Amedisys Reports Third Quarter 2004 Results Company Reports Record
Quarterly Revenue and Net Income BATON ROUGE, La., Nov. 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 third quarter of 2004.
For the quarter ended September 30, 2004, the Company reported net
income of $5.2 million, or $0.39 per diluted share, on record net
service revenue of $58.5 million. Net service revenue increased by
58% when compared with the $37.0 million reported for the
comparable period in the prior year. Amedisys reported net income
of $2.4 million, or $0.24 per diluted share for the September
quarter ended September 30, 2003. The diluted weighted average
number of shares outstanding approximated 13.1 million in the
quarter ended September 30, 2004 and 10.1 million in the comparable
period of 2003. For the nine months ended September 30, 2004 the
Company reported net income of $14.4 million, or $1.12 per diluted
share, on net service revenue of $162.7 million. For the same
period the previous year, Amedisys reported net income of $5.0
million, or $0.52 per diluted share, on net service revenue of
$100.4 million. The diluted weighted average number of shares
outstanding approximated 12.8 million in the nine months ended
September 30, 2004 and 9.8 million in the comparable period of
2003. "Our Company's strong performance reflects Amedisys' ongoing
commitment to both organic growth and selective acquisitions, and
has resulted in an increase in net income for the quarter ended
September 30, 2004 of approximately 117 percent when compared with
the September quarter of the prior year," noted William F. Borne,
Chief Executive Officer of Amedisys. "Our results exceeded guidance
previously communicated, even with the dilutive impact of the
recent equity offering. We remain confident that Amedisys can
continue to deliver strong earnings growth for our shareholders,
and therefore, based on currently available information, we are
reiterating our earnings guidance of between $1.43 and $1.49 cents
per diluted share for fiscal 2004. This guidance reflects the
increased number of shares outstanding from our offering - expected
to be approximately 15.7 million in the fourth quarter - and on
annual revenue which is expected to approximate $224 million
following our most recent acquisitions." "Internal growth of
Medicare patient admissions was approximately 30 percent in the
third quarter when compared with the previous year, which continues
the strong rate of growth seen by the Company throughout 2004,"
continued Borne. "The factors contributing to this substantial
increase in the rate of growth experienced in 2004 include the
expansion of our sales force, a wider range of clinical programs,
and increased education of referral sources. The initiation of
start-ups continues to accelerate, from nine new locations in 2003,
twelve expected in 2004, and fifteen anticipated in 2005." "The
successful completion of our equity offering in September has
continued the transformation of our Balance Sheet and well
positions Amedisys to take advantage of strategic acquisition
opportunities in home health. The Company sold 2.6 million shares
for net proceeds of $68 million, and our cash position in excess of
$93 million reflects both these proceeds, as well as our continued
strong cash flow. We remain focused on providing our patients with
low cost, outcome driven home care, while simultaneously generating
appropriate returns for all of our shareholders. With this in mind,
based on currently available information, we are estimating our
earnings for full-year 2005 to be between $1.63 and $1.73 cents per
diluted share, excluding potential 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 November 10th, 2004, by dialing 1-877-519-4471 (domestic) or
1-973-341-3080 (international). The replay pin number is 5294210.
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 nine months ended September 30, 2004
and 2003 (Amounts in thousands, except per share data) (Unaudited)
For the three months ended For the nine months ended September 30,
September 30, 2004 2003 2004 2003 Income: Net service revenue
$58,494 $37,048 $162,729 $100,374 Cost of service revenue
(excluding depreciation and amortization) 25,653 15,199 68,746
41,208 Gross margin 32,841 21,849 93,983 59,166 General and
administrative expenses: Salaries and benefits 14,217 10,462 41,568
30,204 Other 10,184 7,495 28,987 20,330 Total general and
administrative expenses 24,401 17,957 70,555 50,534 Operating
income 8,440 3,892 23,428 8,632 Other income (expense): Interest
income 84 18 180 59 Interest expense (142) (296) (366) (997)
Miscellaneous (21) 273 (28) 482 Total other expense, net (79) (5)
(214) (456) Income before income taxes 8,361 3,887 23,214 8,176
Income tax expense 3,175 1,506 8,846 3,132 Net income $5,186 $2,381
$14,368 $5,044 Basic weighted average common shares outstanding
12,669 9,713 12,319 9,507 Basic income per common share: Net income
$0.41 $0.25 $1.17 $0.53 Diluted weighted average common shares
outstanding 13,136 10,108 12,833 9,756 Diluted income per common
share: Net income $0.39 $0.24 $1.12 $0.52 AMEDISYS, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of September 30, 2004
and December 31, 2003 (Amounts in thousands, except share data)
September 30, December 31, 2004 2003 ASSETS: (unaudited) CURRENT
ASSETS: Cash and cash equivalents $ 93,181 $ 29,779 Patient
accounts receivable, net of allowance for doubtful accounts of
$3,249 at September 30, 2004 and $3,008 at December 31, 2003 18,265
15,185 Prepaid expenses 2,538 1,103 Deferred income taxes - 1,650
Inventory and other current assets 1,238 1,879 Total current assets
115,222 49,596 Property and equipment, net 9,127 7,219 Goodwill and
other assets, net 63,565 35,658 Total assets $ 187,914 $ 92,473
LIABILITIES AND STOCKHOLDERS' EQUITY: CURRENT LIABILITIES: Accounts
payable $ 3,674 $ 3,340 Accrued expenses: Payroll and payroll taxes
12,650 9,163 Insurance 2,725 2,336 Income taxes 837 575 Legal
settlements 1,375 1,248 Other 3,806 2,818 Deferred income taxes
1,273 - Current portion of long-term debt 3,871 3,974 Current
portion of obligations under capital leases 435 1,217 Current
portion of Medicare liabilities 9,358 9,347 Total current
liabilities 40,004 34,018 Long-term debt 1,657 2,696 Obligations
under capital leases 401 391 Deferred income taxes 4,036 2,756
Other long-term liabilities 826 1,213 Total liabilities 46,924
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; 15,161,149
and 11,908,146 shares issued at September 30, 2004 and December 31,
2003, respectively 15 12 Additional paid-in capital 130,685 55,465
Treasury stock at cost, 4,167 shares held (25) (25) Retained
earnings (deficit) 10,315 (4,053) Total stockholders' equity
140,990 51,399 Total liabilities and stockholders' equity $ 187,914
$ 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, , for Amedisys,
Inc. Web site: http://www.amedisys.com/
Copyright