Amedisys Reports Second Quarter 2004 Results Company Reports Record
Quarterly Revenue and Provides Increased Guidance for 2004 BATON
ROUGE, La., Aug. 3 /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 second quarter of 2004. For the quarter ended June 30, 2004 the
Company reported net income of $5.0 million, or $0.39 per diluted
share, on record net service revenue of $56.9 million. Net service
revenue increased by 77% when compared with the $32.2 million
reported for the comparable period in the prior year. Amedisys
reported net income of $1.5 million, or $0.16 per diluted share for
the June quarter of 2003. The diluted weighted average number of
shares outstanding approximated 12.8 million in the quarter ended
June 30, 2004 and 9.7 million in the comparable period of 2003. For
the six months ended June 30, 2004 the Company reported net income
of $9.2 million, or $0.72 per diluted share, on record net service
revenue of $104.2 million. For the same period the previous year,
Amedisys reported net income of $2.7 million, or $0.28 per diluted
share, on net service revenue of $63.3 million. The diluted
weighted average number of shares outstanding approximated 12.7
million in the six months ended June 30, 2004 and 9.6 million in
the comparable period of 2003. "Our ongoing commitment to both
organic growth and selective acquisitions has resulted in the
achievement of record revenue and strong year-over-year increase in
net income," noted William F. Borne, Chief Executive Officer of
Amedisys. "Clearly, we are extremely pleased with the results,
which exceeded guidance previously communicated, and we remain
confident that Amedisys can continue to deliver strong earnings
growth for our shareholders. Therefore, based on currently
available information, we are increasing our earnings guidance for
fiscal 2004 to between $1.43 and $1.49 cents per diluted share, on
revenue which is expected to exceed $215 million." "Internal growth
of Medicare patient admissions was approximately 34 percent in the
second quarter when compared with the previous year, which is by
far the strongest growth rate ever achieved by the Company,"
continued Borne. "The substantial increase in the rate of growth
experienced in 2004 can be attributed to the collective results of
a number of strategic initiatives begun in 2002, including, the
single-minded focus of a more experienced, and better trained sales
force, making available an expanded range of clinical programs, and
an increased effort aimed at educating referral sources on the
benefits of home health nursing. Further, we have continued to
initiate new locations through start ups, and expect this strategy
to accelerate into 2005." "The integration of the operations
acquired from Tenet Healthcare Corporation has now been
substantially completed, although significant effort will be
required to ensure that these locations contribute to the Company's
overall financial results. We are also pleased with the progress
made to date by our most recent acquisition in Vicksburg,
Mississippi." 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 August 10th, 2004, by
dialing 1-877-519-4471 (domestic) or 1-973-341-3080
(international). The replay pin number is 4982538. 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/
Contact: Amedisys, Inc. Gregory H. Browne, CFO (225) 292-2031
Investor Relations: Euro RSCG Life NRP Brian Ritchie (212) 845-4269
AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS For the three and six months ended June 30, 2004 and
2003 (Amounts in thousands, except per share data) (Unaudited) For
the three months For the six months ended June 30, ended June 30,
2004 2003 2004 2003 Income: Net service revenue $56,896 $32,194
$104,235 $63,326 Cost of service revenue (excluding depreciation
and amortization) 23,613 13,100 43,093 26,009 Gross margin 33,283
19,094 61,142 37,317 General and administrative expenses: Salaries
and benefits 14,794 9,881 27,351 19,742 Other 10,406 6,657 18,803
12,835 Total general and administrative expenses 25,200 16,538
46,154 32,577 Operating income 8,083 2,556 14,988 4,740 Other
income (expense): Interest income 44 24 96 41 Interest expense
(100) (341) (224) (701) Miscellaneous (3) 199 (7) 209 Total other
expense, net (59) (118) (135) (451) Income before income taxes
8,024 2,438 14,853 4,289 Income tax expense 3,063 924 5,671 1,626
Net income $4,961 $1,514 $9,182 $2,663 Basic weighted average
common shares outstanding 12,281 9,477 12,144 9,402 Basic income
per common share: Net income $0.40 $0.16 $0.76 $0.28 Diluted
weighted average common shares outstanding 12,804 9,666 12,683
9,583 Diluted income per common share: Net income $0.39 $0.16 $0.72
$0.28 AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
As of June 30, 2004 and December 31, 2003 (Amounts in thousands,
except share data) June 30, December 31, 2004 2003 ASSETS:
(unaudited) CURRENT ASSETS: Cash and cash equivalents $22,279
$29,779 Patient accounts receivable, net of allowance for doubtful
accounts of $3,624 at June 30, 2004 and $3,008 at December 31, 2003
19,841 15,185 Prepaid expenses 2,268 1,103 Deferred income taxes --
1,650 Inventory and other current assets 1,123 1,879 Total current
assets 45,511 49,596 Property and equipment, net 8,121 7,219
Goodwill and other assets, net 57,383 35,658 Total assets $111,015
$92,473 LIABILITIES AND STOCKHOLDERS' EQUITY: CURRENT LIABILITIES:
Accounts payable $3,255 $3,340 Accrued expenses: Payroll and
payroll taxes 13,536 9,163 Insurance 2,908 2,336 Income taxes 1,400
575 Legal settlements 1,367 1,248 Other 3,919 2,818 Deferred income
taxes 532 -- Current portion of long-term debt 3,875 3,974 Current
portion of obligations under capital leases 456 1,217 Current
portion of Medicare liabilities 9,326 9,347 Total current
liabilities 40,574 34,018 Long-term debt 921 2,696 Obligations
under capital leases 486 391 Deferred income taxes 3,725 2,756
Other long-term liabilities 1,213 1,213 Total liabilities 46,919
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; and
12,359,648 and 11,908,146 shares issued at June 30, 2004 and
December 31, 2003, respectively 12 12 Additional paid-in capital
58,980 55,465 Treasury stock at cost, 4,167 shares held (25) (25)
Retained earnings (deficit) 5,129 (4,053) Total stockholders'
equity 64,096 51,399 Total liabilities and stockholders' equity
$111,015 $92,473 DATASOURCE: Amedisys, Inc. CONTACT: Gregory H.
Browne, CFO of Amedisys, Inc., +1-225-292-2031, ; or Investor
Relations - Brian Ritchie of Euro RSCG Life NRP, +1-212-845-4269,
Web site: http://www.amedisys.com/
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