LOUISVILLE, Ky., Aug. 8, 2012 /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 and six month periods ended June 30, 2012.
Second Quarter Highlights:
- Net service revenues of $87 million for the quarter
- Net income was $4.5 million, or $0.49 per diluted share
- Diluted EPS includes $0.01 for transaction related costs, excluding which diluted EPS would have been $0.50
- Visiting Nurse segment net revenues were $68 million, on 2% admission growth overall, including 4% in Florida
- Personal Care segment net revenues grew to $19 million from a combination of the Cambridge acquisition and 5% organic volume growth
Comments on Results
William Yarmuth, Chief Executive Officer, commented on the results: "We're pleased with our results for the quarter as we continue to adjust our operations to meaningful Medicare rate cuts and an apparent slowing in the Medicare home health market. During the first half of 2012, our staff and management have been intensely focused on improving our operational performance. I'm pleased with the extent to which we've improved our results. Our charge for the second half of 2012 is to leverage the progress achieved in both segments, while turning a more substantial part of our focus toward improving the organic growth of our business."
Second Quarter Financial Results
Almost Family reported second quarter results that included: i) the favorable impact of our Cambridge Home Health Care Holdings, Inc. (Cambridge) acquisition, which closed in early August of 2011, ii) the unfavorable impact of higher than normal workers compensation costs which lowered EPS by $0.04 and iii) the unfavorable impact of the 2012 Medicare reimbursement rate cut in the Visiting Nurse (VN) segment. The Medicare rate changes reduced revenue and operating income by $2.8 million and earnings per diluted share by $0.18.
Net service revenues for the second quarter grew to $86.9 million, a 6% increase from $81.7 million reported in the second quarter of 2011, as a result of the Cambridge acquisition, partially offset by the VN segment's Medicare rate cut.
Net income for the second quarter of 2012 was $4.5 million, or $0.49 per diluted share, down from second quarter of 2011 net income of $5.0 million, or $0.53 per diluted share.
Diluted EPS for the quarter was increased by $0.07 as compared to the second quarter of 2011 as a result of the Cambridge acquisition. Unallocated corporate overhead included approximately $0.2 million of transitional expenses related to the Cambridge home office which is expected to wind down during the remainder of 2012. Diluted EPS for the quarter includes a $0.01 for transaction related costs, similar costs in the prior year quarter totaled $0.02. Our effective tax rate for the quarter declined to 39.5% from 40.2% in the prior year quarter, primarily due to a lower state tax rate from the Cambridge acquisition.
Second Quarter Segment Results
VN Segment second quarter results include the unfavorable impact of the Medicare rate cuts. As a result, VN segment second quarter net service revenues declined 5% to $67.6 million, from $71.2 million in the second quarter of 2011, while operating income before corporate expenses for the second quarter of 2012 declined to $10.8 million from $11.8 million reported for the second quarter of 2011. Total admissions grew 2%, substantially all organic, which was partially offset by a 0.6% decline in re-certifications. Organic VN admission growth in Florida was 4%.
Primarily as a result of our Cambridge acquisition, Personal Care (PC) segment net service revenues grew 83% or $8.8 million in the second quarter of 2012 to a record $19.3 million from $10.5 million in the second quarter of 2011, while operating income before unallocated corporate expenses increased 85%, or $1.1 million to $2.3 million in the second quarter of 2012.
Six Month Period Ended June 30, 2012
Almost Family reported six month results that included: i) the favorable impact of our Cambridge Home Health Care Holdings, Inc. (Cambridge) acquisition, which closed in early August of 2011 and ii) the unfavorable impact of the 2012 Medicare reimbursement rate cut in the Visiting Nurse (VN) segment. The Medicare rate changes reduced revenue and operating income by $5.7 million and earnings per diluted share by $0.37.
Net income for the six month period of 2012 was $9.5 million, or $1.02 per diluted share, down from the six month period of 2011 net income of $10.7 million, or $1.14 per diluted share. Fees and expenses related to governmental inquiries did not impact the 2012 six month period, while lowering the 2011 six month period EPS by approximately $0.05. Deal costs lowered year to date 2012 and 2011 EPS by approximately $0.01 and $0.03, respectively.
Six Month Period Segment Results
Net service revenues in the VN segment for the six month period declined to $138.3 million, a 3.9% decrease from $143.9 million in the six month period of 2011, after the effect of the previously mentioned Medicare rate cut which was partially offset by volume growth. Total admissions grew 4%, of which 2% was organic.
Operating income before corporate expenses in the VN segment for the six month period of 2012 was $21.8 million, a $3.0 million decrease from $24.9 million reported for the six month period of 2011, primarily as a result of the impact of the Medicare rate cut.
Primarily as a result of our Cambridge acquisition, net service revenues in the PC segment for the six month period of 2012 grew 89% or $18.1 million to $38.5 million from $20.4 million in the six month period of 2011. Operating income before unallocated corporate expenses in the PC segment increased 76% to $4.7 million from $2.7 million in the six month period of 2011.
Conference Call
A conference call to review the results will begin at 11:00 a.m. ET on August 8, 2012, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, President and Principal Financial Officer. To participate in the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (International). In addition, a dial-up replay of the conference call will be available beginning August 8, 2012 at 2:00 p.m. ET and ending on August 22, 2012. The replay telephone number is 1-877-870-5176 (USA) or 1-858-384-5517 (International). Passcode 398221. A live Web cast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.almostfamily.com. A Web cast replay can be accessed on the corporate Web site beginning August 8, 2012 at approximately 2:00 p.m. ET and will remain available until September 8, 2012.
Almost Family, Inc. Steve Guenthner (502) 891-1000 |
The Ruth Group Investor Relations Nick Laudico/Zack Kubow (646) 536-7030/7020 |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
(In thousands, except per share data) |
|||||||||||||||
Three Months Ended June 30, |
Six months Ended June 30, |
||||||||||||||
2012 |
2011 |
2012 |
2011 |
||||||||||||
Net service revenues |
$ |
86,892 |
$ |
81,721 |
$ |
176,842 |
$ |
164,314 |
|||||||
Cost of service revenues (excluding depreciation & amortization) |
45,338 |
39,615 |
91,106 |
78,580 |
|||||||||||
Gross margin |
41,554 |
42,106 |
85,736 |
85,734 |
|||||||||||
General and administrative expenses: |
|||||||||||||||
Salaries and benefits |
24,547 |
23,606 |
49,828 |
47,945 |
|||||||||||
Other |
9,456 |
10,172 |
20,360 |
19,859 |
|||||||||||
Total general and administrative expenses |
34,003 |
33,778 |
70,188 |
67,804 |
|||||||||||
Operating income |
7,551 |
8,328 |
15,548 |
17,930 |
|||||||||||
Interest expense, net |
(32) |
(44) |
(70) |
(99) |
|||||||||||
Income before income taxes |
7,519 |
8,284 |
15,478 |
17,831 |
|||||||||||
Income tax expense |
(2,970) |
(3,334) |
(5,998) |
(7,177) |
|||||||||||
Net income |
$ |
4,549 |
$ |
4,950 |
$ |
9,480 |
$ |
10,654 |
|||||||
Per share amounts-basic: |
|||||||||||||||
Average shares outstanding |
9,255 |
9,284 |
9,265 |
9,249 |
|||||||||||
Net income |
$ |
0.49 |
$ |
0.53 |
$ |
1.02 |
$ |
1.15 |
|||||||
Per share amounts-diluted: |
|||||||||||||||
Average shares outstanding |
9,315 |
9,377 |
9,328 |
9,360 |
|||||||||||
Net income |
$ |
0.49 |
$ |
0.53 |
$ |
1.02 |
$ |
1.14 |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(In thousands) |
|||||||
June 30, 2012 |
December 31, 2011 |
||||||
ASSETS |
(UNAUDITED) |
||||||
CURRENT ASSETS: |
|||||||
Cash and cash equivalents |
$ |
37,609 |
$ |
33,693 |
|||
Accounts receivable - net |
47,897 |
45,166 |
|||||
Prepaid expenses and other current assets |
6,463 |
6,437 |
|||||
Deferred tax assets |
7,731 |
7,470 |
|||||
TOTAL CURRENT ASSETS |
99,700 |
92,766 |
|||||
PROPERTY AND EQUIPMENT - NET |
5,130 |
5,229 |
|||||
GOODWILL |
133,096 |
132,653 |
|||||
OTHER INTANGIBLE ASSETS |
19,676 |
19,709 |
|||||
OTHER ASSETS |
649 |
465 |
|||||
$ |
258,251 |
$ |
250,822 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
CURRENT LIABILITIES: |
|||||||
Accounts payable |
$ |
6,901 |
$ |
6,489 |
|||
Accrued other liabilities |
19,983 |
21,129 |
|||||
Current portion - capital leases and notes payable |
500 |
1,200 |
|||||
TOTAL CURRENT LIABILITIES |
27,384 |
28,818 |
|||||
LONG-TERM LIABILITIES: |
|||||||
Notes payable |
625 |
1,125 |
|||||
Deferred tax liabilities |
14,929 |
13,631 |
|||||
Other liabilities |
714 |
951 |
|||||
TOTAL LONG-TERM LIABILITIES |
16,268 |
15,707 |
|||||
TOTAL LIABILITIES |
43,652 |
44,525 |
|||||
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; 9,420 and 9,381 |
|||||||
issued and outstanding |
942 |
938 |
|||||
Treasury stock, at cost, 89 and 13 shares |
(2,283) |
(431) |
|||||
Additional paid-in capital |
101,348 |
100,678 |
|||||
Retained earnings |
114,592 |
105,112 |
|||||
TOTAL STOCKHOLDERS' EQUITY |
214,599 |
206,297 |
|||||
$ |
258,251 |
$ |
250,822 |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(UNAUDITED) |
|||||||
(In thousands) |
|||||||
Six Months Ended June 30, |
|||||||
2012 |
2011 |
||||||
Cash flows from operating activities: |
|||||||
Net income |
$ |
9,480 |
$ |
10,654 |
|||
Adjustments to reconcile income to net cash provided by operating activities: |
|||||||
Depreciation and amortization |
1,259 |
1,475 |
|||||
Provision for uncollectible accounts |
1,181 |
684 |
|||||
Stock-based compensation |
746 |
730 |
|||||
Deferred income taxes |
1,134 |
2,567 |
|||||
13,800 |
16,110 |
||||||
Change in certain net assets and liabilities, net of the effects of acquisitions: |
|||||||
Decrease (increase) in: |
|||||||
Accounts receivable |
(4,157) |
115 |
|||||
Prepaid expenses and other current assets |
(408) |
386 |
|||||
Other assets |
(185) |
115 |
|||||
Decrease in: |
|||||||
Accounts payable and accrued expenses |
(978) |
(2,984) |
|||||
Net cash provided by operating activities |
8,072 |
13,742 |
|||||
Cash flows from investing activities: |
|||||||
Capital expenditures |
(1,032) |
(1,104) |
|||||
Acquisitions, net of cash acquired |
- |
(4,249) |
|||||
Net cash used in investing activities |
(1,032) |
(5,353) |
|||||
Cash flows from financing activities: |
|||||||
Proceeds from exercise of stock options |
70 |
292 |
|||||
Purchase of common stock in connection with share awards |
(1,852) |
(428) |
|||||
Tax impact of share awards |
(142) |
1,577 |
|||||
Principal payments on capital leases and notes payable |
(1,200) |
(1,595) |
|||||
Net cash used in financing activities |
(3,124) |
(154) |
|||||
Net change in cash and cash equivalents |
3,916 |
8,235 |
|||||
Cash and cash equivalents at beginning of period |
33,693 |
47,943 |
|||||
Cash and cash equivalents at end of period |
$ |
37,609 |
$ |
56,178 |
|||
Summary of non-cash investing and financing activities: |
|||||||
Settlement of Directors Deferred Compensation Plan |
$ |
- |
$ |
501 |
|||
Acquisitions funded by notes payable |
$ |
- |
$ |
1,000 |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||
RESULTS OF OPERATIONS |
||||||||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||
Three Months Ended June 30, |
||||||||||||||||||||||||
2012 |
2011 |
Change |
||||||||||||||||||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
|||||||||||||||||||
Net service revenues: |
||||||||||||||||||||||||
Visiting Nurse |
$ |
67,614 |
77.8 |
% |
$ |
71,208 |
87.1 |
% |
$ |
(3,594) |
-5.0 |
% |
||||||||||||
Personal Care |
19,278 |
22.2 |
% |
10,513 |
12.9 |
% |
8,765 |
83.4 |
% |
|||||||||||||||
86,892 |
100.0 |
% |
81,721 |
100.0 |
% |
5,171 |
6.3 |
% |
||||||||||||||||
Operating income before corporate expenses: |
||||||||||||||||||||||||
Visiting Nurse |
10,795 |
16.0 |
% |
11,835 |
16.6 |
% |
(1,040) |
-8.8 |
% |
|||||||||||||||
Personal Care |
2,294 |
11.9 |
% |
1,243 |
11.8 |
% |
1,051 |
84.6 |
% |
|||||||||||||||
13,089 |
15.1 |
% |
13,078 |
16.0 |
% |
11 |
0.1 |
% |
||||||||||||||||
Corporate expenses |
5,538 |
6.4 |
% |
4,750 |
5.8 |
% |
788 |
16.6 |
% |
|||||||||||||||
Operating income |
7,551 |
8.7 |
% |
8,328 |
10.2 |
% |
(777) |
-9.3 |
% |
|||||||||||||||
Interest expense, net |
(32) |
0.0 |
% |
(44) |
0.1 |
% |
12 |
-27.3 |
% |
|||||||||||||||
Income tax expense |
(2,970) |
3.4 |
% |
(3,334) |
4.1 |
% |
364 |
-10.9 |
% |
|||||||||||||||
Net income |
$ |
4,549 |
5.2 |
% |
$ |
4,950 |
6.1 |
% |
$ |
(401) |
-8.1 |
% |
||||||||||||
EBITDA |
$ |
8,573 |
9.9 |
% |
$ |
9,396 |
11.5 |
% |
$ |
(823) |
-8.8 |
% |
||||||||||||
Six Months Ended June 30, |
||||||||||||||||||||||||
2012 |
2011 |
Change |
||||||||||||||||||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
|||||||||||||||||||
Net service revenues: |
||||||||||||||||||||||||
Visiting Nurse |
$ |
138,317 |
78.2 |
% |
$ |
143,897 |
87.6 |
% |
$ |
(5,580) |
-3.9 |
% |
||||||||||||
Personal Care |
38,525 |
21.8 |
% |
20,417 |
12.4 |
% |
18,108 |
88.7 |
% |
|||||||||||||||
176,842 |
100.0 |
% |
164,314 |
100.0 |
% |
12,528 |
7.6 |
% |
||||||||||||||||
Operating income before corporate expenses: |
||||||||||||||||||||||||
Visiting Nurse |
21,844 |
15.8 |
% |
24,867 |
17.3 |
% |
(3,023) |
-12.2 |
% |
|||||||||||||||
Personal Care |
4,746 |
12.3 |
% |
2,701 |
13.2 |
% |
2,045 |
75.7 |
% |
|||||||||||||||
26,590 |
15.0 |
% |
27,568 |
16.8 |
% |
(978) |
-3.5 |
% |
||||||||||||||||
Corporate expenses |
11,042 |
6.2 |
% |
9,638 |
5.9 |
% |
1,404 |
14.6 |
% |
|||||||||||||||
Operating income |
15,548 |
8.8 |
% |
17,930 |
10.9 |
% |
(2,382) |
-13.3 |
% |
|||||||||||||||
Interest expense, net |
(70) |
0.0 |
% |
(99) |
0.1 |
% |
29 |
-29.3 |
% |
|||||||||||||||
Income tax expense |
(5,998) |
3.4 |
% |
(7,177) |
4.4 |
% |
1,179 |
-16.4 |
% |
|||||||||||||||
Net income |
$ |
9,480 |
5.4 |
% |
$ |
10,654 |
6.5 |
% |
$ |
(1,174) |
-11.0 |
% |
||||||||||||
EBITDA |
$ |
17,553 |
9.9 |
% |
$ |
20,135 |
12.3 |
% |
$ |
(2,582) |
-12.8 |
% |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||
VISITING NURSE SEGMENT OPERATING METRICS |
||||||||||||||||||||||||
Three Months Ended June 30, |
||||||||||||||||||||||||
2012 |
2011 |
Change |
||||||||||||||||||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
|||||||||||||||||||
Average number of locations |
110 |
93 |
17 |
18.3 |
% |
|||||||||||||||||||
All payors: |
||||||||||||||||||||||||
Patients Months |
52,851 |
52,464 |
387 |
0.7 |
% |
|||||||||||||||||||
Admissions |
15,560 |
15,292 |
268 |
1.8 |
% |
|||||||||||||||||||
Billable Visits |
471,387 |
482,593 |
(11,206) |
-2.3 |
% |
|||||||||||||||||||
Medicare Statistics: |
||||||||||||||||||||||||
Revenue (in thousands) |
$ |
61,437 |
90.9 |
% |
$ |
65,755 |
92.3 |
% |
$ |
(4,318) |
-6.6 |
% |
||||||||||||
Billable visits |
384,881 |
407,957 |
(23,076) |
-5.7 |
% |
|||||||||||||||||||
Admissions |
13,728 |
14,023 |
(295) |
-2.1 |
% |
|||||||||||||||||||
Recertifications |
7,860 |
7,907 |
(47) |
-0.6 |
% |
|||||||||||||||||||
Episodes Completed |
21,490 |
22,267 |
(777) |
-3.5 |
% |
|||||||||||||||||||
Revenue per completed episode |
$ |
2,880 |
$ |
3,052 |
$ |
(172) |
-5.6 |
% |
||||||||||||||||
Visits per episode |
17.7 |
18.4 |
(0.7) |
-3.8 |
% |
|||||||||||||||||||
PERSONAL CARE OPERATING METRICS |
||||||||||||||||||||||||
Three Months Ended June 30, |
||||||||||||||||||||||||
2012 |
2011 |
Change |
||||||||||||||||||||||
Amount |
Amount |
Amount |
% |
|||||||||||||||||||||
Average number of locations |
60 |
23 |
37 |
160.9 |
% |
|||||||||||||||||||
Admissions |
1,294 |
732 |
562 |
76.8 |
% |
|||||||||||||||||||
Patient months of care |
18,700 |
10,886 |
7,814 |
71.8 |
% |
|||||||||||||||||||
Patient days of care |
253,294 |
143,253 |
110,041 |
76.8 |
% |
|||||||||||||||||||
Billable hours |
1,057,143 |
572,608 |
484,535 |
84.6 |
% |
|||||||||||||||||||
Revenue per billable hour |
$ |
18.24 |
$ |
18.36 |
$ |
(0.12) |
-0.7 |
% |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||
VISITING NURSE SEGMENT OPERATING METRICS |
||||||||||||||||||||||||
Six Months Ended June 30, |
||||||||||||||||||||||||
2012 |
2011 |
Change |
||||||||||||||||||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
|||||||||||||||||||
Average number of locations |
110 |
92 |
18 |
19.6 |
% |
|||||||||||||||||||
All payors: |
||||||||||||||||||||||||
Patients Months |
108,053 |
104,936 |
3,117 |
3.0 |
% |
|||||||||||||||||||
Admissions |
32,066 |
30,965 |
1,101 |
3.6 |
% |
|||||||||||||||||||
Billable Visits |
951,260 |
962,247 |
(10,987) |
-1.1 |
% |
|||||||||||||||||||
Medicare Statistics: |
||||||||||||||||||||||||
Revenue (in thousands) |
$ |
126,221 |
91.3 |
% |
$ |
133,059 |
92.5 |
% |
$ |
(6,838) |
-5.1 |
% |
||||||||||||
Billable visits |
786,773 |
815,459 |
(28,686) |
-3.5 |
% |
|||||||||||||||||||
Admissions |
28,404 |
28,375 |
29 |
0.1 |
% |
|||||||||||||||||||
Recertifications |
15,924 |
16,234 |
(310) |
-1.9 |
% |
|||||||||||||||||||
Episodes Completed |
44,024 |
44,184 |
(160) |
-0.4 |
% |
|||||||||||||||||||
Revenue per completed episode |
$ |
2,852 |
$ |
3,011 |
$ |
(159) |
-5.3 |
% |
||||||||||||||||
Visits per episode |
17.6 |
18.1 |
(0.5) |
-2.8 |
% |
|||||||||||||||||||
PERSONAL CARE OPERATING METRICS |
||||||||||||||||||||||||
Six Months Ended June 30, |
||||||||||||||||||||||||
2012 |
2011 |
Change |
||||||||||||||||||||||
Amount |
Amount |
Amount |
% |
|||||||||||||||||||||
Average number of locations |
60 |
22 |
38 |
172.7 |
% |
|||||||||||||||||||
Admissions |
2,658 |
1,513 |
1,145 |
75.7 |
% |
|||||||||||||||||||
Patient months of care |
36,441 |
21,835 |
14,606 |
66.9 |
% |
|||||||||||||||||||
Patient days of care |
507,126 |
283,884 |
223,242 |
78.6 |
% |
|||||||||||||||||||
Billable hours |
2,109,613 |
1,124,122 |
985,491 |
87.7 |
% |
|||||||||||||||||||
Revenue per billable hour |
$ |
18.26 |
$ |
18.16 |
$ |
0.10 |
0.5 |
% |
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 and the footnotes to the tables, 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 June 30, |
Six Months Ended June 30, |
||||||||||||||
2012 |
2011 |
2012 |
2011 |
||||||||||||
Net income |
$ |
4,549 |
$ |
4,950 |
$ |
9,480 |
$ |
10,654 |
|||||||
Add back: |
|||||||||||||||
Interest expense |
32 |
44 |
70 |
99 |
|||||||||||
Income tax expense |
2,970 |
3,334 |
5,998 |
7,177 |
|||||||||||
Depreciation and amortization |
637 |
730 |
1,259 |
1,475 |
|||||||||||
Amortization of stock-based compensation |
385 |
338 |
746 |
730 |
|||||||||||
Earnings before interest, income taxes, depreciation and amortization (EBITDA) |
$ |
8,573 |
$ |
9,396 |
$ |
17,553 |
$ |
20,135 |
About Almost Family
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing and personal care services, with branch locations in Florida, Ohio, Kentucky, Connecticut, New Jersey, Massachusetts, Missouri, Alabama, Illinois, Indiana, and Pennsylvania, (in order of revenue significance). Almost Family, Inc. and its subsidiaries operate a Medicare-certified segment and a personal care segment. Altogether, Almost Family operates over 160 branch locations in 11 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, 2011, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors." The Company undertakes no obligation to update or revise its forward-looking statements.
SOURCE Almost Family, Inc.
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