Emergency Medical Services Corporation (NYSE:EMS) (EMSC or the
Company) today announced results for the fourth quarter and year
ended December 31, 2007. William A. Sanger, Chairman and Chief
Executive Officer, said, �We continue to be pleased with our
success at EMSC. EmCare has again shown exceptional year-over-year
growth. At AMR, we believe our national contracting strategy, which
has led to the signing of several new national agreements in the
past year, will provide a strong foundation for revenue growth in
2008.� Results of Operations for the Fourth Quarter 2007 For the
fourth quarter ended December 31, 2007, EMSC generated net revenue
of $537.2 million, an increase of 7.2% compared to the same quarter
last year. The Company had Adjusted EBITDA of $50.5 million, an
increase of 12.1% compared to the same quarter last year. A
reconciliation of non-GAAP to GAAP financial measures is included
in this news release. EMSC�s net income was $13.4 million, or $0.31
per diluted share for the fourth quarter of 2007, compared to net
income of $10.8 million, or $0.25 per diluted share, for the same
quarter last year. The improvement in earnings is primarily due to
an increase in patient encounters, reduced restructuring charges
and favorable results from our risk mitigation programs. Operating
cash flows for the quarter ended December 31, 2007, were $40.9
million, compared to $42.1 million for the same quarter last year.
Operating cash flows were affected primarily by changes in net
income, accounts receivable and accounts payable and accrued
liabilities. Accounts receivable increased by $4.0 million for the
quarter ended December 31, 2007, compared to a $9.5 million
increase for the same period in 2006. The change in accounts
payable and accrued liabilities is primarily attributable to the
timing of payments for accounts payable, incentive compensation and
restructuring costs. Net cash provided by investing activities was
$10.9 million for the quarter ended December 31, 2007, compared to
$25.5 million used in investing activities for the same quarter
last year. The change was primarily a result of reductions in
capital expenditures of $10.4 million, reduced acquisition funding
of $12.0 million, and net decreases in insurance collateral of
$14.8 million. Net cash used in financing activities was $45.3
million for the quarter ended December 31, 2007, compared to $0.2
million provided by financing activities for the same quarter last
year. The variance related primarily to repayments of $39.0 million
under the Company�s revolving credit facility for the quarter ended
December 31, 2007. As of December 31, 2007, there were no amounts
outstanding under our revolving credit facility. Results of
Operations for the Year Ended December 31, 2007 For the year ended
December 31, 2007, EMSC generated net revenue of $2.1 billion, an
increase of 8.9% compared to the same period last year. Adjusted
EBITDA was $210.2 million, an increase of 21.0% compared to the
same period last year. EMSC generated net income of $59.8 million,
or $1.39 per diluted share for the year ended December 31, 2007,
compared to net income of $39.1 million or $0.92 per diluted share,
an increase of 50.9% in diluted earnings per share over the same
period last year. Operating cash flows for the year ended December
31, 2007, were $97.8 million, compared to $165.7 million for the
same period last year. Operating cash flows were affected by
changes in net income, accounts receivable and accounts payable and
accrued liabilities. Accounts receivable increased by $75.0 million
for the year ended December 31, 2007, primarily as a result of
year-over-year growth in EmCare net revenue and delays resulting
from the billing system conversion in certain AMR southern
California markets. Delays in provider enrollment noted in previous
releases also contributed to the change in operating cash flows.
Accounts receivable increased by $4.7 million in 2006 and was
positively impacted by the collection of $29.0 million in
hurricane-related and income tax receivables recorded during 2005.
The change in accounts payable and accrued liabilities is primarily
attributable to the timing of payments between 2007 and 2006. Net
cash used in investing activities was $100.2 million for the year
ended December 31, 2007, compared to $113.1 million for the same
period in 2006. The decrease related primarily to reduced net
insurance collateral funding of $39.2 million, and a $21.5 million
reduction in net capital expenditures partially offset by an
increase in expenditures for acquisitions of $52.1 million over the
same period in 2006. For the year ended December 31, 2007, net cash
used in financing activities was $8.0 million, compared to $31.3
million in 2006. The variance related primarily to unscheduled
payments of approximately $19.4 million on the Company�s senior
secured credit facility in 2006. Activity in 2007 included
borrowings and repayments under our revolving credit facility
primarily used to fund acquisitions. At December 31, 2007, there
were no amounts outstanding under the Company�s revolving credit
facility. Segment Results EMSC operates two business segments:
American Medical Response, Inc. (AMR), the Company�s healthcare
transportation services segment, and EmCare Holdings Inc. (EmCare),
the Company�s emergency department and hospital-based management
services segment. American Medical Response (AMR) For the quarter
ended December 31, 2007, AMR generated net revenue of $304.9
million, an increase of 1.3% compared to the same quarter last
year. Adjusted EBITDA was $18.4 million, a decrease of 1.8%
compared to the same quarter last year. The decrease in Adjusted
EBITDA is primarily attributable to increased wages including costs
associated with our billing conversion, the impact of exiting
selected underperforming markets, higher fuel costs and increased
insurance expenses due to higher favorable adjustments in the
quarter ended December 31, 2006. For the twelve months ended
December 31, 2007, AMR generated net revenue of $1.2 billion, an
increase of 2.5% compared to the same period last year. Adjusted
EBITDA was $92.7 million, an increase of 2.3% compared to the same
period last year. EmCare For the fourth quarter ended December 31,
2007, EmCare generated net revenue of $232.3 million, an increase
of 16.2% compared to the same quarter last year, resulting from
volume and revenue increases on new and existing contracts.
Adjusted EBITDA was $32.1 million, an increase of 22.0% compared to
the same quarter last year. The increase in Adjusted EBITDA
resulted primarily from the net impact of revenue growth during the
period and from lower current period insurance costs. For the
twelve months ended December 31, 2007, EmCare generated net revenue
of $887.8 million, an increase of 19.2% compared to the same period
last year. Adjusted EBITDA was $117.5 million, an increase of 41.5%
compared to the same period last year, primarily due to the net
impact of revenue increases at existing and net new contracts and
continued favorable risk management trends. Guidance The Company
recently announced earnings guidance for the 2008 fiscal year
ending December 31, 2008. The Company expects full year diluted
earnings per share between $1.57 and $1.63. Full year Adjusted
EBITDA is expected to be in the $225.0 million to $230.0 million
range. Conference Call EMSC management will host a conference call
and live audio webcast on Tuesday, February 12, 2008, at 11:00 a.m.
EST, to discuss the Company�s financial results. A 30-day online
replay will be available approximately one hour following the
conclusion of the live broadcast. A link to the live broadcast and
online replay is available on the Investor Relations section of the
Company�s website at www.emsc.net. About Emergency Medical Services
Corporation Emergency Medical Services Corporation (EMSC) is a
leading provider of emergency medical services in the United
States. EMSC operates two business segments: American Medical
Response, Inc. (AMR), the Company�s healthcare transportation
services segment, and EmCare Holdings Inc. (EmCare), the Company�s
emergency department and hospital-based management services
segment. AMR is the leading provider of ambulance services in the
United States. EmCare is the nation�s leading provider of
outsourced emergency department staffing and related management
services. In 2007, EMSC provided services to nearly 10.6 million
patients in more than 2,000 communities nationwide. EMSC is
headquartered in Greenwood Village, Colorado. For additional
information visit www.emsc.net. Forward-Looking Statements Certain
statements and information herein may be deemed to be
"forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may include, but are not limited to, statements relating
to our objectives, plans and strategies, and all statements (other
than statements of historical facts) that address activities,
events or developments that we intend, expect, project, believe or
anticipate will or may occur in the future. Any forward-looking
statements herein are made as of the date of this press release,
and EMSC undertakes no duty to update or revise any such
statements. Forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties. Important
factors that could cause actual results, developments and business
decisions to differ materially from forward-looking statements are
described in EMSC's filings with the SEC from time to time,
including in the section entitled �Risk Factors� in the Company�s
most recent Annual Report on Form 10-K and subsequent periodic
reports. Among the factors that could cause future results to
differ materially from those provided in this press release are:
the impact on our revenue of changes in transport volume, mix of
insured and uninsured patients, and third party reimbursement rates
and methods; the adequacy of our insurance coverage and insurance
reserves; potential penalties or changes to our operations if we
fail to comply with extensive and complex government regulation of
our industry, both as it exists now and as it may change in the
future; our ability to recruit and retain qualified physicians and
other healthcare professionals, and enforce our non-compete
agreements with our physicians; the loss of one or more members of
our senior management team; the outcome of government
investigations of certain of our business practices; our ability to
generate cash flow to service our debt obligations and fund the
cost of capital expenditures to maintain and upgrade our vehicle
fleet and medical equipment; and the loss of existing contracts and
the accuracy of our assessment of costs under new contracts.
Non-GAAP Financial Measures Reconciliation This press release
includes presentations of Adjusted EBITDA, which is defined as net
income before equity in earnings of unconsolidated subsidiary,
income tax expense, loss on early debt extinguishment, interest and
other income, realized gain (loss) on investments, interest
expense, and depreciation and amortization. Adjusted EBITDA is
commonly used by management and investors as a performance measure
and a liquidity indicator. Adjusted EBITDA is not considered a
measure of financial performance under U.S. generally accepted
accounting principles (GAAP), and the items excluded from Adjusted
EBITDA are significant components in understanding and assessing
our financial performance. Adjusted EBITDA should not be considered
in isolation or as an alternative to GAAP measures such as net
income, cash flows provided by or used in operating, investing or
financing activities or other financial statement data presented in
our consolidated financial statements as an indicator of financial
performance or liquidity. Reconciliations of non-GAAP financial
measures are provided in this news release. Reconciliation for the
forward-looking Adjusted EBITDA projections presented herein is not
being provided due to the number of variables in the projected
Adjusted EBITDA range. Since Adjusted EBITDA is not a measure
determined in accordance with GAAP and is susceptible to varying
calculations, Adjusted EBITDA, as presented, may not be comparable
to other similarly titled measures of other companies. Financial
Statement Presentation Changes As of the quarter ended June 30,
2007, the Company modified its presentation of interest income
derived from restricted funds held for its insurance programs.
Interest income related to these restricted funds, which was
previously included as an offset to insurance expense, is now being
recorded as a separate line item, �Interest income from restricted
assets,� and is included in the Company�s presentation of Adjusted
EBITDA. Prior periods have been reclassified for comparative
purposes. The components included in Adjusted EBITDA are the same
as the components included in EBITDA in presentations for periods
prior to June 30, 2007. EMERGENCY MEDICAL SERVICES
CORPORATIONCondensed Statements of Operations and Other
InformationIncluding a Reconciliation of Income from Operations to
Adjusted EBITDA1(in thousands, except shares, per share data and
other information) � � � � � Quarter ended December 31, � Year
ended December 31, 2007 2 2006 2 2007 2 2006 � Net revenue $
537,210 � $ 500,933 � $ 2,106,993 � $ 1,934,205 � Compensation and
benefits 376,894 343,268 1,455,970 1,333,648 Operating expenses
78,787 78,636 317,518 294,806 Insurance expense 15,066 15,748
66,308 74,258 Selling, general and administrative expenses 17,811
14,734 61,893 57,403 Depreciation and amortization expense 18,318
16,960 70,483 66,005 Restructuring charges � - � � 5,183 � � 2,242
� � 6,369 � Income from operations 30,334 26,404 132,579 101,716
Interest income from restricted assets 1,849 1,699 7,143 5,987
Interest expense (11,667 ) (11,336 ) (46,948 ) (45,605 ) Realized
gain (loss) on investments 177 (30 ) 245 (467 ) Interest and other
income 264 682 2,055 2,346 Loss on early debt extinguishment � - �
� - � � - � � (377 ) Income before income taxes and equity in
earnings of unconsolidated subsidiary 20,957 17,419 95,074 63,600
Income tax expense (7,958 ) (7,005 ) (36,104 ) (24,961 ) Equity in
earnings of unconsolidated subsidiary � 423 � � 394 � � 848 � � 432
� Net income $ 13,422 � $ 10,808 � $ 59,818 � $ 39,071 � � � Basic
earnings per common share $ 0.32 $ 0.26 $ 1.44 $ 0.94 Diluted
earnings per common share $ 0.31 $ 0.25 $ 1.39 $ 0.92 Weighted
average common shares outstanding, basic 41,570,392 41,512,898
41,551,207 41,502,632 Weighted average common shares outstanding,
diluted 43,155,322 42,790,664 43,146,881 42,528,885 � Other
Information EmCare patient encounters 1,816,431 1,663,720 7,182,099
6,463,617 AMR ambulance transports 729,574 714,146 2,893,358
2,889,498 AMR weighted transports 741,909 729,222 2,945,725
2,950,605 � � Reconciliation of income from operations to Adjusted
EBITDA Income from operations $ 30,334 $ 26,404 $ 132,579 $ 101,716
Depreciation and amortization expense 18,318 16,960 70,483 66,005
Interest income from restricted assets � 1,849 � � 1,699 � � 7,143
� � 5,987 � Adjusted EBITDA $ 50,501 � $ 45,063 � $ 210,205 � $
173,708 � � � (1) These statements provide a reconciliation of
Adjusted EBITDA to income from operations; and a reconciliation of
income from operations to net income. � (2) Unaudited. � EMERGENCY
MEDICAL SERVICES CORPORATIONUnaudited Reconciliation of Adjusted
EBITDA to Cash Flows Provided by Operating Activities(in thousands)
� � � � � Quarter ended December 31, Year ended December 31, 2007
2006 2007 2006 � Adjusted EBITDA $ 50,501 $ 45,063 $ 210,205 $
173,708 Interest paid (11,140 ) (10,807 ) (44,874 ) (43,506 )
Change in accounts receivable (3,984 ) (9,533 ) (74,991 ) (4,740 )
Change in other operating assets/liabilities 4,579 16,125 5,868
38,072 Equity based compensation 434 400 1,727 1,431 Other � 482 �
� 900 � � (117 ) � 777 � Net cash provided by operating activities
$ 40,872 � $ 42,148 � $ 97,818 � $ 165,742 � � EMERGENCY MEDICAL
SERVICES CORPORATIONUnaudited Reconciliation of Segment Income from
Operations to Adjusted EBITDA(in thousands) � � � � � � Quarter
ended December 31, Year ended December 31, 2007 2006 2007 2006 AMR
Income from operations $ 2,835 $ 4,348 $ 33,284 $ 35,203
Depreciation and amortization expense 14,853 13,792 56,560 53,024
Interest income from restricted assets � 721 � 611 � 2,881 � 2,444
Adjusted EBITDA (1) � 18,409 � 18,751 � 92,725 � 90,671 � EmCare
Income from operations 27,499 22,056 99,295 66,513 Depreciation and
amortization expense 3,465 3,168 13,923 12,981 Interest income from
restricted assets � 1,128 � 1,088 � 4,262 � 3,543 Adjusted EBITDA �
32,092 � 26,312 � 117,480 � 83,037 � Total Income from operations
30,334 26,404 132,579 101,716 Depreciation and amortization expense
18,318 16,960 70,483 66,005 Interest income from restricted assets
� 1,849 � 1,699 � 7,143 � 5,987 Adjusted EBITDA $ 50,501 $ 45,063 $
210,205 $ 173,708 � � (1) AMR adjusted EBITDA includes $2.2 million
of restructuring charges for the year ended December 31, 2007, $5.2
million for the three months ended December 31, 2006 and $6.4
million for the year ended December 31, 2006. � EMERGENCY MEDICAL
SERVICES CORPORATIONCondensed Statements of Cash Flows(in
thousands) � � � � Quarter ended December 31, � Year ended December
31, 2007 1 2006 1 2007 1 2006 Cash Flows from Operating Activities
Net income $ 13,422 $ 10,808 $ 59,818 $ 39,071 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation, amortization, deferred taxes and other 26,855 24,748
107,123 93,339 Changes in operating assets/liabilities, net of
acquisitions: Trade and other accounts receivable (3,984 ) (9,533 )
(74,991 ) (4,740 ) Insurance accruals (3,021 ) (1,937 ) (3,006 )
8,414 Other assets and liabilities � 7,600 � � 18,062 � � 8,874 � �
29,658 � Net cash provided by operating activities � 40,872 � �
42,148 � � 97,818 � � 165,742 � � Cash Flows from Investing
Activities Purchases of property, plant and equipment, net (6,706 )
(17,119 ) (37,976 ) (59,513 ) Acquisition of businesses, net of
cash received - (11,968 ) (75,648 ) (23,555 ) Insurance collateral
18,172 3,410 10,872 (28,363 ) Other investing activities � (550 ) �
164 � � 2,526 � � (1,696 ) Net cash provided by (used in) investing
activities � 10,916 � � (25,513 ) � (100,226 ) � (113,127 ) � Cash
Flows from Financing Activities EMSC issuance of class A common
stock 1 - 383 104 EMSC equity issuance costs - - - (2,408 )
Borrowings under revolving credit facility - - 70,300 - Repayments
of capital lease obligations and other debt (40,218 ) (1,677 )
(76,033 ) (27,066 ) Increase (decrease) in bank overdrafts � (5,051
) � 1,914 � � (2,664 ) � (1,957 ) Net cash provided by (used in)
financing activities � (45,268 ) � 237 � � (8,014 ) � (31,327 ) �
Change in cash and cash equivalents 6,520 16,872 (10,422 ) 21,288
Cash and cash equivalents, beginning of period � 22,394 � � 22,464
� � 39,336 � � 18,048 � Cash and cash equivalents, end of period $
28,914 � $ 39,336 � $ 28,914 � $ 39,336 � � Non-cash Activities
Re-financing of equipment under existing capital lease $ - � $ - �
$ 8,038 � $ - � � (1) Unaudited. �
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