Basic EPS Up 50% -- $0.18 in 2004 versus $0.12 in 2003
LOUISVILLE, Ky., Nov. 12 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced its operating results for the three and nine
months ended September 30, 2004. Basic earnings per share for the quarter
were $0.18 in 2004 versus $0.12 in the same quarter of 2003. Basic earnings
per share for the nine months ended September 30 were $0.48 in 2004 versus
$0.44 in the same period of 2003.
In the quarter ended September 30, 2004, the Company's VN revenue
increased over 9%, while overall Home Health Care revenue grew 7% as compared
to the same quarter of 2003. Adult Day Care revenue declined 9.5% as a result
of store closings. On a same store basis ADC days sold increased about 3%.
William B. Yarmuth, Chairman and CEO commented on the Company's results
for the quarter: "This was an outstanding quarter for Almost Family despite
the effect of hurricane weather in Florida. We remain very positive on the
prospects for our Visiting Nurse Segment. With the significant reduction in
our debt over the past two years we are well positioned to pursue growth
opportunities through both internal development and acquisitions." Earlier
this week, the Company announced plans to acquire an Orlando, FL visiting
nurse agency.
The Company noted that hurricane weather in Florida, where about 50% of
year to date VN revenues have been generated, reduced VN operating income for
the September 2004 quarter by an estimated $180,000 and basic EPS by an
estimated $0.05.
The Company also noted that it has made substantial reductions in its
outstanding debt over the course of the past two years. During the quarter
ended September 30, 2004 the Company reduced amounts outstanding on its bank
credit facility by $3.3 million. Through October 31, 2004, the Company has
paid down debt by $6.9 million since December 2003 and by more than
$10.6 million since December 2002, when its credit facility balance was over
$14 million.
The Company will be filing 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 September 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 $7,555,941 34.2% $6,920,323 32.0% $635,618 9.2%
PC 8,479,334 38.4% 8,056,132 37.2% 423,202 5.3%
16,035,275 72.5% 14,976,455 69.2% 1,058,820 7.1%
Adult Day Care 6,072,459 27.5% 6,673,302 30.8% (600,843) -9.0%
$22,107,734 100.0% $21,649,757 100.0% $457,977 2.1%
Operating Income
Home Health Care VN $870,372 11.5% $705,766 10.2% $164,606 23.3%
PC 883,563 10.4% 913,512 11.3% (29,949) -3.3%
1,753,935 10.9% 1,619,278 10.8% 134,657 8.3%
Adult Day Care 626,469 10.3% 668,753 10.0% (42,284) -6.3%
2,380,404 10.8% 2,288,031 10.6% 92,373 4.0%
Unallocated corporate
expenses 1,575,505 7.1% 1,660,546 7.7% (85,041) -5.1%
Income before
interest and taxes 804,899 3.6% 627,485 2.9% 177,414 28.3%
Facility gains
(losses) - 0.0% - 0.0% - 0.0%
Interest expense 113,228 0.5% 155,241 0.7% (42,013) -27.1%
Income taxes 287,044 1.3% 188,898 0.9% 98,146 52.0%
Net income $404,627 1.8% $283,346 1.3% $121,281 42.8%
Earnings per share:
Basic $0.18 $0.12 $0.06 50.0%
Diluted $0.16 $0.11 $0.05 45.5%
Weighted average
shares outstanding
Basic 2,303,918 2,296,527 7,391 0.3%
Diluted 2,555,930 2,555,081 849 0.0%
Results of operations for the nine months ended September 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 $24,005,398 36.1% $21,862,873 33.6% $2,142,525 9.8%
PC 24,869,853 37.5% 24,038,168 37.0% 831,685 3.5%
48,875,251 73.6% 45,901,041 70.6% 2,974,210 6.5%
Adult Day Care 17,508,084 26.4% 19,102,923 29.4% (1,594,839) -8.3%
$66,383,335 100.0% $65,003,964 100.0% $1,379,371 2.1%
Operating Income
Home Health
Care VN $3,684,187 15.3% $3,127,274 14.3% $556,913 17.8%
PC 2,429,857 9.8% 2,890,521 12.0% (460,664) -15.9%
6,114,044 12.5% 6,017,795 13.1% 96,249 1.6%
Adult Day Care 858,924 4.9% 980,656 5.1% (121,732) -12.4%
6,972,968 10.5% 6,998,451 10.8% (25,483) -0.4%
Unallocated
corporate
expenses 4,743,885 7.1% 4,804,066 7.4% (60,181) -1.3%
Income before
interest
and taxes 2,229,083 3.4% 2,194,385 3.4% 34,698 1.6%
Facility gains
(losses) 3,854 0.0% (11,709) 0.0% 15,563 -132.9%
Interest expense 381,187 0.6% 496,885 0.8% (115,698) -23.3%
Income taxes 751,075 1.1% 674,317 1.0% 76,758 11.4%
Net income $1,100,675 1.7% $1,011,474 1.6% $89,201 8.8%
Earnings per share:
Basic $0.48 $0.44 $0.04 9.1%
Diluted $0.43 $0.40 $0.03 7.5%
Weighted average
shares outstanding
Basic 2,299,830 2,294,182 5,648 0.2%
Diluted 2,553,450 2,524,060 29,390 1.2%
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).
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, the
Company's ability to generate positive cash flows, 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.
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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
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