BATON ROUGE, La., May 4 /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 first quarter of 2004.
For the quarter ended March 31, 2004 the Company reported net income of $4.2 million, or $0.34 per diluted share, on record net service revenue of $47.3 million. For the same period the previous year, Amedisys reported net income of $1.1 million, or $0.12 per diluted share, on net service revenue of $31.1 million. The weighted average number of diluted shares outstanding approximated 12.5 million in the quarter ended March 31, 2004 and 9.5 million in the comparable period of 2003.
“Our record revenue and strong year-over-year increase in net income reflect our ongoing commitment to organic growth,” noted William F. Borne, Chief Executive Officer of Amedisys. “Clearly, we are extremely pleased with the results, which exceeded guidance previously communicated, and remain confident that Amedisys can continue to deliver satisfactory earnings for its shareholders. Therefore, based on currently available information, we are increasing our earnings guidance for fiscal 2004 to between $1.25 and $1.33 cents per diluted share.”
“Internal growth of Medicare patient admissions was approximately 22 percent in the first quarter when compared with the previous year, which is by far the strongest growth rate in several years, and significantly above the rate achieved in the fourth quarter of 2003. We are excited with this exceptional rate of growth, and the early indications for the second quarter suggest that our internal growth rate will be at least 14 percent, " continued Borne.
“The transaction with Tenet Healthcare Corporation has now been completed, and significant progress has already been made in integrating these operations. However, the newly acquired locations did not make a material contribution to the first quarter financial results.”
“The Company’s financial position remains strong, with cash and cash equivalents of over $24 million at the end of March. Additionally, we are pleased to announce that Amedisys has finalized an agreement with GE Healthcare Financial Services for a working capital facility of up to $25 million.”
The Company will provide further information today on these results during a teleconference call that is scheduled for 10:00 a.m. EDT. 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 May 11, 2004, by dialing 1-877-519-4471 (domestic) or 1-973-341-3080 (international). The replay pin number is 4696638.
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 gbrowne@amedisys.com Investor Relations: Euro RSCG Life NRP Brian Ritchie (212) 845-4269 brian.ritchie@eurorscg.com AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended March 31, 2004 and 2003 (dollar amounts in 000’s, except per share data) For the three months ended March 31, 2004 2003 (unaudited) (unaudited) Income: Net service revenue $ 47,339 $ 31,132 Cost of service revenue (excluding depreciation and amortization) 19,480 12,909 Gross margin 27,859 18,223 General and administrative expenses: Salaries and benefits 12,557 9,861 Other 8,397 6,178 Total general and administrative expenses 20,954 16,039 Operating income 6,905 2,184 Other income (expense): Interest income 52 17 Interest expense (124) (360) Miscellaneous (4) 10 Total other expense, net (76) (333) Income before income taxes 6,829 1,851 Income tax expense 2,608 702 Net income $4,221 $1,149 Diluted weighted average common shares outstanding 12,536,000 9,501,000 Diluted income per common share: Net income $ 0.34 $ 0.12 AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of March 31, 2004 and December 31, 2003 (Dollar amounts in 000’s, except share data) March 31, December 31, 2004 2003 ASSETS: (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 24,338 $ 29,779 Patient accounts receivable, net of allowance for doubtful accounts of $3,554 at March 31 2004 and $3,008 at December 2003 14,893 15,185 Prepaid expenses 2,452 1,103 Deferred income taxes 831 1,650 Inventory and other current assets 1,269 1,879 Total current assets 43,783 49,596 Property and equipment, net 7,239 7,219 Goodwill and other assets, net 55,106 35,658 Total assets $ 106,128 $ 92,473 LIABILITIES AND STOCKHOLDERS’ EQUITY: CURRENT LIABILITIES: Accounts payable $ 5,009 $ 3,340 Accrued expenses: Payroll and payroll taxes 10,639 9,163 Insurance 1,990 2,336 Income taxes 735 575 Legal settlements 1,337 1,248 Other 7,985 2,818 Current portion of long-term debt 4,175 3,974 Current portion of obligations under capital leases 653 1,217 Current portion of Medicare liabilities 9,350 9,347 Total current liabilities 41,873 34,018 Long-term debt 1,807 2,696 Obligations under capital leases 391 391 Deferred income taxes 3,264 2,756 Other long-term liabilities 1,213 1,213 Total liabilities 48,548 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; 12,146,898 and 11,908,146 shares issued at March 31, 2004 and December 31, 2003, respectively 12 12 Additional paid-in capital 57,425 55,465 Treasury stock at cost, 4,167 shares held (25) (25) Retained earnings (deficit) 168 (4,053) Total stockholders’ equity 57,580 51,399 Total liabilities and stockholders’ equity $ 106,128 $ 92,473
Amedisys, Inc.
CONTACT: Gregory H. Browne, CFO, Amedisys, Inc., +1-225-292-2031,gbrowne@amedisys.com; Investor Relations - Brian Ritchie of Euro RSCG LifeNRP, +1-212-845-4269, brian.ritchie@eurorscg.com, for Amedisys
Web site: http://www.amedisys.com/