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."
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.
|SOURCE Almost Family, Inc.|
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