higher sales volumes and increased attendance in its adult day care
facilities.
For the six months ended September 30, 2000, the Company reported net
income from continuing operations of $794,786 or $0.25 per share on revenues
of $24,321,595. In the same period last year, the Company reported net income
from continuing operations of $202,707 or $0.06 per share on revenues of
$21,440,145. The 1999 results included a $0.02 non-recurring loss on the sale
of a building. As for the quarter, the higher earnings, up 292% for the six-
months, resulted primarily from higher sales volumes.
"Continued volume growth in existing facilities has enabled us to produce
significant year-over-year performance improvements. Revenues for the quarter
were up 13% over last year while net income increased over 150%.
Additionally, we have continued the development of additional in-center
capacity increasing it in total by about 10% from the previous year," said
William B. Yarmuth, Almost Family's Chairman and CEO. "As we discussed in our
recent annual letter to the shareholders, we continue to expand our capacity
at a pace consistent with our volume growth in an effort to produce long-term
sustainable growth in earnings and cash flows."
Results of operations for the three and six-month periods ended September
30, 2000 and 1999 are set forth in the table below.
Three Months Ended September Change
2000 1999 Amount Percent
Continuing Operations
Net Revenues 12,545,155 11,105,137 1,440,018 13.0%
Pre-tax Center
Contribution 2,374,950 1,887,242 487,708 25.8%
Net income (loss) from
Continuing Operations 504,072 199,387 304,685 152.8%
Discontinued operations
Results of operations -- 22,347 (22,347)
Estimated Loss on Disposal -- (5,000,000) 5,000,000
Net income (loss) $ 504,072 $ (4,778,266)$ 5,282,338
Earnings (loss) per share - Basic
Continuing operations 0.16 0.06 0.10 151.1%
Discontinued operations
Results of operations -- 0.01 (0.01)
Estimated loss on disposal -- (1.60) 1.60
Total Earnings (loss) per
share $ 0.16 $ (1.53) $ (1.69)
Earnings (loss) per share
- Diluted $ 0.15 $ (1.53) $ 1.68
Continuing operations excluding
non-recurring items:
Net income (loss) $ 504,072 $ 199,387 $304,685 152.8%
Earnings (loss) per share
- Basic $ 0.16 $ 0.06 $ 0.10 151.1%
Earnings (loss) per share
- Diluted $ 0.15 $ 0.06 $ 0.09 134.8%
Total Days of Care 180,566 158,103 22,463 14.2%
In-Center Avg. weekday
Attendance 1,280 1,179 101 8.6%
In-Center Capacity 1,701 1,551 150 9.7%
In-Center Occupancy Rate 75.2% 76.0% -0.77%
Six Months ended September Change
2000 1999 Amount Percent
Continuing Operations
Net Revenues $ 24,321,595 $ 21,440,145 $ 2,881,450 13.4%
Pre-tax Center
Contributions 4,231,311 3,466,338 764,973 22.1%
Net Income (loss) from
Continuing Operations 794,786 202,707 592,079 292.1%
Discontinued Operations
Results of operations - 78,258 (78,258)
Estimated Loss on Disposal - (5,000,000) 5,000,000
Net income (loss) $ 794,786 $ (4,719,035) $ 5,513,821
Earnings (loss) per share - Basic
Continuing operations $ 0.25 $ 0.06 $ 0.19 289.5%
Discontinued operations
Results of operations - 0.03 (0.03)
Estimated loss on disposal - (1.60) 1.60
Total Earnings (loss)
per share $ 0.25 $ (1.51) $ 1.77
Earnings (loss) per share -
Diluted $ 0.24 $ (1.51) $ 1.75
Continuing operations excluding
non-recurring items:
Net income (loss) $ 794,786 $ 255,897 $538,889 210.6%
Earnings (loss) per share -
Basic $ 0.25 $ 0.08 $ 0.17 208.5%
Earnings (loss) per share -
Diluted $ 0.24 $ 0.08 $ 0.16 192.7%
Total Days of Care 357,710 307,129 50,581 16.5%
In-Center Avg. Weekday
Attendance 1,268 1,147 121 10.6%
In-Center Capacity 1,676 1,522 154 10.1%
In-Center Occupancy Rate 75.6% 75.3% 0.32%
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.
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 Match 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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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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