Emergency Medical Services Corporation (NYSE:EMS) (EMSC or the
Company) today announces results for the first quarter ended March
31, 2009.
William A. Sanger, Chairman and Chief Executive Officer, said,
�EMSC performed well in the midst of difficult economic times. Our
revenue and earnings growth was driven by the addition of new
contracts, including those under our national agreements, and
improved resource utilization. We are encouraged by the continued
demand for our services and believe we are well positioned to
capitalize on these opportunities.�
Results of Operations for the First Quarter 2009
For the quarter ended March 31, 2009, EMSC generated net revenue
of $613.0�million, an increase of 8.3% compared to the same quarter
last year. Adjusted EBITDA was $65.5 million, an increase of 20.5%
compared to the quarter ended March 31, 2008. A reconciliation of
non-GAAP to GAAP financial measures is included in this news
release.
EMSC generated net income of $24.1 million, or $0.56 per diluted
share, for the first quarter of 2009, compared to net income of
$17.0 million, or $0.40 per diluted share, in the first quarter of
last year, an increase of 41.4%. The increase in earnings is
attributable primarily to the net impact of increased volume from
net new contracts and acquisitions, higher rates on existing
contracts, lower fuel costs, and improvement in compensation and
benefits expenses as a percentage of net revenue.
Free cash flow was $47.4 million in the first quarter of 2009
compared to ($2.5) million in the same quarter last year. Cash
provided by operating activities was $41.9 million in the first
quarter of 2009, compared to cash used in operating activities of
$2.8 million for the same quarter last year. Accounts payable and
accrued liabilities decreased $8.5 million in the first quarter of
2009 compared to a $13.4 million decrease in the same period last
year. Accounts receivable increased $2.6 million during the first
quarter of 2009 compared to $26.3 million in the first quarter of
2008. EMSC�s Days Sales Outstanding (DSO) decreased 4 days in the
first quarter of 2009.
Net cash provided by investing activities was $5.5 million for
the quarter ended March 31, 2009, compared to cash used in
investing activities of $13.0 million for the same period in 2008.
The quarter was positively impacted by a decrease in insurance
collateral of $13.3 million, offset by the purchase of fixed assets
of $7.2 million. The first quarter of 2008 included acquisition
funding of $13.3 million.
For the quarter ended March 31, 2009, net cash provided by
financing activities was $0.6 million compared to $3.0 million for
the same quarter last year. At March 31, 2009, there were no
amounts outstanding under our 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
outsourced hospital-based physician services segment.
AMR
For the quarter ended March 31, 2009, AMR generated net revenue
of $336.4 million, an increase of 3.1% compared to the same quarter
last year. The increase in net revenue was from an improvement in
revenue per transport, growth in managed transportation and other
businesses, offset by lower transports primarily as a result of a
mild flu season during the quarter. Adjusted EBITDA was $33.9
million, an increase of 19.3% compared to the same quarter last
year. The increase in Adjusted EBITDA is attributable primarily to
the net impact of revenue growth, improved management of
compensation expense and lower fuel costs.
EmCare
For the quarter ended March 31, 2009, EmCare generated net
revenue of $276.6 million, an increase of 15.5% compared to the
same quarter last year. The increase in revenue is attributable
primarily to the addition of 86 net new contracts since December
31, 2007 (of which 45 were a part of our acquisition of Clinical
Partners in August 2008 with related management fee revenue of $2.0
million during the quarter) and revenue increases at existing
contracts. Adjusted EBITDA was $31.7 million for the quarter
compared to $26.0 million last year, an increase of 21.7%. The
increase in Adjusted EBITDA is driven primarily by revenue
increases and by a reduction of compensation and benefits expenses
as a percentage of net revenue.
Conference Call
EMSC management will host a conference call and live audio
webcast on Tuesday, May 5, 2009, at 11:00 a.m. EDT, 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 outsourced
hospital-based physician services segment. AMR is the leading
provider of ambulance services in the United States. EmCare is a
leading provider of outsourced emergency department and
hospital-based physician services. In 2008, EMSC provided services
to 11.4 million patients in nearly 2,100 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 (loss) of
unconsolidated subsidiary, income tax expense, interest and other
income, realized gain on investments, interest expense, and
depreciation and amortization. It also includes presentations of
free cash flow, which is defined as cash flow from operations
adjusted for cash used in or provided by non-acquisition related
investment activities. Adjusted EBITDA and free cash flow are
commonly used by management and investors as performance measures
and liquidity indicators. Adjusted EBITDA and free cash flow are
not considered measures of financial performance under U.S.
generally accepted accounting principles (GAAP), and the items
excluded therefrom are significant components in understanding and
assessing our financial performance. Adjusted EBITDA and free cash
flow 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 and free cash flow are not measures
determined in accordance with GAAP and are susceptible to varying
calculations, these measures, as presented, may not be comparable
to other similarly titled measures of other companies.
EMERGENCY MEDICAL SERVICES CORPORATION Consolidated
Statements of Operations and Other Information Including a
Reconciliation of Income from Operations to Adjusted
EBITDA1 (unaudited; in thousands, except shares, per
share data and other information) � � �
Quarter ended March
31, �
2009 � �
2008 � � Net revenue $ 613,022 � $
565,786 � Compensation and benefits 426,534 394,351 Operating
expenses 84,672 83,223 Insurance expense 22,504 20,963 Selling,
general and administrative expenses 15,036 14,592 Depreciation and
amortization expense � 16,768 � � 17,717 � Income from operations
47,508 34,940 Interest income from restricted assets 1,266 1,755
Interest expense (10,190 ) (9,916 ) Realized gain on investments
639 672 Interest and other income � 517 � � 302 �
Income before income taxes and
equity in earnings of unconsolidated subsidiary
39,740 27,753 Income tax expense (15,726 ) (10,684 ) Equity in
earnings (loss) of unconsolidated subsidiary � 57 � � (50 ) Net
income $ 24,071 � $ 17,019 � � � Basic earnings per common share $
0.57 $ 0.41 Diluted earnings per common share $ 0.56 $ 0.40
Weighted average common shares outstanding, basic 41,924,218
41,570,412 Weighted average common shares outstanding, diluted
43,094,597 43,083,642 �
Other Information EmCare patient
encounters 2,182,132 1,965,514 EmCare weighted patient encounters
(2) 1,941,186 1,787,885 AMR ambulance transports 726,608 751,640
AMR weighted transports 734,630 763,514 � �
Reconciliation of
income from operations to Adjusted EBITDA Income from
operations $ 47,508 $ 34,940 Depreciation and amortization expense
16,768 17,717 Interest income from restricted assets � 1,266 � �
1,755 � Adjusted EBITDA $ 65,542 � $ 54,412 � � � (1) These
statements provide a reconciliation of income from operations to
Adjusted EBITDA; and a reconciliation of income from operations to
net income.
(2) EmCare weighted encounters
include a weighting of Radiology reads due to the differences in
reimbursement for these services.
�
EMERGENCY MEDICAL SERVICES CORPORATION Reconciliation of
Adjusted EBITDA to Net Cash Flows Provided by (Used in) Operating
Activities (unaudited; in thousands) � � �
Quarter
ended March 31, �
2009 � �
2008 � � Adjusted
EBITDA $ 65,542 $ 54,412 Interest paid (9,877 ) (9,337 ) Change in
accounts receivable (2,625 ) (26,308 ) Change in other operating
assets/liabilities (12,483 ) (22,740 ) Equity based compensation
650 562 Other � 735 � � 633 � Net cash provided by (used in)
operating activities $ 41,942 � $ (2,778 ) �
EMERGENCY MEDICAL
SERVICES CORPORATION Reconciliation of Segment Income from
Operations to Adjusted EBITDA (unaudited; in thousands)
� � � �
Quarter ended March 31, 2009 2008
AMR Income from operations $ 20,627 $ 13,330 Depreciation
and amortization expense 12,706 14,386 Interest income from
restricted assets � 555 � 682 Adjusted EBITDA � 33,888 � 28,398 �
EmCare Income from operations 26,881 21,610 Depreciation and
amortization expense 4,062 3,331 Interest income from restricted
assets � 711 � 1,073 Adjusted EBITDA � 31,654 � 26,014 �
Total Income from operations 47,508 34,940 Depreciation and
amortization expense 16,768 17,717 Interest income from restricted
assets � 1,266 � 1,755 Adjusted EBITDA $ 65,542 $ 54,412 �
EMERGENCY MEDICAL SERVICES CORPORATION Condensed
Consolidated Balance Sheets (in thousands) � � � �
March 31, December 31, 2009 2008
(Unaudited) (Audited) Assets Current assets:
Cash and cash equivalents $ 194,148 $ 146,173 Trade and other
accounts receivable, net 475,126 472,501 Other current assets �
193,962 � 196,500 Total current assets 863,236 815,174 Non-current
assets: Property, plant and equipment, net 119,641 124,869 Goodwill
and other intangible assets, net 417,803 422,154 Other long-term
assets � 159,875 � 179,022 Total assets $ 1,560,555 $ 1,541,219 �
Liabilities and Equity Current liabilities $ 310,405 $
320,141 Long-term debt 452,803 453,600 Insurance reserves and other
long-term liabilities � 231,121 � 228,439 Total liabilities 994,329
1,002,180 Total equity � 566,226 � 539,039 Total liabilities and
equity $ 1,560,555 $ 1,541,219 �
EMERGENCY MEDICAL SERVICES
CORPORATION Condensed Consolidated Statements of Cash
Flows (unaudited; in thousands) �
Quarter ended March
31, �
2009 � �
2008 �
Cash Flows from
Operating Activities Net income $ 24,071 $ 17,019 Adjustments
to reconcile net income to net cash provided by (used in) operating
activities: Depreciation, amortization, deferred taxes and other
32,979 29,251 Changes in operating assets/liabilities, net of
acquisitions: Trade and other accounts receivable (2,625 ) (26,308
) Insurance accruals 3,877 (3,399 ) Other assets and liabilities �
(16,360 ) � (19,341 ) Net cash provided by (used in) operating
activities � 41,942 � � (2,778 ) �
Cash Flows from Investing
Activities Purchases of property, plant and equipment, net
(7,186 ) (2,464 ) Acquisition of businesses, net of cash received -
(13,278 ) Net change in insurance collateral 13,310 2,125 Other
investing activities � (670 ) � 653 � Net cash provided by (used
in) investing activities � 5,454 � � (12,964 ) �
Cash Flows from
Financing Activities EMSC issuance of class A common stock 898
12 Borrowings under revolving credit facility - 14,000 Repayments
of capital lease obligations and other debt (1,159 ) (15,151 )
Increase in bank overdrafts � 840 � � 4,122 � Net cash provided by
financing activities � 579 � � 2,983 � � Change in cash and cash
equivalents 47,975 (12,759 ) Cash and cash equivalents, beginning
of period � 146,173 � � 28,914 � Cash and cash equivalents, end of
period $ 194,148 � $ 16,155 � � Free cash flow $ 47,396 $ (2,464 )
� �
Reconciliation of free cash flow to net cash provided by
(used in) operating activities Free cash flow $ 47,396 $
(2,464 ) Purchase of property, plant and equipment, net 7,186 2,464
Net change in insurance collateral (13,310 ) (2,125 ) Other
investing activities � 670 � � (653 ) Net cash provided by (used
in) operating activities $ 41,942 � $ (2,778 )
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