Company to Host Conference Call Today at 10:00 AM ET BATON ROUGE,
La., Oct. 25 /PRNewswire-FirstCall/ -- Amedisys, Inc. (Nasdaq:
AMED; "Amedisys" or "the Company"), America's leading home health
nursing company, today reported its financial results for the third
quarter ended September 30, 2006. For the quarter ended September
30, 2006, the Company reported record quarterly net income of $10.6
million, or $0.64 per diluted share, a 33 percent increase in
earnings per share over the same quarter last year. These earnings
were achieved on record quarterly net service revenue of $137.0
million. Net service revenue increased by 22 percent when compared
with the $112.2 million reported for the comparable period in the
prior year. Amedisys reported net income of $7.8 million, or $0.48
per diluted share, for the quarter ended September 30, 2005. The
diluted weighted average number of shares outstanding approximated
16.4 million for the quarter ended September 30, 2006 and 16.1
million for the comparable period of 2005. For the nine-month
period ended September 30, 2006, the Company reported year-to-date
net income of $26.9 million, or $1.65 per diluted share, on
year-to-date net service revenue of $397.1 million. Net service
revenue increased by 51 percent when compared with the $262.7
million reported for the comparable period in the prior year.
Amedisys reported net income of $22.8 million, or $1.44 per diluted
share, for the nine-month period ended September 30, 2005. "We are
pleased with our improved operating results for the third quarter
of 2006 and the continuing momentum we are experiencing in many key
areas of our business," said William F. Borne, Chief Executive
Officer of Amedisys. "We believe that our continuing strong
internal growth, start ups and selective acquisitions combined with
ongoing efficiencies will drive earnings and enhance shareholder
returns." "We are increasing our EPS guidance to $2.30 to $2.35
cents per diluted share for fiscal 2006," added Mr. Borne. "This
guidance is based upon outstanding shares of approximately 16.5
million. Also, this guidance reflects the Company's 2006 estimated
income tax rate of approximately 38.8 percent. Annual revenue is
expected to be in the $530 to $540 million range, exclusive of
potential acquisitions." The Company's Board of Directors approved
a four-for-three split of Amedisys' common stock, effective
November 27, 2006, in the form of a stock dividend. Each
shareholder of record at the close of business on November 27,
2006, will receive one additional share for every three outstanding
shares held. Any fractional shares resulting from the stock split
will be rounded up such that one whole share of Common Stock would
be delivered to any stockholder of record in lieu of a fractional
share. Full year 2006 earnings per share guidance provided above
does not take into account the impact of the four-for-three stock
split. To participate in the conference call, please dial
800-632-2975 (Domestic) or 973-935-8755 (International) a few
minutes before 10:00 a.m. ET on Wednesday, October 25, 2006. A
replay of the conference call will be available from 12:00 p.m. ET
on October 25, 2006 until 12:00 p.m. ET on November 1, 2006. The
replay dial in number is 877-519-4471 (Domestic) or 973-341-3080
(International). The replay pin number is 7990887. The call will
also be available on the Internet live and for seven days
thereafter at the following:
http://www.videonewswire.com/event.asp?id=36129 Amedisys, Inc.,
America's leading home health nursing company, is headquartered in
Baton Rouge, Louisiana. Its common stock trades on The Nasdaq
Global Select 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 at http://www.amedisys.com/ Contact: Amedisys,
Inc. Donald Loverich, Jr. Principal Financial Officer (225)
292-2031 Noonan Russo Investor Relations Brian Ritchie (212)
845-4269 AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (Amounts in thousands, except share data) September
30, December 31, 2006 2005 (Unaudited) ASSETS Current assets: Cash
and cash equivalents $9,855 $17,231 Patient accounts receivable,
net 81,109 68,139 Prepaid expenses 3,222 2,693 Other current assets
2,824 4,277 Total current assets 97,010 92,340 Property and
equipment, net 42,857 27,389 Goodwill 210,337 197,002 Intangible
assets, net 12,837 11,447 Other assets, net 7,147 11,819 Total
assets $370,188 $339,997 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $13,643 $29,922 Accrued
expenses 53,273 45,165 Obligations due Medicare 6,139 10,551
Current portion of long-term obligations 11,416 10,144 Current
portion of deferred income taxes 7,653 4,173 Total current
liabilities 92,124 99,955 Long-term obligations, less current
portions 36,513 43,063 Deferred income taxes 8,499 3,556 Other
long-term obligations 1,298 824 Total liabilities 138,434 147,398
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; 16,256,922
and 15,881,691 shares issued at September 30, 2006 and December 31,
2005, respectively, and 16,252,039 and 15,877,524 shares
outstanding at September 30, 2006 and December 31, 2005,
respectively 16 16 Additional paid-in capital 158,342 146,684
Treasury stock at cost, 4,883 and 4,167 shares held at September
30, 2006 and December 31, 2005, respectively (52) (25) Unearned
compensation --- (628) Retained earnings 73,448 46,552 Total
stockholders' equity 231,754 192,599 Total liabilities and
stockholders' equity $370,188 $339,997 AMEDISYS, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in
thousands, except per share data) (Unaudited) Three-month periods
ended Nine-month periods ended September 30, September 30, 2006
2005 2006 2005 Net service revenue $137,041 $112,166 $397,138
$262,665 Cost of service, excluding depreciation and amortization
59,877 49,011 172,311 110,517 General and administrative expenses:
Salaries and benefits 32,389 27,798 98,559 64,661 Non-cash
compensation 797 128 1,990 241 Other 23,326 19,077 70,367 44,000
Depreciation and amortization 2,487 2,123 7,337 4,984 Operating
expense 118,876 98,137 350,564 224,403 Operating income 18,165
14,029 46,574 38,262 Other (expense) income: Interest income 209
240 635 1,140 Interest expense (873) (1,537) (3,119) (1,824)
Miscellaneous, net (247) 74 (142) 46 Total other (expense) income
(911) (1,223) (2,626) (638) Income before income taxes 17,254
12,806 43,948 37,624 Income tax expense 6,695 5,046 17,052 14,824
Net income $10,559 $7,760 $26,896 $22,800 Net income per common
share: Basic $0.66 $0.49 $ 1.68 $1.46 Diluted $0.64 $0.48 $ 1.65
$1.44 Weighted average shares outstanding: Basic 16,101 15,692
15,981 15,531 Diluted 16,446 16,064 16,334 15,887 DATASOURCE:
Amedisys, Inc. CONTACT: Donald Loverich, Jr., Principal Financial
Officer of Amedisys, Inc., +1-225-292-2031, ; or Investor
Relations, Brian Ritchie, +1-212-845-4269, of Noonan Russo, for
Amedisys, Inc. Web site: http://www.amedisys.com/
http://www.videonewswire.com/event.asp?id=36129
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