Almost Family Reports Fourth Quarter and Full Year 2013 Results
LOUISVILLE, Ky., March 11, 2014 /PRNewswire/ -- Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing and personal care services, announced today its financial results for the three months and full year ended December 31, 2013.
Fourth Quarter Highlights:
- Record net service revenues of $96.3 million
- Net income attributable to Almost Family, Inc. of $328,000, or $0.03 per diluted share
- Diluted EPS from continuing operations of $0.04 including $0.26 of acquisition related expenses, excluding which diluted EPS would have been $0.30
- Cash flows from operations of $7.6 million
- Visiting Nurse segment net revenues were $74.7 million and Personal Care segment revenues were $21.7 million
- Results include the acquisition of SunCrest on December 6, 2013, which added $0.05 to diluted EPS from continuing operations for both the quarter and the year.
Full Year Highlights:
- Record net service revenues of $357.8 million
- Net income attributable to Almost Family, Inc. was $8.2 million, or $0.88 per diluted share
- Diluted EPS from continuing operations of $0.91 including $0.32 of acquisition related expenses, excluding which diluted EPS would have been $1.23
- Cash flows from operations of $19.8 million
- Visiting Nurse segment net revenues were $275.8 million
- Personal Care segment net revenues grew to $82.0 million.
Comments on 2013 Results
William Yarmuth, Chief Executive Officer, commented on the year: "We are pleased with where the Company is positioned for the future after another difficult year for the industry on the reimbursement and regulatory front. Although the recent rebasing rule creates ongoing challenges over the next few years, we remain confident that home health care is key to an effective health care delivery system over the long term. We are equally confident that the Company is very well positioned to capitalize on the opportunities that will inevitably present themselves over this timeframe. Our development activities over the last half of the year, capped by our significant acquisition of SunCrest in December, demonstrate our strong belief in the future."
Yarmuth concluded: "I want to take this opportunity to welcome all of the members of the SunCrest team to our organization. We are excited about building on the strengths that they bring to our Company."
Fourth Quarter Financial Results
Almost Family reported fourth quarter results that included the impact of the following acquisitions, as compared to our results for the fourth quarter of 2012:
- The December 6, 2013 acquisition of SunCrest added $8.8 million to revenue ($7.8 million VN and $1.0 million PC) and $0.05 to diluted EPS from continuing operations
- As previously disclosed, one-time transaction costs, severance, wind-down, lease abandonment and transition costs related to the SunCrest transaction are expected to be between $7 million and $8 million incurred over the period from closing through the end of 2014. Approximately $3.3 million ($0.26 per diluted share) of such costs have been incurred in the period from closing through December 31, 2013.
- The July 19, 2013 acquisition of Indiana Home Care Network added $2.8 million of revenue to the VN segment and $0.03 to diluted EPS from continuing operations
- The October 4, 2013 acquisition of our 61% interest in Imperium lowered diluted EPS from continuing operations by $0.01. Operating costs of $482,000 associated with Imperium are included in our corporate expenses. Imperium did not generate any material revenue in the period.
In addition to our acquisition activity, Medicare rate cuts, primarily sequestration, combined with 2014 rate cuts which affect episodes started in 2013 and ending in 2014 reduced revenue and operating income by $1.35 million and diluted EPS from continuing operations by $0.09. VN segment Medicare admissions decreased organically by 5.9%, primarily in our Florida operations, where we have overlap with SunCrest operations. Due to the size, complexity and risks associated with the integration of the SunCrest acquisition, particularly in Florida, the Company urges investors to temper expectations as we proceed through the balance of our integration work over 2014. Our PC segment hours of service and revenues grew organically by 8.4% and 7.1%, respectively.
Our effective tax rate for the fourth quarter of 2013 was 78.6% compared to 40.1% for the fourth quarter of 2012, due to certain deal and transaction costs that are not currently deductible and that do not result in the establishment of a deferred tax asset. We currently anticipate a normalized effective tax rate of 39.5% and have used that rate in the presentation of income and diluted EPS from continuing operations.
Full Year Ended December 31, 2013
Almost Family reported full year results that included the impact of the following acquisitions, as compared to our results for the full year of 2012:
- The July 19, 2013 acquisition of Indiana Home Care Network added $5.0 million of revenue to the VN segment and $0.07 to diluted EPS from continuing operations
- Because they occurred in the fourth quarter of 2013, the impact of SunCrest and Imperium for the full year was the same as for the fourth quarter
In addition to our acquisition activity, Medicare rate cuts, primarily sequestration, reduced revenue and operating income by $4.4 million and diluted EPS from continuing operations by $0.28. VN segment Medicare admissions increased organically by 0.2%. Our PC segment hours of service and revenues grew organically by 6.8% and 5.1%, respectively.
Our effective tax rate for 2013 was 41.9% compared to 39.2% for 2012, primarily due to certain deal and transaction costs that are not currently deductible and that do not result in the establishment of a deferred tax asset. We currently anticipate a normalized effective tax rate of 39.5% and have used that rate in the presentation of income and diluted EPS from continuing operations.
Acquisitions During 2013
On July 19, 2013, we completed the acquisition of the assets of the Medicare-certified home health agencies owned by IHCN for $12.5 million. Under the IHCN umbrella we operate six home health locations, primarily in northern Indiana.
On October 4, 2013, we acquired a controlling interest in Imperium Health Management, LLC, (Imperium) a Louisville, KY based development-stage enterprise that provides strategic health management services to Accountable Care Organizations (ACO's).
On December 6, 2013, we acquired the stock of SunCrest HealthCare. The total purchase price for the stock was $75.5 million, subject to a working capital adjustment. The transaction was funded from borrowings from our senior secured revolving credit facility and cash on hand.
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||
(UNAUDITED) |
|||||||
(In thousands, except per share data) |
|||||||
Three Months Ended |
Year Ended |
||||||
2013 |
2012 |
2013 |
2012 |
||||
Net service revenues |
$ 96,341 |
$ 85,421 |
$ 357,812 |
$ 342,448 |
|||
Cost of service revenues (excluding |
51,704 |
44,598 |
191,268 |
177,549 |
|||
Gross margin |
44,637 |
40,823 |
166,544 |
164,899 |
|||
General and administrative expenses: |
|||||||
Salaries and benefits |
27,315 |
24,413 |
102,367 |
96,406 |
|||
Other |
12,897 |
10,076 |
45,312 |
39,643 |
|||
Deal and transition costs |
3,337 |
80 |
4,322 |
588 |
|||
Total general and administrative |
43,549 |
34,569 |
152,001 |
136,637 |
|||
Operating income |
1,088 |
6,254 |
14,543 |
28,262 |
|||
Interest expense, net |
(127) |
(17) |
(169) |
(104) |
|||
Income before income taxes |
961 |
6,237 |
14,374 |
28,158 |
|||
Income tax expense |
(756) |
(2,501) |
(6,020) |
(11,047) |
|||
Net income from continuing operations |
$ 205 |
$ 3,736 |
$ 8,354 |
$ 17,111 |
|||
Discontinued operations: |
|||||||
(Loss) gain from operations, net |
|||||||
of tax of ($12), ($19), ($89) and $108 |
$ (58) |
$ (31) |
$ (477) |
$ 173 |
|||
Gain on sale, net of tax of $2 and $971 |
3 |
- |
171 |
- |
|||
(Loss) gain on discontinued operations |
(55) |
(31) |
(306) |
173 |
|||
Net income |
$ 150 |
$ 3,705 |
$ 8,048 |
$ 17,284 |
|||
Net loss - noncontrolling interests |
178 |
- |
178 |
- |
|||
Net income attributable to Almost Family, Inc. |
$ 328 |
$ 3,705 |
$ 8,226 |
$ 17,284 |
|||
Per share amounts-basic: |
|||||||
Average shares outstanding |
9,308 |
9,280 |
9,279 |
9,285 |
|||
Income from continued operations attributable to Almost Family, Inc. |
$ 0.04 |
$ 0.40 |
$ 0.92 |
$ 1.84 |
|||
Discontinued operations |
$ (0.01) |
$ - |
$ (0.03) |
$ 0.02 |
|||
Net income attributable to Almost Family, Inc. |
$ 0.03 |
$ 0.40 |
$ 0.89 |
$ 1.86 |
|||
Per share amounts-diluted: |
|||||||
Average shares outstanding |
9,401 |
9,313 |
9,374 |
9,324 |
|||
Income from continued operations attributable to Almost Family, Inc. |
$ 0.04 |
$ 0.40 |
$ 0.91 |
$ 1.84 |
|||
Discontinued operations |
$ (0.01) |
$ - |
$ (0.03) |
$ 0.01 |
|||
Net income attributable to Almost Family, Inc. |
$ 0.03 |
$ 0.40 |
$ 0.88 |
$ 1.85 |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||
CONSOLIDATED BALANCE SHEETS |
||||
(In thousands) |
||||
As of December 31 |
||||
ASSETS |
2013 |
2012 |
||
CURRENT ASSETS: |
||||
Cash and cash equivalents |
$ 12,246 |
$ 26,120 |
||
Accounts receivable - net |
61,651 |
49,971 |
||
Prepaid expenses and other current assets |
10,278 |
6,968 |
||
Deferred tax assets |
11,532 |
6,580 |
||
TOTAL CURRENT ASSETS |
95,707 |
89,639 |
||
PROPERTY AND EQUIPMENT - NET |
8,142 |
5,401 |
||
GOODWILL |
192,575 |
132,014 |
||
OTHER INTANGIBLE ASSETS |
55,075 |
19,967 |
||
OTHER ASSETS |
774 |
781 |
||
OTHER ASSETS, HELD FOR SALE |
- |
1,457 |
||
TOTAL ASSETS |
$ 352,273 |
$ 249,259 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
CURRENT LIABILITIES: |
||||
Accounts payable |
$ 11,526 |
$ 4,599 |
||
Accrued other liabilities |
38,916 |
21,874 |
||
Current portion - notes payable and capital leases |
702 |
625 |
||
TOTAL CURRENT LIABILITIES |
51,144 |
27,098 |
||
LONG-TERM LIABILITIES: |
||||
Revolving credit facility |
56,000 |
- |
||
Deferred tax liabilities |
25,580 |
16,785 |
||
Other liabilities |
1,856 |
1,061 |
||
TOTAL LONG-TERM LIABILITIES |
83,436 |
17,846 |
||
TOTAL LIABILITIES |
134,580 |
44,944 |
||
NONCONTROLLING INTEREST - REDEEMABLE |
3,639 |
- |
||
STOCKHOLDERS' EQUITY: |
||||
Preferred stock, par value $0.05; authorized |
||||
2,000 shares; none issued or outstanding |
- |
- |
||
Common stock, par value $0.10; authorized |
||||
25,000; 9,500 and 9,421 |
||||
issued and outstanding |
950 |
942 |
||
Treasury stock, at cost, 92 and 91 shares |
(2,340) |
(2,320) |
||
Additional paid-in capital |
103,858 |
101,945 |
||
Noncontrolling interest - nonredeemable |
(203) |
- |
||
Retained earnings |
111,789 |
103,748 |
||
TOTAL STOCKHOLDERS' EQUITY |
214,054 |
204,315 |
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 352,273 |
$ 249,259 |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
(UNAUDITED) |
|||
(In thousands) |
|||
Year Ended December 31, |
|||
2013 |
2012 |
||
Cash flows from operating activities: |
|||
Net income |
$ 8,048 |
$ 17,284 |
|
(Loss) gain on discontinued operations, net of tax |
(306) |
173 |
|
Net income from continuing operations before noncontrolling interest |
8,354 |
17,111 |
|
Adjustments to reconcile income to net cash provided by operating activities: |
|||
Depreciation and amortization |
2,863 |
2,552 |
|
Provision for uncollectible accounts |
5,488 |
2,761 |
|
Stock-based compensation |
1,465 |
1,473 |
|
Deferred income taxes |
2,099 |
3,753 |
|
Change in certain net assets and liabilities, net of the effects of acquisitions: |
|||
Accounts receivable |
(893) |
(8,708) |
|
Prepaid expenses and other current assets |
4,243 |
(1,129) |
|
Other assets |
235 |
228 |
|
Accounts payable and accrued expenses |
(4,080) |
(1,705) |
|
Net cash from operating activities |
19,774 |
16,336 |
|
Cash flows from investing activities: |
|||
Capital expenditures |
(2,505) |
(2,427) |
|
Acquisitions, net of cash acquired |
(88,465) |
(536) |
|
Net cash from investing activities |
(90,970) |
(2,963) |
|
Cash flows from financing activities: |
|||
Credit facility borrowings |
56,000 |
- |
|
Proceeds from stock options exercises |
11 |
70 |
|
Purchase of common stock in connection with share awards |
(20) |
(1,889) |
|
Tax impact of share awards |
(62) |
- |
|
Payment of special dividend |
- |
(18,562) |
|
Principal payments on notes payable and capital leases |
(720) |
(1,200) |
|
Net cash from financing activities |
55,209 |
(21,581) |
|
Cash flows from discontinued operations |
|||
Operating activities |
(970) |
695 |
|
Investing activities |
3,083 |
(60) |
|
Net cash from discontinued operations |
2,113 |
635 |
|
Net change in cash and cash equivalents |
(13,874) |
(7,573) |
|
Cash and cash equivalents at beginning of period |
26,120 |
33,693 |
|
Cash and cash equivalents at end of period |
$ 12,246 |
$ 26,120 |
|
Summary of non-cash investing and financing activities: |
|||
Acquisitions funded by stock |
$ 500 |
$ - |
|
Acquisitions funded by notes payable |
$ 1,500 |
$ - |
|
Dividends declared, not paid |
$ - |
$ 86 |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||||||
RESULTS OF OPERATIONS |
||||||||
(UNAUDITED) |
||||||||
(In thousands) |
||||||||
Three Months Ended December 31, |
||||||||
2013 |
2012 |
Change |
||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
|||
Net service revenues: |
||||||||
Visiting Nurse |
$ 74,660 |
77.5% |
$ 66,147 |
77.4% |
$ 8,513 |
12.9% |
||
Personal Care |
21,681 |
22.5% |
19,274 |
22.6% |
2,407 |
12.5% |
||
96,341 |
100.0% |
85,421 |
100.0% |
10,920 |
12.8% |
|||
Operating income before corporate expenses: |
||||||||
Visiting Nurse |
8,266 |
11.1% |
8,776 |
13.3% |
(510) |
-5.8% |
||
Personal Care |
2,398 |
11.1% |
2,446 |
12.7% |
(48) |
-2.0% |
||
10,664 |
11.1% |
11,222 |
13.1% |
(558) |
-5.0% |
|||
Deal and transition costs |
3,337 |
3.5% |
80 |
0.1% |
3,257 |
4071.3% |
||
Corporate expenses |
6,239 |
6.5% |
4,888 |
5.7% |
1,351 |
27.6% |
||
Operating income |
1,088 |
1.1% |
6,254 |
7.3% |
(5,166) |
-82.6% |
||
Interest expense, net |
(127) |
-0.1% |
(17) |
0.0% |
(110) |
647.1% |
||
Income tax expense |
(756) |
-0.8% |
(2,501) |
-2.9% |
1,745 |
-69.8% |
||
Net income from continuing operations |
$ 205 |
0.2% |
$ 3,736 |
4.4% |
$ (3,531) |
-94.5% |
||
EBITDA from continuing operations |
$ 2,372 |
2.5% |
$ 7,259 |
8.5% |
$ (4,887) |
-67.3% |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||||||
RESULTS OF OPERATIONS |
||||||||
(UNAUDITED) |
||||||||
(In thousands) |
||||||||
Year Ended December 31, |
||||||||
2013 |
2012 |
Change |
||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
|||
Net service revenues: |
||||||||
Visiting Nurse |
$ 275,813 |
77.1% |
$ 265,401 |
77.5% |
$ 10,412 |
3.9% |
||
Personal Care |
81,999 |
22.9% |
77,047 |
22.5% |
4,952 |
6.4% |
||
357,812 |
100.0% |
342,448 |
100.0% |
15,364 |
4.5% |
|||
Operating income before corporate expenses: |
||||||||
Visiting Nurse |
30,749 |
11.1% |
39,142 |
14.7% |
(8,393) |
-21.4% |
||
Personal Care |
10,137 |
12.4% |
10,029 |
13.0% |
108 |
1.1% |
||
40,886 |
11.4% |
49,171 |
14.4% |
(8,285) |
-16.8% |
|||
Deal and transition costs |
4,322 |
1.2% |
588 |
0.2% |
3,734 |
635.0% |
||
Corporate expenses |
22,021 |
6.2% |
20,321 |
5.9% |
1,700 |
8.4% |
||
Operating income |
14,543 |
4.1% |
28,262 |
8.3% |
(13,719) |
-48.5% |
||
Interest expense, net |
(169) |
0.0% |
(104) |
0.0% |
(65) |
62.5% |
||
Income tax expense |
(6,020) |
-1.7% |
(11,047) |
-3.2% |
5,027 |
-45.5% |
||
Net income from continuing operations |
$ 8,354 |
2.3% |
$ 17,111 |
5.0% |
$ (8,757) |
-51.2% |
||
EBITDA from continuing operations |
$ 18,871 |
5.3% |
$ 32,287 |
9.4% |
$ (13,416) |
-41.6% |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||||||
VISITING NURSE SEGMENT OPERATING METRICS |
||||||||
Three Months Ended December 31, |
||||||||
2013 |
2012 |
Change |
||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
|||
Average number of locations |
131 |
103 |
28 |
27.2% |
||||
All payors: |
||||||||
Patient months |
61,367 |
53,451 |
7,916 |
14.8% |
||||
Admissions |
17,585 |
15,643 |
1,942 |
12.4% |
||||
Billable visits |
530,051 |
466,947 |
63,104 |
13.5% |
||||
Medicare: |
||||||||
Admissions |
15,889 |
90% |
14,203 |
91% |
1,686 |
11.9% |
||
Revenue (in thousands) |
$ 68,624 |
92% |
$ 60,969 |
92% |
$ 7,655 |
12.6% |
||
Revenue per admission |
$ 4,319 |
$ 4,293 |
$ 26 |
0.6% |
||||
Billable visits |
450,842 |
85% |
393,865 |
84% |
56,977 |
14.5% |
||
Recertifications |
9,416 |
7,823 |
1,593 |
20.4% |
||||
Payor mix % of Admissions |
||||||||
Traditional Medicare Episodic |
88.7% |
92.7% |
-4.0% |
|||||
Replacement Plans Paid Episodically |
2.8% |
2.6% |
0.2% |
|||||
Replacement Plans Paid Per Visit |
8.4% |
4.7% |
3.7% |
|||||
Non-Medicare: |
||||||||
Admissions |
1,695 |
10% |
1,440 |
9% |
255 |
17.7% |
||
Revenue (in thousands) |
$ 6,036 |
8% |
$ 5,178 |
8% |
$ 858 |
16.6% |
||
Revenue per admission |
$ 3,561 |
$ 3,596 |
$ (35) |
-1.0% |
||||
Billable visits |
79,209 |
15% |
73,082 |
16% |
6,127 |
8.4% |
||
Recertifications |
1,311 |
1,571 |
(260) |
-16.5% |
||||
Payor mix % of Admissions |
||||||||
Medicaid & other governmental |
27.9% |
31.7% |
-3.8% |
|||||
Private payors |
72.1% |
68.3% |
3.8% |
|||||
PERSONAL CARE OPERATING METRICS |
||||||||
Three Months Ended December 31, |
||||||||
2013 |
2012 |
Change |
||||||
Amount |
Amount |
Amount |
% |
|||||
Average number of locations |
62 |
60 |
2 |
3.3% |
||||
Admissions |
1,050 |
1,072 |
(22) |
-2.1% |
||||
Patient months of care |
18,117 |
17,280 |
837 |
4.8% |
||||
Billable hours |
1,208,847 |
1,079,477 |
129,370 |
12.0% |
||||
Revenue per billable hour |
$ 17.94 |
$ 17.86 |
$ 0.08 |
0.4% |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||||||
VISITING NURSE SEGMENT OPERATING METRICS |
||||||||
Year Ended December 31, |
||||||||
2013 |
2012 |
Change |
||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
|||
Average number of locations |
112 |
105 |
7 |
6.7% |
||||
All payors: |
||||||||
Patient months |
224,446 |
212,555 |
11,891 |
5.6% |
||||
Admissions |
64,843 |
62,319 |
2,524 |
4.1% |
||||
Billable visits |
1,967,407 |
1,847,268 |
120,139 |
6.5% |
||||
Medicare: |
||||||||
Admissions |
58,634 |
90% |
56,179 |
90% |
2,455 |
4.4% |
||
Revenue (in thousands) |
$ 255,097 |
93% |
$ 245,487 |
93% |
$ 9,610 |
3.9% |
||
Revenue per admission |
$ 4,351 |
$ 4,370 |
$ (19) |
-0.4% |
||||
Billable visits |
1,676,717 |
85% |
1,546,230 |
84% |
130,487 |
8.4% |
||
Recertifications |
33,699 |
31,098 |
2,601 |
8.4% |
||||
Payor mix % of Admissions |
||||||||
Traditional Medicare Episodic |
91.9% |
93.7% |
-1.8% |
|||||
Replacement Plans Paid Episodically |
2.6% |
3.2% |
-0.6% |
|||||
Replacement Plans Paid Per Visit |
5.5% |
3.1% |
2.4% |
|||||
Non-Medicare: |
||||||||
Admissions |
6,209 |
10% |
6,140 |
10% |
69 |
1.1% |
||
Revenue (in thousands) |
$ 20,717 |
7% |
$ 19,914 |
8% |
$ 803 |
4.0% |
||
Revenue per admission |
$ 3,336 |
$ 3,243 |
$ 93 |
2.9% |
||||
Billable visits |
290,696 |
15% |
301,038 |
16% |
(10,342) |
-3.4% |
||
Recertifications |
5,493 |
6,264 |
(771) |
-12.3% |
||||
Payor mix % of Admissions |
||||||||
Medicaid & other governmental |
28.3% |
36.9% |
-8.6% |
|||||
Private payors |
71.7% |
63.1% |
8.6% |
|||||
PERSONAL CARE OPERATING METRICS |
||||||||
Year Ended December 31, |
||||||||
2013 |
2012 |
Change |
||||||
Amount |
Amount |
Amount |
% |
|||||
Average number of locations |
61 |
60 |
1 |
1.7% |
||||
Admissions |
4,311 |
4,319 |
(8) |
-0.2% |
||||
Patient months of care |
70,611 |
69,304 |
1,307 |
1.9% |
||||
Billable hours |
4,602,260 |
4,275,007 |
327,253 |
7.7% |
||||
Revenue per billable hour |
$ 17.82 |
$ 18.02 |
$ (0.20) |
-1.1% |
Non-GAAP Financial Measure
The information provided in some of the tables in this release includes certain non-GAAP financial measures as defined under SEC rules. In accordance with SEC rules, the Company has provided, in the supplemental information, a reconciliation of those measures to the most directly comparable GAAP measures.
EBITDA
Earnings before interest, income taxes, depreciation and amortization (EBITDA) is not a measure of financial performance under accounting principles generally accepted in the United States of America. It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles. The items excluded from EBITDA are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates EBITDA and believes that it is useful to investors because it is commonly used as an analytical indicator within our industry to evaluate performance, measure leverage capacity and debt service ability, and to estimate current or prospective enterprise value. EBITDA is also used in certain covenants contained in our credit agreement.
The following tables set forth a reconciliation of net income to EBITDA:
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||
RECONCILIATION OF EBITDA |
|||||||
(In thousands) |
|||||||
Three Months Ended December 31, |
Year Ended December 31, |
||||||
(in thousands) |
2013 |
2012 |
2013 |
2012 |
|||
Net income from continuing operations |
$ 205 |
$ 3,736 |
$ 8,354 |
$ 17,111 |
|||
Add back: |
|||||||
Interest expense |
127 |
17 |
169 |
104 |
|||
Income tax expense |
756 |
2,501 |
6,020 |
11,047 |
|||
Depreciation and amortization |
858 |
659 |
2,863 |
2,552 |
|||
Amortization of stock-based compensation |
426 |
346 |
1,465 |
1,473 |
|||
Earnings before interest, income taxes, depreciation and amortization (EBITDA) from continuing operations |
$ 2,372 |
$ 7,259 |
$ 18,871 |
$ 32,287 |
About Almost Family, Inc.
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing services, with branch locations in Florida, Ohio, Tennessee, Kentucky, Connecticut, New Jersey, Massachusetts, Georgia, Pennsylvania, Indiana, Missouri, Illinois, Mississippi and Alabama (in order of revenue significance). Almost Family, Inc. and its subsidiaries operate a Medicare-certified segment and a personal care segment. Almost Family operates over 240 branch locations in fourteen U.S. states.
Forward Looking Statements
All statements, other than statements of historical facts, included in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "project," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. These forward-looking statements are based on the Company's current plans, expectations and projections about future events.
Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties which could cause actual results to differ materially include: regulatory approvals or third-party consents may not be obtained; the impact of further changes in healthcare reimbursement systems, including the ultimate outcome of potential changes to Medicare reimbursement for home health services and 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; changes in our relationships with referral sources; the ability of the Company to integrate acquired operations including obtaining synergies, integration objectives and anticipated timelines; 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 various filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended December 31, 2012, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors." With regard to the Company's recent investment in Imperium, in particular given that it is a development stage enterprise, there can be no assurance that its operational and developmental objectives will be realized or that any savings in healthcare spending or any participation in Medicare Shared Savings Program payments will be realized. The Company undertakes no obligation to update or revise its forward-looking statements.
Almost Family, Inc. Steve Guenthner (502) 891-1000 |
The Ruth Group Investor Relations Nick Laudico (646) 536-7030 |
SOURCE Almost Family, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article