Amedisys Reports Fourth Quarter and 2003 Year End Results Announces
Preliminary Agreement With GE Healthcare to Provide Working Capital
Facility BATON ROUGE, La., March 9 /PRNewswire-FirstCall/ --
Amedisys, Inc. (Nasdaq: AMED 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,
2003. For the year ended December 31, 2003 the Company reported net
income of $8.4 million, or $0.83 per diluted share, on record net
service revenue of $142.5 million. In the previous year, Amedisys
reported net income of $752,000, or $0.08 per share, on net service
revenue of $129.4 million. The Company recorded net income of $3.4
million, or $0.30 per diluted share in the fourth quarter of 2003,
calculated on approximately 11.2 million diluted shares, compared
with a net loss of $6.1 million, or $0.65 per diluted share in the
quarter ended December 31, 2002. The net loss of $6.1 million for
the quarter ended December 31, 2002, reflected a reserve related to
the uncertainty of collecting $7.1 million from National Century
Financial Enterprises ("NCFE"), as well as increases in other
reserves and charges. The above results include the full impact in
the fourth quarter of the Medicare reimbursement increase effective
for episodes of care ended on or after October 1, 2003. The
weighted average number of diluted shares outstanding approximated
10.1 million in 2003 and 9.0 million in 2002. "Our record revenue
and net income reflect our continued focus on both internal growth
and selective acquisitions," noted William F. Borne, Chief
Executive Officer of the Company. "We are extremely pleased with
the financial results, which exceeded guidance previously
communicated." "Internal growth of Medicare patient admissions was
approximately 10 percent in the fourth quarter, and early
indications for the current quarter suggest that this rate of
growth will be at least maintained," continued Borne. "On an annual
basis, internal Medicare admission growth for 2003 totaled 9
percent when compared with 2002." "Amedisys, Inc. is excited about
the future -- the recently announced transaction with Tenet
Healthcare Corporation, coupled with our internal growth should
result in revenue approaching $200 million in 2004. We are
confident in our ability to integrate this considerable acquisition
over the next six months." "Our overall financial position
continues to improve, with cash and cash equivalents of $29.8
million at the end of December, primarily due to the stock issuance
completed in November 2003. Finalization of the Tenet transaction
has used approximately $19 million of this, and we are pleased to
announce that the Company has signed a preliminaryagreement with GE
Healthcare Financial Services to establish a working capital
facility of up to $25 million. During 2003, the Company reduced
total debt by over $9.6 million." "We enter 2004 confident that
Amedisys can deliver satisfactory earnings for the shareholders,
and based on currently available information, we are estimating our
earnings for 2004 to be between $1.18 and $1.28 cents per diluted
share, which includes a contribution of $0.05 cents to $0.07 cents
per diluted share related to the Tenet transaction," concluded
Borne. The Company will provide further information today on these
results during a teleconference call that is scheduled for 10:00
a.m. EST. 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 16, 2004, by dialing
1-877-519-4471 (domestic) or 1-973-341-3080 (international). The
replay pin number is 4543875. 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
causeor 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, 2003 and 2002 (Dollar amounts in 000's,
except per share data) For the three months ended For the twelve
months ended December 31, December 31, 2003 2002 2003 2002
(unaudited) (unaudited) (unaudited) Income: Net service revenue
$42,098 $31,654 $142,473 $129,424 Cost of service revenue
(excluding depreciation and amortization) 17,346 14,723 58,554
58,244 Gross margin 24,752 16,931 83,919 71,180 General and
administrative expenses: Salaries and benefits 11,048 10,154 41,252
38,650 Other 7,998 7,017 28,329 24,410 Restructuring charge --
1,640 -- 1,640 Total general and administrative expenses 19,046
18,811 69,581 64,700 Operating income (loss) 5,706 (1,880) 14,338
6,480 Other income (expense): Interest income 32 19 91 97 Interest
expense (296) (420) (1,293) (1,874) Provision for uncollectible
receivable -- (7,349) -- (7,349) Miscellaneous 8 (37) 491 113 Total
other expense, net (256) (7,787) (711) (9,013) Income (loss) before
income taxes 5,450 (9,667) 13,627 (2,533) Income tax expense
(benefit) 2,088 (3,538) 5,220 (3,285) Net income (loss) $3,362
$(6,129) $8,407 $752 Diluted weighted average common shares
outstanding 11,159 9,492 10,074 9,007 Diluted income (loss) per
common share: Net income (loss) $0.30 $(0.65) $0.83 $0.08 AMEDISYS,
INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of December
31, 2003 and 2002 (Dollar amounts in 000's, except share data)
December 31, December 31, 2003 2002 ASSETS: (unaudited) CURRENT
ASSETS: Cash and cash equivalents $29,779 $4,861 Patient accounts
receivable, net of allowance for doubtful accounts of $3,008 and
$1,865 at December 2003 and 2002 15,185 13,467 Prepaid expenses
1,103 1,600 Deferred income taxes 1,650 1,803 Inventory and other
current assets 1,879 857 Total current assets 49,596 22,588
Property and equipment, net 7,219 8,257 Deferred income taxes --
1,711 Goodwill and other assets, net 35,658 25,768 Total assets
$92,473 $58,324 LIABILITIES AND STOCKHOLDERS' EQUITY: CURRENT
LIABILITIES: Accounts payable $3,340 $2,495 Accrued expenses:
Payroll and payroll taxes 9,163 6,504 Insurance 2,336 2,171 Income
taxes 575 297 Legal settlements 1,248 1,887 Other 2,819 2,439
Current portion of long-term debt 3,974 3,903 Current portion of
obligations under capital leases 1,217 2,476 Current portion of
Medicare liabilities 9,347 8,948 Total current liabilities 34,019
31,120 Long-term debt 2,696 4,474 Obligations under capital leases
391 1,042 Long-term Medicare liabilities -- 3,898 Deferred income
taxes 2,756 -- Other long-term liabilities 1,213 827 Total
liabilities 41,075 41,361 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; 11,908,146 and 9,167,976 shares issued at December 31,
2003 and 2002, respectively 12 9 Additional paid-in capital 55,466
29,439 Treasury stock at cost, 4,167 shares held (25) (25)
Accumulated deficit (4,055) (12,460) Total stockholders' equity
51,398 16,963 Total liabilities and stockholders' equity $92,473
$58,324 Contact: Amedisys, Inc. Gregory H. Browne, CFO (225)
292-2031 Investor Relations: Euro RSCG Life NRP Brian Ritchie (212)
845-4269 DATASOURCE: Amedisys, Inc. CONTACT: Gregory H. Browne, CFO
of Amedisys, Inc., +1-225-292-2031, ; Investor Relations: Brian
Ritchie of Euro RSCG Life NRP, +1-212-845-4269, , for Amedisys,
Inc. Web site: http://www.amedisys.com/
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