Company Reports Record Quarterly Earnings BATON ROUGE, La., Aug. 2
/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 second
quarter of 2005. For the quarter ended June 30, 2005, the Company
reported net income of $7.9 million, or $0.50 per diluted share, on
record net service revenue of $80.1 million. Net service revenue
increased by 41% when compared with the $56.9 million reported for
the comparable period in the prior year. Amedisys reported net
income of $5.0 million, or $0.39 per diluted share for the June
quarter of 2004. The diluted weighted average number of shares
outstanding approximated 15.8 million in the quarter ended June 30,
2005 and 12.8 million in the comparable period of 2004. For the six
months ended June 30, 2005, the Company reported net income of
$15.0 million, or $0.95 per diluted share, on record net service
revenue of $150.5 million. Net service revenue increased by 44%
when compared with the $104.2 million reported for the comparable
period in the prior year. Amedisys reported net income of $9.2
million, or $0.72 per diluted share, for the six months ended June
30, 2004. The diluted weighted average number of shares outstanding
approximated 15.8 million in the six months ended June 30, 2005 and
12.7 million in the comparable period of 2004. "Our continued
commitment to both organic growth and selective acquisitions has
resulted in the achievement of record quarterly revenue and
earnings per share, as well as a significant increase in net
income," noted William F. Borne, Chief Executive Officer of
Amedisys. "Clearly, we are extremely pleased with the results, and
we remain confident that Amedisys can continue to deliver strong
revenue and earnings growth for our shareholders. After taking into
account the impact of the recently announced acquisitions,
particularly Housecall Medical Resources ("Housecall"), and based
on currently available information, we are increasing our earnings
guidance for fiscal 2005 to between $1.95 and $2.01 cents per
diluted share, based on expected net service revenue of
approximately $370 million." "Further, we are providing preliminary
guidance for fiscal 2006 somewhat earlier than usual. Based on
currently available information, we expect that net service revenue
will be approximately $495 million, and that diluted earnings per
share will be between $2.47 and $2.57 cents per share. This
guidance includes the impact of expensing stock options --
estimated to be approximately $0.04 per share." "Internal growth of
Medicare patient admissions was approximately 19 percent in the
second quarter, and we are confident in our long-term abilities to
deliver 15-20% growth in Medicare admissions," continued Borne.
"Further, we have continued to develop new locations through start
ups, and we expect this strategy to continue into 2006." "The
acquisition of Housecall, which closed on July 11, represents an
important step forward for Amedisys. Housecall is a significant
home health nursing and hospice company, with 66 locations, and a
well deserved reputation for delivering quality care. Additionally,
we are particularly pleased to have the Housecall employees as
committed members of the Amedisys team. We also welcome the
employees of NCARE as a result of our announcement yesterday." 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 1-800-322-0079 (domestic) or
1-973-409-9256 (international). A replay of the conference call
will be available until August 9th, 2005, by dialing 1-877-519-4471
(domestic) or 1-973-341-3080 (international). The replay pin number
is 6291015. 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 six months
ended June 30, 2005 and 2004 (Amounts in thousands, except per
share data) (Unaudited) For the three months For the six months
ended June 30, ended June 30, 2005 2004 2005 2004 Income: Net
service revenue $80,061 $56,896 $150,498 $104,235 Cost of service
revenue (excluding depreciation and amortization) 33,044 23,613
61,505 43,093 Gross margin 47,017 33,283 88,993 61,142 General and
administrative expenses: Salaries and benefits 18,827 14,794 36,862
27,351 Other 15,469 10,406 27,898 18,803 Total general and
administrative expenses 34,296 25,200 64,760 46,154 Operating
income 12,721 8,083 24,233 14,988 Other income (expense): Interest
income 519 44 900 96 Interest expense (142) (100) (287) (224)
Miscellaneous (12) (3) (27) (7) Total other income(expense), net
365 (59) 586 (135) Income before income taxes 13,086 8,024 24,819
14,853 Income tax expense 5,156 3,063 9,779 5,671 Net income $7,930
$4,961 $15,040 $9,182 Basic weighted average common shares
outstanding 15,509 12,281 15,450 12,144 Basic income per common
share: Net income $ 0.51 $0.40 $0.97 $0.76 Diluted weighted average
common shares outstanding 15,837 12,804 15,789 12,683 Diluted
income per common share: Net income $0.50 $0.39 $0.95 $0.72
AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of
June 30, 2005 and December 31, 2004 (Amounts in thousands, except
share data) June 30, December 31, 2005 2004 ASSETS: (unaudited)
CURRENT ASSETS: Cash and cash equivalents $72,063 $89,679 Patient
accounts receivable, net of allowance for doubtful accounts of
$4,943 at June 30, 2005 and $3,751 at December 31, 2004 36,994
24,478 Prepaid expenses 2,613 1,356 Inventory and other current
assets 3,230 3,377 Total current assets 114,900 118,890 Property
and equipment, net 19,825 10,003 Goodwill 85,120 62,537 Intangible
assets, net of $1,982 and $1,177 of accumulated amortization at
June 30, 2005 and December 31, 2004, respectively 7,032 4,447 Other
assets, net 6,042 3,856 Total assets $232,919 $199,733 LIABILITIES
AND STOCKHOLDERS' EQUITY: CURRENT LIABILITIES: Accounts payable
$4,520 $6,681 Accrued expenses: Payroll and payroll taxes 19,924
11,914 Insurance 5,325 4,663 Income taxes 1,359 271 Legal
settlements 1,950 1,833 Other 5,713 3,822 Deferred income taxes 853
1,353 Current portion of long-term debt 3,433 1,689 Current portion
of obligations under capital leases 228 423 Current portion of
Medicare liabilities 9,119 9,327 Total current liabilities 52,424
41,976 Long-term debt 1,928 1,380 Obligations under capital leases
162 329 Deferred income taxes 8,008 6,749 Other long-term
liabilities 826 826 Total liabilities 63,348 51,260 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; 15,577,954 and 15,310,547
shares issued at June 30, 2005 and December 31, 2004, respectively
16 15 Additional paid-in capital 138,752 132,032 Unearned
Compensation (663) - Treasury stock at cost, 4,167 shares held at
June 30, 2005 and December 31, 2004 (25) (25) Retained earnings
31,491 16,451 Total stockholders' equity 169,571 148,473 Total
liabilities and stockholders' equity $232,919 $199,733 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
Brian Ritchie, Investor Relations of Noonan/Russo, +1-212-845-4269,
Web site: http://www.amedisys.com/
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