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William Yarmuth, Chief Executive Officer, commented, "We're very pleased to once again report record operating results, especially in what is seasonally a down quarter in our Florida markets. Despite the immense amount of noise surrounding Federal health care reform activities, our managers have maintained their focus on our patients and referral sources to achieve these results. Whatever the outcome of the current health care reform efforts might bring, we are positioning our Company to thrive and grow as a major consolidator in the home health care industry."
Third Quarter Financial Results
Almost Family reported third quarter 2009 net service revenues of $76.3 million, a 31% increase from $58.4 million in the third quarter of 2008.
Net income for the third quarter of 2009 was $6.2 million, or $0.73 per diluted share, compared to $4.7 million, or $0.56 per diluted share, in the third quarter of 2008. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 1% between periods.
Third Quarter Segment Results
Net revenues in the Visiting Nurse segment for the third quarter of 2009 were $65.7 million, a 35% increase from $48.6 million in the third quarter of 2008. The total revenue growth of $17.1 million came from a 24% organic growth rate plus $7.1 million from acquired operations. Organic Medicare admissions growth was 11% and organic Medicare Episodic growth was 25%. Operating income before corporate expense in the VN segment for the third quarter of 2009 was $13.4 million, a 34% increase from $10.0 million in the third quarter of 2008.
Net revenues in the Personal Care (PC) segment for the third quarter of 2009 were $10.6 million, an 8% increase from $9.8 million in the third quarter of 2008. Operating income before unallocated corporate expense in the PC segment for the third quarter of 2009 was $1.3 million, a 40% increase from $902,000 in the third quarter of 2008.
The Company also noted that its Visiting Nurse segment operations located in Florida normally experience higher admissions during the first quarter and lower admissions during the third quarter than in the other quarters due to seasonal population fluctuations.
Nine Month Period Ended September 30, 2009
Almost Family reported net service revenues for the nine month period ended September 30, 2009 of $219.8 million, a 51% increase from $145.6 million in the same period of 2008.
Net income for the nine month period of 2009 was $17.8 million, or $2.14 per diluted share, compared to $11.1 million, or $1.52 per diluted share, in the nine month period of 2008.
Nine Month Period Segment Results
Net revenues in the Visiting Nurse segment for the nine month period of 2009 were $188.4 million, a 61% increase from $117.3 million in the nine month period of 2008. The total revenue growth of $71.1 million came from a 32% organic growth rate plus $39.7 million from acquired operations. Operating income before corporate expense in the VN segment for the nine month period of 2009 was $38.9 million, a 62% increase from $24.0 million in the same period of 2008.
Net revenues in the Personal Care (PC) segment for the nine month period of 2009 were $31.4 million, an 11% increase from $28.3 million in the nine month period of 2008. Operating income before unallocated corporate expense in the PC segment for the nine month period of 2009 was $3.6 million, a 48% increase from $2.4 million in the nine month period of 2008.
Stock Offering
In the quarter ended September 30, 2009, the Company sold 967,556 shares of its common stock in a series of open market transactions at a weighted average price of $29.71. Net proceeds of approximately $28 million were used to repay obligations under the Company's bank credit facility. As of September 30, 2009, the Company had approximately $10 million in cash on hand.
Conference Call
A conference call to review the results will begin at 11:00 a.m. ET on November 4, 2009, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, Chief Financial Officer. To participate in the conference call, please dial 1-877-407-0789 (USA) or 1-201-689-8562 (International). In addition, a dial-up replay of the conference call will be available beginning November 4, 2009 at 2:00 p.m. ET and ending on November 18, 2009. The replay telephone number is 1-877-660-6853 (USA) or 1-201-612-7415 (International). Account Number: 3055 and Passcode: 335866.
A live Web cast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.almostfamily.com. A Web cast replay can be accessed on the corporate Web site beginning November 4, 2009 at approximately 2:00 p.m. ET and will remain available until December 4, 2009.
Almost Family, Inc. The Ruth Group
Steve Guenthner Investor Relations
(502) 891-1000 Nick Laudico/Zack Kubow
(646) 536-7030/7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com
ALMOST FAMILY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months ended
September 30,
-------------------
2009 2008
---- ----
Net service revenues $76,294,375 $58,437,365
Cost of service revenues 35,779,006 26,953,672
---------- ----------
Gross margin 40,515,369 31,483,693
---------- ----------
General and administrative expenses:
Salaries and benefits 20,799,942 16,352,793
Other 9,378,248 7,262,549
--------- ---------
Total general and administrative expenses 30,178,190 23,615,342
---------- ----------
Operating income 10,337,179 7,868,351
Interest expense, net (156,326) (355,077)
-------- --------
Income from continuing operations before
income taxes 10,180,853 7,513,274
Income tax expense (3,985,767) (2,729,479)
---------- ----------
Net income from continuing operations 6,195,086 4,783,795
Discontinued operations, net of tax
benefits of $18,384 and $12,759 (28,624) (79,039)
------- -------
Net income $6,166,462 $4,704,756
========== ==========
Per share amounts-basic:
Average shares outstanding 8,282,209 8,137,326
Income from continued operations $0.75 $0.59
Loss from discontinued operations - (0.01)
- -----
Net income $0.75 $0.58
===== =====
Per share amounts-diluted:
Average shares outstanding 8,457,329 8,357,332
Income from continued operations $0.73 $0.57
Loss from discontinued operations - (0.01)
----- -----
Net income $0.73 $0.56
===== =====
ALMOST FAMILY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Nine months ended
September 30,
------------------
2009 2008
---- ----
Net service revenues $219,828,607 $145,621,947
Cost of service revenues 102,494,108 67,995,016
----------- ----------
Gross margin 117,334,499 77,626,931
----------- ----------
General and administrative expenses:
Salaries and benefits 60,469,972 39,805,479
Other 26,840,565 18,875,416
---------- ----------
Total general and administrative
expenses 87,310,537 58,680,895
---------- ----------
Operating income 30,023,962 18,946,036
Interest expense, net (673,186) (733,833)
-------- --------
Income from continuing operations
before income taxes 29,350,776 18,212,203
Income tax expense (11,488,120) (6,996,271)
----------- ----------
Net income from continuing operations 17,862,656 11,215,932
Discontinued operations, net of tax
benefits of $27,061 and $63,661 (106,999) (119,165)
-------- --------
Net income $17,755,657 $11,096,767
=========== ===========
Per share amounts-basic:
Average shares outstanding 8,164,360 7,111,182
Income from continued operations $2.19 $1.58
Loss from discontinued operations (0.01) (0.02)
----- -----
Net income $2.18 $1.56
===== =====
Per share amounts-diluted:
Average shares outstanding 8,318,411 7,298,718
Income from continued operations $2.15 $1.54
Loss from discontinued operations (0.01) (0.02)
----- -----
Net income $2.14 $1.52
===== =====
ALMOST FAMILY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30,
2009 December 31,
ASSETS (UNAUDITED) 2008
----------- -------------
CURRENT ASSETS:
Cash and cash equivalents $10,072,590 $1,301,178
Accounts receivable - net 38,404,378 34,760,021
Prepaid expenses and other current
assets 2,930,547 3,113,737
Deferred tax assets 7,098,046 4,437,979
--------- ---------
TOTAL CURRENT ASSETS 58,505,561 43,612,915
PROPERTY AND EQUIPMENT - NET 4,095,383 4,199,067
GOODWILL 98,179,505 92,170,091
OTHER INTANGIBLE ASSETS 14,613,918 16,715,369
OTHER ASSETS 576,137 518,317
------- -------
$175,970,505 $157,215,759
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $5,293,798 $5,320,763
Accrued other liabilities 19,502,196 22,436,430
Current portion - capital leases and
notes payable 493,210 4,774,249
------- ---------
TOTAL CURRENT LIABILITIES 25,289,204 32,531,442
---------- ----------
LONG-TERM LIABILITIES:
Revolving credit facility - 23,998,428
Capital lease obligations - 111,002
Notes payable 4,300,000 3,100,000
Deferred tax liabilities 3,218,179 1,215,816
Other liabilities 1,149,412 1,476,843
--------- ---------
TOTAL LONG-TERM LIABILITIES 8,667,591 29,902,089
--------- ----------
TOTAL LIABILITIES 33,956,795 62,433,531
---------- ----------
STOCKHOLDERS' EQUITY:
Preferred stock, par value $0.05;
authorized 2,000,000 shares;
none issued or outstanding - -
Common stock, par value $0.10;
authorized 25,000,000;
9,146,295 and 8,136,723
issued and outstanding 914,630 813,672
Additional paid-in capital 94,310,539 64,935,673
Retained earnings 46,788,541 29,032,883
---------- ----------
TOTAL STOCKHOLDERS' EQUITY 142,013,710 94,782,228
----------- ----------
$175,970,505 $157,215,759
============ ============
ALMOST FAMILY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine months ended September 30,
2009 2008
---- ----
Cash flows from operating activities:
Net income $17,755,657 $11,096,767
Loss from discontinued operations (106,999) (119,165)
-------- --------
Income from continuing operations 17,862,656 11,215,932
Adjustments to reconcile income from
continuing operations to net cash provided
by operating activities:
Depreciation and amortization 1,752,952 1,151,087
Provision for uncollectible accounts 3,164,030 2,375,792
Stock-based compensation 1,218,909 527,462
Deferred income taxes (657,704) (1,152,716)
-------- ----------
23,340,843 14,117,557
Change in certain net assets, net of the
effects of acquisitions:
(Increase) decrease in:
Accounts receivable (6,642,774) (11,716,548)
Prepaid expenses and other current assets 183,190 (789,821)
Other assets (57,821) (26,455)
Increase (decrease) in:
Accounts payable and accrued expenses (22,981) 2,154,591
------- ---------
Net cash provided by operating activities 16,800,457 3,739,324
---------- ---------
Cash flows from investing activities:
Capital expenditures (1,382,133) (621,360)
Acquisitions, net of cash acquired (6,406,358) (58,593,323)
---------- -----------
Net cash used in investing activities (7,788,491) (59,214,683)
---------- -----------
Cash flows from financing activities:
Net revolving credit facility
(repayments) borrowings (23,998,428) 14,096,873
Proceeds from stock option exercises 78,110 54,876
Tax benefit from non-qualified stock
option exercises 211,417 84,448
Proceeds from stock offering, net 27,967,387 41,820,562
Principal payments on capital leases and
notes payable (4,392,041) (200,086)
---------- --------
Net cash (used in) provided by financing
activities (133,555) 55,856,673
-------- ----------
Cash flows from discontinued operations:
Operating activities (106,999) (119,165)
Investing activities - -
Financing activities - -
-------- --------
Net cash used in discontinued operations (106,999) (119,165)
-------- --------
Net increase in cash and cash equivalents 8,771,412 262,149
Cash and cash equivalents at beginning of
period 1,301,178 473,222
--------- -------
Cash and cash equivalents at end of
period $10,072,590 $735,371
=========== ========
Summary of non-cash investing and
financing activities:
Acquisitions funded by notes payable $1,200,000 $3,000,000
Acquisitions funded by stock $- $1,000,000
ALMOST FAMILY, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
Three months ended September 30,
---------------------------------------------------------
2009 2008 Change
----------------- ---------------- ----------------
Amount % Rev Amount % Rev Amount %
-------- ----- -------- ----- -------- -----
Net service
revenues:
Visiting
Nurse $65,738,993 86.2% $48,621,039 83.2% $17,117,954 35.2%
Personal
Care 10,555,382 13.8% 9,816,326 16.8% 739,056 7.5%
---------- --------- -------
76,294,375 100.0% $58,437,365 100.0% 17,857,010 30.6%
---------- ----------- ----------
Operating
income:
Visiting
Nurse 13,418,391 20.4% $10,000,146 20.6% 3,418,245 34.2%
Personal
Care 1,263,325 12.0% 901,983 9.2% 361,342 40.1%
--------- ------- -------
14,681,716 19.2% 10,902,129 18.7% 3,779,587 34.7%
Corporate
expenses 4,344,538 5.7% 3,033,778 5.2% 1,310,759 43.2%
--------- --------- ---------
Operating
income 10,337,178 13.5% 7,868,351 13.5% 2,468,828 31.4%
Interest
expense, net (156,326) 0.2% (355,077) 0.6% (198,751) -56.0%
Income tax
expense (3,985,767) 5.2% (2,729,479) 4.7% 1,256,288 46.0%
---------- ---------- ---------
Net income
from
continuing
operations $6,195,086 8.1% $4,783,795 8.2% $1,411,290 29.5%
========== ========== ==========
EBITDA from
continuing
operations $11,385,337 14.9% $8,571,218 14.7% $2,814,119 32.8%
ALMOST FAMILY, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
Nine months ended September 30,
--------------------------------------------------------
2009 2008 Change
----------------- ---------------- ---------------
Amount % Rev Amount % Rev Amount %
-------- ----- -------- ----- -------- -----
Net service
revenues:
Visiting
Nurse $188,443,726 85.7% $117,317,207 80.6% $71,126,519 60.6%
Personal
Care 31,384,881 14.3% 28,304,740 19.4% 3,080,141 10.9%
---------- ---------- ---------
219,828,607 100.0% $145,621,947 100.0% 74,206,660 51.0%
----------- ------------ ----------
Operating
income:
Visiting
Nurse 38,902,918 20.6% $24,037,766 20.5% 14,865,152 61.8%
Personal
Care 3,597,234 11.5% 2,425,635 8.6% 1,171,599 48.3%
--------- --------- ---------
Operating
income
before
unallocated
corporate
expenses 42,500,152 19.3% 26,463,401 18.2% 16,036,751 60.6%
Corporate
expenses 12,476,189 5.7% 7,517,365 5.2% 4,958,824 66.0%
---------- --------- ---------
Operating
income 30,023,962 13.7% 18,946,036 13.0% 11,077,927 58.5%
Interest
expense,
net (673,186) 0.3% (733,833) 0.5% (60,647) -8.3%
Income
taxes (11,488,120) 5.2% (6,996,271) 4.8% 4,491,849 64.2%
----------- ---------- ---------
Net income
from
continuing
operations $17,862,656 8.1% $11,215,932 7.7% $6,646,725 59.3%
=========== =========== ==========
EBITDA
from
continuing
operations $32,995,823 15.0% $20,624,585 14.2% $12,371,238 60.0%
ALMOST FAMILY, INC. AND SUBSIDIARIES
VISITING NURSE SEGMENT OPERATING METRICS
Three months ended September 30,
-----------------------------------------
2009 2008 Change
Amount Amount Amount %
-------- -------- -------- -----
Average number of locations 82 64 18 28.1%
All payors:
Admissions 12,878 10,339 2,539 24.6%
Billable visits 416,328 309,183 107,145 34.7%
Medicare statistics:
Revenue $59,380,507 $43,374,706 $16,005,801 36.9%
Percentage of total
revenues 90.3% 89.2%
Billable visits 360,681 261,426 99,255 38.0%
Admissions 11,616 9,479 2,137 22.5%
Episodes started 19,479 14,562 4,917 33.8%
Revenue per completed
episode $3,002 $2,926 $76 2.6%
Visits per episode 17.8 17.4 0.4 2.4%
ALMOST FAMILY, INC. AND SUBSIDIARIES
PERSONAL CARE SEGMENT OPERATING METRICS
Three months ended September 30,
--------------------------------
2009 2008 Change
Amount Amount Amount %
-------- -------- -------- -----
Average number of locations 23 22 1 4.5%
Admissions 804 861 (57) -6.6%
Patient days of care 152,272 137,878 14,394 10.4%
Billable hours 590,662 544,512 46,150 8.5%
Revenue per billable hours $17.87 $18.03 $(0.16) -0.9%
ALMOST FAMILY, INC. AND SUBSIDIARIES
VISITING NURSE SEGMENT OPERATING METRICS
Nine months ended September 30,
-------------------------------------------
2009 2008 Change
Amount Amount Amount %
-------- -------- -------- -----
Average number of
locations 78 58 20 34.5%
All payors:
Admissions 38,532 28,149 10,383 36.9%
Billable visits 1,194,139 737,318 456,821 62.0%
Medicare statistics:
Revenue $169,098,518 $107,772,323 $61,326,195 56.9%
Percentage of
total revenues 89.7% 91.9%
Billable visits 1,025,210 654,542 370,668 56.6%
Admissions 34,968 25,702 9,266 36.0%
Episodes started 56,703 37,401 19,302 51.6%
Revenue per completed
episode $2,943 $2,832 $111 3.9%
Visits per episode 17.5 17.2 0.3 1.9%
ALMOST FAMILY, INC. AND SUBSIDIARIES
PERSONAL CARE SEGMENT OPERATING METRICS
Nine months ended September 30,
-------------------------------
2009 2008 Change
Amount Amount Amount %
-------- -------- -------- -----
Average number of locations 22 22 - -
Admissions 2,445 2,586 (141) -5.5%
Patient days of care 448,331 401,539 46,792 11.7%
Billable hours 1,756,498 1,563,377 193,121 12.4%
Revenue per billable hours $17.87 $18.10 $(0.23) -1.3%
Non-GAAP Financial Measure
The information provided in the tables in this release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. In accordance with SEC rules, the Company has provided, in the supplemental information and the footnotes to the tables, a reconciliation of those measures to the most directly comparable GAAP measures.
EBITDA:
EBITDA is defined as income before depreciation and amortization, net interest expense and income taxes. EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States of America. It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles. The items excluded from EBITDA are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates EBITDA and believes that it is useful to investors because it is commonly used as an analytical indicator within our industry to evaluate performance, measure leverage capacity and debt service ability, and to estimate current or prospective enterprise value. EBITDA is also used in certain covenants contained in our credit agreement.
The following tables set forth a reconciliation of Continuing Operations Net Income to EBITDA:
ALMOST FAMILY, INC. AND SUBSIDIARIES
RECONCILIATION OF EBITDA
Three months ended
September 30,
-------------------
2009 2008
---- ----
Net income from continuing operations $6,195,086 $4,783,795
Add back:
Interest expense 156,326 355,077
Income tax expense 3,985,767 2,729,479
Depreciation and amortization 600,936 508,737
Amortization of stock-based compensation 447,222 194,130
------- -------
Earnings before interest, income taxes,
depreciation and amortization (EBITDA)
from continuing operations $11,385,337 $8,571,218
=========== ==========
ALMOST FAMILY, INC. AND SUBSIDIARIES
RECONCILIATION OF EBITDA
Nine months ended
September 30,
------------------
2009 2008
---- ----
Net income from continuing operations $17,862,656 $11,215,932
Add back:
Interest expense 673,186 733,833
Income tax expense 11,488,120 6,996,271
Depreciation and amortization 1,752,952 1,151,087
Amortization of stock-based compensation 1,218,909 527,462
--------- -------
Earnings before interest, income taxes,
depreciation and amortization (EBITDA)
from continuing operations $32,995,823 $20,624,585
=========== ===========
About Almost Family
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing services, with branch locations in Florida, Kentucky, Connecticut, New Jersey, Ohio, Massachusetts, Alabama, Missouri, Illinois, Pennsylvania, and Indiana (in order of revenue significance). Almost Family, Inc. and its subsidiaries operate a Medicare-certified visiting nurse segment and a personal care segment. Altogether, Almost Family operates over 100 branch locations in 11 U.S. states.
Forward Looking Statements
All statements, other than statements of historical facts, included in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "project," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. These forward-looking statements are based on the Company's current plans, expectations and projections about future events.
Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties which could cause actual results to differ materially include: regulatory approvals or third party consents may not be obtained, the impact of further changes in healthcare reimbursement systems, including the ultimate outcome of potential changes to Medicare reimbursement for home health services and to Medicaid reimbursement due to state budget shortfalls; the ability of the Company to maintain its level of operating performance and achieve its cost control objectives; changes in our relationships with referral sources; the ability of the Company to integrate acquired operations; government regulation; health care reform; pricing pressures from Medicare, Medicaid and other third-party payers; changes in, or failure to comply with, laws and interpretations of laws relating to the healthcare industry; and the Company's self-insurance risks. For a more complete discussion regarding these and other factors which could affect the Company's financial performance, refer to the Company's various filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended December 31, 2008, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors." The Company undertakes no obligation to update or revise its forward-looking statements.
SOURCE Almost Family, Inc.
http://www.almostfamily.com
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