Navigation Links
Almost Family Announces Record Quarterly and Year End Results
Date:3/10/2008

FY 2007 EPS from Continuing Operations up 72% over 2006

LOUISVILLE, Ky., March 10 /PRNewswire-FirstCall/ -- Almost Family, Inc. (Nasdaq: AFAM) today announced its operating results for the quarter and year ended December 31, 2007 with record performance reported for both periods.

Fourth Quarter Financial Highlights

-- Net Income From Continuing Operations was $2,075,903 or $0.37 per

diluted share in the quarter ended December 31, 2007 as compared to

$1,412,988 or $0.26 per diluted share in the same quarter of 2006 for

diluted EPS growth of 40%.

-- Consolidated revenues increased approximately 38% over the same quarter

last year.

-- The Company's VN segment revenues grew 58% over the same quarter last

year.

-- VN markets with no acquisition activity generated 27% revenue growth,

while markets with acquisitions added $6.7 million to revenue for the

quarter. VN markets with no acquisition activity generated 32% of the

VN segment's revenue growth over the same quarter of last year.

Fiscal Year Financial 2007 Highlights

-- Net Income From Continuing Operations was $7,814,474 or $1.40 per

diluted share in 2007 as compared to $4,315,291 or $0.81 per diluted

share in 2006 for diluted EPS growth of 72%.

-- Consolidated revenues increased approximately 46% over last year

-- The Company's VN segment revenues grew 74% over last year

-- During 2007, the Company invested approximately $11 million of capital

in acquisitions of home health agencies.

-- VN markets with no acquisition activity generated 27% revenue growth,

while markets with acquisitions ns in Florida, Kentucky, Ohio, Connecticut, Massachusetts, Missouri, Alabama, Illinois and Indiana (in order of revenue significance).

Contact: William Yarmuth or Steve Guenthner (502) 891-1000.

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 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, 2006, 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.

added $30 million to revenue for the

year. VN markets with no acquisition activity generated 27% of the VN

segment's revenue growth over the prior year.

-- Days sales outstanding in accounts receivable were 44 at December 31,

2007, versus 45 at December 31, 2006

William B. Yarmuth, AFAM's Chairman and CEO commented on the results:

"We are extremely pleased to report our record operating performance for the quarter and the year ended December 2007. During the year we continued to generate strong internally generated revenue growth while also expanding our footprint with significant acquisitions. Also during the year we successfully integrated 20 branches acquired from Mederi in December 2006. Finally, during the quarter we were able to complete the acquisition of Quality of Life which, to date has met all our expectations."

Yarmuth concluded: "All of this success can be attributed to the quality of service to our patients and referral sources, which in turn can be attributed only to the quality and outstanding performance of our loyal employees and I want to take this opportunity to sincerely thank them for their fine efforts throughout 2007."

Quarterly Discussion

Net Income From Continuing Operations grew 41% to $2,075,903 or $0.37 per diluted share for the December 2007 quarter as compared to $1,412,988 or $0.26 per diluted share in the December 2006 quarter. Revenues grew 38% to $35.9 million in the December 2007 quarter from $26.0 million in the December 2006 quarter. The quarter ended December 2007 included approximately $2.3 million of revenue from the Quality of Life acquisition completed October 27, 2007.

Revenues in the Company's "Caretenders" Visiting Nurse (VN) segment grew 58% over the same period last year. Acquired operations contributed approximately $6.7 million of that revenue growth. The $3.1 million balance of the VN revenue increase came from internal growth.

Net income including discontinued operations, was $2,069,916 or $0.37 per diluted share in the quarter ended December 31, 2007 and $1,469,065 or $0.27 per diluted share in 2006.

The number of weighted average shares outstanding for purposes of calculating diluted earnings per share increased 5% between periods.

VN Revenue Comparison for the Quarter

Due to the significant impact of acquisition activities on VN revenue growth, the following tables are presented comparing revenue growth by market type for the quarters ended December 31, 2007 and 2006:

VN Revenue Comparison

by Market Type - All # of

VN Operations Mkts 2007 2006 Change Percent

Newly acquired markets 16 $7,249,942 $1,230,132 $6,019,810

Markets with in-market

acquisitions 10 4,923,509 4,247,427 676,082 15.9%

Acquisition related

markets 26 12,173,451 5,477,559 6,695,892

Markets with no

acquisition impact 25 14,658,264 11,543,384 3,114,880 27.0%

51 $26,831,715 $17,020,943 $9,810,772 57.6%

VN revenues grew approximately $9.8 million between years of which 61% came from newly acquired markets, 7% came in markets with in-market acquisitions and 32% came from markets with no acquisition impact.

Results of operations for the quarters ended December 31, 2007 and 2006 are set forth in the tables below:

December December

2007 2006

Amount % Rev Amount % Rev

Net revenues

Visiting Nurses $26,831,715 74.8% $17,020,943 65.6%

Personal Care 9,044,670 25.2% 8,932,482 34.4%

$35,876,385 100.0% $25,953,425 100.0%

Operating income

Visiting Nurses $5,406,787 20.2% $3,166,646 18.6%

Personal Care 796,822 8.8% 1,171,932 13.1%

6,203,609 17.3% 4,338,578 16.7%

Unallocated corporate expenses 2,380,466 6.6% 1,957,485 7.5%

3,823,143 10.7% 2,381,093 9.2%

Interest expense 186,503 0.5% 39,780 0.2%

Pre-tax income 3,636,640 10.1% 2,341,313 9.0%

Income taxes 1,560,737 4.4% 928,325 3.6%

Net income from continuing

operations $2,075,903 5.8% $1,412,988 5.4%

Income (loss) from discontinued

operations, net of tax (5,987) 56,077

Net income $2,069,916 $1,469,065

Diluted earnings per share

Diluted shares outstanding

(1) 5,668,916 5,388,256

Continuing operations $0.37 $0.26

Discontinued operations 0.00 0.01

$0.37 $0.27

Continuing Operations

EBITDA $4,060,494 $2,589,200

Effective tax rate 42.9% 39.6%

Change

Amount %

Net revenues

Visiting Nurses $9,810,772 57.6%

Personal Care 112,188 1.3%

$9,922,960 38.2%

Operating income

Visiting Nurses $2,240,141 70.7%

Personal Care (375,110) -32.0%

1,865,031 43.0%

Unallocated corporate expenses 422,980 21.6%

1,422,051 60.6%

Interest expense 146,723 NM

Pre-tax income 1,295,328 55.3%

Income taxes $632,413 68.1%

Net income from continuing

operations 662,915 46.9%

Income (loss) from discontinued

operations, net of tax (62,064) NM

Net income 600,851 40.9%

Diluted earnings per share

Diluted shares outstanding (1) 280,660 5.2%

Continuing operations $0.10 39.6%

Discontinued operations (0.01) NM

0.09 33.9%

Continuing Operations

EBITDA $1,471,294 56.8%

Effective tax rate 3.3%

(1) shares adjusted to give effect to 2-for-1 share split completed in

January 2007

NM=Not Meaningful

Year End Results Net Income From Continuing Operations grew 81% to $7,814,474 or $1.40 per diluted share for the year ended December 2007 as compared to $4,315,291 or $0.80 per diluted share in 2006. Revenues grew 46% to $132 million in 2007 from $91 million in 2006.

Revenues in the VN segment grew 74% over the same period last year. Acquired operations contributed approximately $29.8 million of that revenue growth. The $11.2 million balance of the VN revenue increase came from internal growth. Net income including discontinued operations, was $7,603,560 or $1.36 per diluted share in the year ended December 31, 2007 and $4,239,443 or $.80 per diluted share in 2006.

VN Revenue Comparison for the Year

Due to the significant impact of acquisition activities on VN revenue growth, the following tables are presented comparing revenue growth by market type for the years ended December 31, 2007 and 2006:

VN Revenue Comparison

by Market Type - All # of

VN Operations Mkts 2007 2006 Change Percent

Newly acquired markets 16 $24,933,372 $1,230,132 $23,703,240

Markets with in-market

acquisitions 10 17,944,250 11,830,306 6,113,944 51.7%

Acquisition related

markets 26 42,877,622 13,060,439 29,817,183

Markets with no

acquisition impact 25 53,342,327 42,129,819 11,212,508 26.6%

51 $96,219,949 $55,190,258 $41,029,691 74.3%

VN revenues grew approximately $41 million between years of which 58% came from newly acquired markets, 15% came in markets with in-market acquisitions and 27% came from markets with no acquisition impact.

Results of operations for the years ended December 31, 2007 and 2006 are set forth in the tables below:

December December

2007 2006

Amount % Rev Amount % Rev

Net revenues

Visiting Nurses $96,219,949 72.8% $55,190,258 60.9%

Personal Care 35,910,107 27.2% 35,455,236 39.1%

$132,130,056 100.0% $90,645,494 100.0%

Operating income

Visiting Nurses $19,592,144 20.4% $9,098,996 16.5%

Personal Care 3,412,008 9.5% 3,899,545 11.0%

23,004,152 17.4% 12,998,541 14.3%

Unallocated corporate expenses 9,080,618 6.9% 5,891,932 6.5%

13,923,534 10.5% 7,106,609 7.8%

Interest expense (income) 836,911 0.6% (54,440) -0.1%

Pre-tax income 13,086,623 9.9% 7,161,049 7.9%

Income taxes 5,272,149 4.0% 2,845,758 3.1%

Net income from continuing

Operations $7,814,474 5.9% 4,315,291 4.8%

Income (loss) from

discontinued operations, net

of tax (210,914) (75,848)

Net income $7,603,560 4,239,443

Diluted earnings per share

Diluted shares outstanding

(1) 5,599,476 5,326,997

Continuing operations $1.40 0.81

Discontinued operations (0.04) (0.01)

$1.36 0.80

Continuing Operations

EBITDA $15,115,933 $8,105,985

Effective tax rate 40.3% 39.7%

Change

Amount %

Net revenues

Visiting Nurses $41,029,691 74.3%

Personal Care 454,871 1.3%

41,484,562 45.8%

Operating income

Visiting Nurses $10,493,148 115.3%

Personal Care (487,537) -12.5%

10,005,611 77.0%

Unallocated corporate expenses 3,188,686 54.1%

6,816,925 95.9%

Interest expense (income) 891,351 NM

Pre-tax income 5,925,574 82.7%

Income taxes 2,426,391 85.3%

Net income from continuing

Operations $3,499,183 81.1%

Income (loss) from discontinued

operations, net of tax (135,066) NM

Net income $3,364,117 79.4%

Diluted earnings per share

Diluted shares outstanding (1) 272,479 5.1%

Continuing operations $0.59 72.3%

Discontinued operations (0.02) NM

$0.56 70.6%

Continuing Operations

EBITDA $7,009,948 86.5%

Effective tax rate 0.60%

(1) shares adjusted to give effect to 2-for-1 share split completed in

January 2007

NM = Not Meaningful

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 measurements of borrowing availability and certain covenants contained in our credit agreement.

The following table sets forth a reconciliation of Continuing Operations Net Income to EBITDA:

Quarter Ended Year Ended

December 31, December 31,

2007 2006 2007 2006

Net income from

continuing operations $2,075,903 $1,412,988 $7,814,474 $2,530,510

Add back:

Interest expense

(income) 186,503 39,780 836,911 (54,440)

Income taxes 1,560,737 928,325 5,272,149 2,845,758

Depreciation &

amortization 216,501 208,107 842,201 999,376

Amortization of

stock-based

compensation 20,850 - 350,198 -

Earnings from continuing

operations Before

Interest, Income Taxes,

Depreciation &

Amortization (EBITDA) $4,060,494 $2,589,200 $15,115,933 $8,105,985

Almost Family, Inc. TM and subsidiaries (collectively "Almost Family") is a leading regional provider of home health services. The Company has service locatio
'/>"/>

SOURCE Almost Family, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Hondros College Expands School of Nursing to Columbus and Dayton; Students Can Begin LPN Education Almost Immediately
2. UKs largest charity announces increase in funding to almost £4 billion over 5 years
3. Using the safety belt in the rear seats of the car reduces death risk by almost a half
4. Almost Half of 10-Year-Olds Have Tasted Alcohol
5. Almost Half of Doctors Have Prescribed Placebos
6. Cancer Killed Almost 8 Million Worldwide in 2007
7. Almost Family Announces Expansion of Revolving Credit Facility
8. Almost 1 in 5 Americans Going Without Health Care
9. Almost 2 Million U.S. Vets Lack Health Insurance
10. Doctors Applaud SCHIP Veto: Bill Supports Special Interests, Not Kids; Almost Half of Funds Go to Doctors & Seniors
11. Almost 90 percent of children reported experiencing sexual violence
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/28/2016)... ... 2016 , ... Amada Senior Care, premier provider of non-medical in-home care and ... San Antonio West location. Prior to entering the senior care industry, Amada franchise partner ... Amada San Antonio West will take place on Friday, April 29th. , ...
(Date:4/28/2016)... ... April 28, 2016 , ... Point Source ... microphones and headsets announced today that the US Patent Office has approved its ... a structure. This innovative design creates a lightweight and modular audio headset that ...
(Date:4/28/2016)... Tamarac, FL (PRWEB) , ... April 28, 2016 , ... ... body recovery supplement GlycoLoad at this week’s 2016 Europa Games Get Fit and ... health conscious consumers alike, the Europa Orlando Expo coming up April 29-30, was selected ...
(Date:4/28/2016)... Washington, D.C. (PRWEB) , ... April 28, 2016 , ... ... Control and Prevention (CDC) has established an ICD-10-CM code for sarcopenia, giving it recognition ... by the medical community effective October 1, 2016. , Sarcopenia is defined as a ...
(Date:4/28/2016)... ... April 28, 2016 , ... ... health insurance co-operative bankruptcy to receive their prescription medications through America’s fastest-growing ... FDA-approved prescription medications from over 180 American pharmaceutical companies for $35 per ...
Breaking Medicine News(10 mins):
(Date:4/27/2016)... , April 27, 2016  Bayer Animal ... a senior from the University of Florida College ... the Bayer Excellence in Communication Award (BECA). Brittany ... which were awarded a total of $70,000 in ... last four years, Bayer has provided a total ...
(Date:4/27/2016)... Global  urinalysis market  is ... 2022, according to a new report by Grand ... http://photos.prnewswire.com/prnh/20150105/723757 ) , Automation is ... accuracy delivered by the new generation urinalysis devices ... instruments and consumables. For instance, the automatic bench-top ...
(Date:4/26/2016)... Holdings, Inc. (NYSE: HRC ) invites you to ... st Annual Health Care Conference on Wednesday, May 4, ... to listen to the live discussion via the internet link ... http://edge.media-server.com/m/p/mr4uxgas . A recorded replay of the discussion will be ... accessible at the links above until August 1, 2016. ...
Breaking Medicine Technology: