Amedisys Reports Fourth Quarter and 2004 Year End Results Company
Reports Record Full Year Revenue and Net Income BATON ROUGE, La.,
March 10 /PRNewswire-FirstCall/ -- Amedisys, Inc. (Nasdaq: AMED,
"Amedisys" or "the Company"), one of America's leading home health
nursing companies, today reported its financial results for the
fourth quarter and the year ended December 31, 2004. For the year
ended December 31, 2004, the Company reported record net income of
$20.5 million, or $1.51 per diluted share, on net service revenue
of $227.1 million. For the same period in the previous year,
Amedisys reported net income of $8.4 million, or $0.83 per diluted
share, on net service revenue of $142.5 million. The diluted
weighted average number of shares outstanding approximated 13.5
million in the year ended December 31, 2004 and 10.1 million in the
comparable period of 2003. For the quarter ended December 31, 2004,
the Company reported record net income of $6.1 million, or $0.39
per diluted share, on record net service revenue of $64.4 million.
Net service revenue increased by 53 percent when compared with the
$42.1 million reported for the comparable period in the prior year.
Amedisys reported net income of $3.4 million, or $0.30 per diluted
share for the quarter ended December 31, 2003. The diluted weighted
average number of shares outstanding approximated 15.6 million for
the quarter ended December 31, 2004 and 11.2 million for the
comparable period of 2003. "Our record revenue and net income, both
for the quarter and the full year, are indicative of the Company's
strong, and ongoing, commitment to both organic growth and
selective acquisitions," noted William F. Borne, Chief Executive
Officer of Amedisys. "We reported an increase in net income for the
year ended December 31, 2004 of approximately 144 percent when
compared with the prior year. Our results exceeded guidance
previously communicated due, in part, to the continued strong
internal growth of Medicare admissions. This growth rate was
approximately 27 percent for the fourth quarter, and 28 percent for
the year, and reflects the significant efforts made by all our
field staff towards further enhancing the clinical reputation of
the Company." "Further, Amedisys opened a total of 13 new locations
throughout 2004, and expects to open at least 20 new locations in
2005, of which five are expected to be up and running by the end of
the first quarter." "We are as excited about our future
opportunities as we are about our past performance. The Company has
recently announced a significant acquisition in South Carolina, and
our first acquisition in Maryland. Our Balance Sheet well positions
Amedisys to take advantage of future strategic acquisition
opportunities in home health. The Company had a cash position in
excess of $89 million at year-end, and substantial unused borrowing
capacity. Combined with an internal growth rate of Medicare
admissions expected to be between 15 and 20 percent in 2005, as
well as possible acquisition opportunities, the Company believes it
can continue to deliver strong earnings growth for our
shareholders." "Therefore, based on currently available
information, and inclusive of the most recent acquisitions, we are
increasing our earnings guidance from the previously announced
$1.63 to $1.73 cents per diluted share, to between $1.71 and $1.77
cents per diluted share for fiscal 2005. This guidance reflects an
increased effective income tax rate -- expected to be approximately
39.4 percent -- which amounts to a reduction of approximately $0.04
cents per diluted share. However, it does not include the impact of
expensing outstanding stock options commencing in the second half
of fiscal 2005 -- expected to be approximately $0.04 per diluted
share. Annual revenue is expected to be between $295 and $305
million after giving consideration to our most recent
acquisitions." The Company will provide further information today
on these results during a teleconference call that is scheduled for
10:00 a.m. ET. To access this call, please dial 1-800-231-5571
(domestic) or 1-973-582-2703 (international). A replay of the
conference call will be available until March 17th 2005, by dialing
1-877-519-4471 (domestic) or 1-973-341-3080 (international). The
replay pin number is 5685697. Amedisys, Inc., a leading provider of
home health nursing services, is headquartered in Baton Rouge,
Louisiana. Its common stock trades on The Nasdaq Stock Market under
the symbol "AMED". This press release includes statements that may
constitute "forward- looking" statements, usually containing the
words "believe", "estimate", "project", "expect" or similar
expressions. Forward-looking statements inherently involve risks
and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to, continued acceptance of the Company's services in the
marketplace, competitive factors, changes in government
reimbursement procedures, dependence upon third-party vendors, and
other risks discussed in the Company's periodic filings with the
Securities and Exchange Commission. By making these forward-
looking statements, the Company undertakes no obligation to update
these statements for revisions or changes after the date of this
release. Additional information on the Company can be found on the
World Wide Web http://www.amedisys.com/ AMEDISYS, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the three
and twelve months ended December 31, 2004 and 2003(Amounts in
thousands, except per share data) (Unaudited) For the three months
ended For the twelve months ended December 31, December 31, 2004
2003 2004 2003 Income: Net service revenue $64,360 $42,099 $227,089
$142,473 Cost of service revenue (excluding depreciation and
amortization) 27,332 17,346 96,078 58,554 Gross margin 37,028
24,753 131,011 83,919 General and administrative expenses: Salaries
and benefits 15,348 11,048 56,916 41,252 Other 11,730 7,999 40,717
28,329 Total general and administrative expenses 27,078 19,047
97,633 69,581 Operating income 9,950 5,706 33,378 14,338 Other
income (expense): Interest income 370 32 550 91 Interest expense
(144) (296) (510) (1,293) Miscellaneous, net (31) 9 (59) 491 Total
other income (expense), net 195 (255) (19) (711) Income before
income taxes 10,145 5,451 33,359 13,627 Income tax expense 4,009
2,088 12,855 5,220 Net income $6,136 $3,363 $20,504 $8,407 Basic
weighted average common shares outstanding 15,255 10,701 13,057
9,808 Basic income per common share: Net income $0.40 $0.31 $1.57
$0.86 Diluted weighted average common shares outstanding 15,639
11,159 13,542 10,074 Diluted income per common share: Net income
$0.39 $0.30 $1.51 $0.83 AMEDISYS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS As of December 31, 2004 and 2003
(Amounts in thousands, except share data) December 31, December 31,
2004 2003 ASSETS: (unaudited) CURRENT ASSETS: Cash and cash
equivalents $ 89,679 $ 29,229 Patient accounts receivable, net of
allowance for doubtful accounts of $3,751 at December 31, 2004 and
$3,008 at December 31, 2003 24,478 15,185 Prepaid expenses 1,356
1,103 Deferred income taxes - 1,650 Inventory and other current
assets 3,377 2,429 Total current assets 118,890 49,596 Property and
equipment, net 10,003 7,219 Goodwill and other assets, net 70,840
35,658 Total assets $ 199,733 $ 92,473 LIABILITIES AND
STOCKHOLDERS' EQUITY: CURRENT LIABILITIES: Accounts payable $ 6,681
$ 3,340 Accrued expenses: Payroll and payroll taxes 11,914 9,163
Insurance 4,663 2,336 Income taxes 271 575 Legal settlements 1,833
1,248 Other 3,822 2,818 Deferred income taxes 1,353 - Current
portion of long-term debt 1,689 3,974 Current portion of
obligations under capital leases 423 1,217 Current portion of
Medicare liabilities 9,327 9,347 Total current liabilities 41,976
34,018 Long-term debt 1,380 2,696 Obligations under capital leases
329 391 Deferred income taxes 6,749 2,756 Other long-term
liabilities 826 1,213 Total liabilities 51,260 41,074 STOCKHOLDERS'
EQUITY: Preferred stock, $.001 par value, 5,000,000 shares
authorized; None issued and outstanding - - Common stock, $.001 par
value, 30,000,000 shares authorized; 15,310,547 and 11,908,146
shares issued at December 31, 2004 and December 31, 2003,
respectively 15 12 Additional paid-in capital 132,032 55,465
Treasury stock at cost, 4,167 shares held at December 31, 2004 and
2003 (25) (25) Retained earnings (deficit) 16,451 (4,053) Total
stockholders' equity 148,473 51,399 Total liabilities and
stockholders' equity $ 199,733 $ 92,473 Contact: Amedisys, Inc.
Gregory H. Browne Chief Financial Officer (225) 292-2031
Noonan/Russo Investor Relations Brian Ritchie (212) 845-4269
DATASOURCE: Amedisys, Inc. CONTACT: Gregory H. Browne, Chief
Financial Officer of Amedisys, Inc., +1-225-292-2031, ; or Investor
Relations - Brian Ritchie of Noonan/Russo, +1-212-845-4269, Web
site: http://www.amedisys.com/
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