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Almost Family Reports First Quarter 2009 Results
Date:5/6/2009

First Quarter Highlights:

- Net service revenues increased 77% to $69.2 million

- Visiting Nurse (VN) segment net revenues rose 97% to $58.7 million

- Net income increased 118% to $5.6 million

- Diluted EPS increased 55% to $0.68 per share on 45% more shares outstanding

LOUISVILLE, Ky., May 6 /PRNewswire-FirstCall/ -- Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing services, announced today its financial results for the three months ended March 31, 2009.

William Yarmuth, Chief Executive Officer, commented, "We're very pleased to kick 2009 off with such a great start. The strength of our strategic plan continues to be evident in our performance. Our investment in our Senior Advocacy mission which includes improved clinical programs and a commitment to credentialing our care giving staff combined with our investment in the expansion of our marketing staff and efforts have led us to another quarter of double-digit organic admissions growth. We plan to continue our efforts to build on these great results over the balance of the year."

First Quarter Financial Results

Almost Family reported first quarter 2009 net service revenues of $69.2 million, a 77% increase from $39.0 million in the first quarter of 2008. Net income for the first quarter of 2009 increased to 8.1% of net service revenues versus 6.6% for the first quarter of 2008.

Net income for the first quarter of 2009 was $5.6 million, or $0.68 per diluted share, compared to $2.5 million, or $0.44 per diluted share, in the first quarter of 2008. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 45% between periods.

First Quarter Segment Results

Net revenues in the Visiting Nurse segment for the first quarter of 2009 were $58.7 million, a 97% increase from $29.8 million in the first quarter of 2008. The total revenue growth of $28.9 million came from a 41% organic growth rate plus $16.9 million from acquired operations. Operating income before corporate expense in the VN segment for the first quarter 2009 was $12.1 million, a 123% increase from $5.5 million in the first quarter of 2008.

Net revenues in the Personal Care (PC) segment for the first quarter of 2009 were $10.4 million, a 14% increase from $9.2 million in the first quarter of 2008. Operating income before unallocated corporate expense in the PC segment for the first quarter of 2009 was $1.1 million, a 51% increase from $742,000 in the first quarter of 2008.

Conference Call

A conference call to review the results will begin at 11:00 a.m. ET on May 6, 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 May 6, 2009 at 2:00 p.m. ET and ending on May 20, 2009. The replay telephone number is 1-877-660-6853 (USA) or 1-201-612-7415 (International). Account Number: 3055 and Passcode: 321923.

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 May 6, 2009 at approximately 2:00 p.m. ET and will remain available until June 6, 2009.



                       ALMOST FAMILY, INC. AND SUBSIDIARIES
                         CONSOLIDATED STATEMENTS OF INCOME
                                    (UNAUDITED)
                                                         Three months ended
                                                             March 31,
                                                     ------------------------
                                                         2009         2008
                                                     ------------------------
     Net service revenues                            $69,195,174  $39,026,953
     Cost of service revenue                          32,387,080   18,622,074
                                                      ----------   ----------
     Gross margin                                     36,808,094   20,404,879
                                                      ----------   ----------
     General and administrative expenses:
       Salaries and benefits                          19,048,360   10,552,408
       Other                                           8,175,033    5,403,525
                                                       ---------    ---------
     Total general and administrative expenses        27,223,393   15,955,933
                                                      ----------   ----------
     Operating income                                  9,584,701    4,448,946
     Interest expense, net                              (312,962)    (208,001)
                                                        --------     --------
     Income from continuing operations before income
      taxes                                            9,271,739    4,240,945
     Income tax expense                               (3,668,129)  (1,666,335)
                                                      ----------   ----------
     Net income from continuing operations             5,603,610    2,574,610
     Discontinued operations, net of tax benefits of
      $5,624 and $28,283                                  (8,686)     (43,684)
                                                          ------      -------
     Net income                                       $5,594,924   $2,530,926
                                                      ==========   ==========


     Per share amounts-basic:
       Average shares outstanding                      8,151,826    5,541,599
       Income from continued operations                    $0.69        $0.46
       Loss from discontinued operations                       -        (0.01)
                                                           -----        -----
     Net income                                            $0.69        $0.45
                                                           =====        =====

     Per share amounts-diluted:
       Average shares outstanding                      8,281,128    5,699,506
       Income from continued operations                    $0.68        $0.45
       Loss from discontinued operations                       -        (0.01)
                                                           -----        -----
     Net income                                            $0.68        $0.44
                                                           =====        =====



                     ALMOST FAMILY, INC. AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                                 (UNAUDITED)

                                                   March 31,
                                                     2009    December 31,
     ASSETS                                      (UNAUDITED)     2008
                                                 ----------- ------------
     CURRENT ASSETS:
     Cash and cash equivalents                      $144,785   $1,301,178
     Accounts receivable - net                    36,388,460   34,760,021
     Prepaid expenses and other current assets     2,381,416    3,113,737
     Deferred tax assets                           4,906,374    4,437,979
                                                   ---------    ---------
     TOTAL CURRENT ASSETS                         43,821,035   43,612,915

     PROPERTY AND EQUIPMENT - NET                  3,948,016    4,199,067

     GOODWILL                                     92,202,370   92,170,091

     OTHER INTANGIBLE ASSETS                      16,634,634   16,715,369

     DEFERRED TAX ASSETS                           3,359,940    3,576,275

     OTHER ASSETS                                    534,231      518,317
                                                     -------      -------
                                                $160,500,226 $160,792,034
                                                ============ ============

     LIABILITIES AND STOCKHOLDERS' EQUITY
     CURRENT LIABILITIES:
     Accounts payable                             $3,663,851   $5,320,763
     Accrued other liabilities                    19,452,449   22,436,430
      Current portion - capital
       leases and notes payable                    4,710,876    4,774,249
     Current deferred tax liabilities              5,339,989    4,792,091
                                                   ---------    ---------
     TOTAL CURRENT LIABILITIES                    33,167,165   37,323,533
                                                  ----------   ----------

     LONG-TERM LIABILITIES:
     Revolving credit facility                    21,950,927   23,998,428
     Capital lease obligations                             -      111,002
     Notes payable                                 3,100,000    3,100,000
     Other liabilities                             1,334,776    1,476,843
                                                   ---------    ---------
     TOTAL LONG-TERM LIABILITIES                  26,385,703   28,686,273
                                                  ----------   ----------
     TOTAL LIABILITIES                            59,552,868   66,009,806
                                                  ----------   ----------

     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 shares;
       8,175,473 and 8,136,723
       issued and outstanding                        817,547      813,672
     Additional paid-in capital                   65,502,004   64,935,673
     Retained earnings                            34,627,807   29,032,883
                                                  ----------   ----------
     TOTAL STOCKHOLDERS' EQUITY                  100,947,358   94,782,228
                                                 -----------   ----------
                                                $160,500,226 $160,792,034
                                                ============ ============



                   ALMOST FAMILY, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (UNAUDITED)

                                              Three months ended March 31,
                                              ----------------------------
                                                    2009         2008
                                              ----------------------------
     Cash flows from operating activities:
       Net income                             $5,594,924   $2,530,926
         Loss from discontinued operations        (8,686)     (43,684)
                                                  ------      -------
     Income from continuing operations         5,603,610    2,574,610
      Adjustments to reconcile income from
        continuing operations to net cash
        provided by operating activities:
     Depreciation and amortization               528,378      305,882
     Provision for uncollectible accounts        742,778      675,964
     Stock-based compensation                    329,326      126,042
     Deferred income taxes                       295,838      364,000
                                                 -------      -------
                                               7,499,930    4,046,498
      Change in certain net current
        assets, net of the effects of
        acquisitions:
       (Increase) decrease in:
       Accounts receivable                    (2,371,217)  (5,813,894)
       Prepaid expenses and other
        current assets                           732,322      167,536
       Other assets                              (15,914)        (615)
     Decrease in:
       Accounts payable and accrued expenses  (1,957,959)  (1,852,734)
                                              ----------   ----------
      Net cash provided by (used in)
       operating activities                    3,887,162   (3,453,209)
                                               ---------   ----------

     Cash flows from investing activities:
       Capital expenditures                     (201,592)     (91,267)
       Acquisitions, net of cash acquired     (2,852,279) (14,380,170)
                                              ----------  -----------
     Net cash used in investing activities    (3,053,871) (14,471,437)
                                              ----------  -----------

     Cash flows from financing activities:
          Net revolving credit
           facility repayments                (2,047,502)  17,827,817
        Proceeds from stock option
         exercises                                35,600            -
         Tax benefit from non-
          qualified stock option
          exercises                              205,279            -
         Principal payments on capital
          leases and notes payable              (174,375)     (27,600)
                                                --------      -------
      Net cash provided by (used in)
       financing activities                   (1,980,998)  17,800,217
                                              ----------   ----------

      Cash flows from discontinued
        Operations:
       Operating activities                       (8,686)     (43,684)
       Investing activities                            -            -
       Financing activities                            -            -
                                                  ------      -------
      Net cash used in discontinued
      operations                                  (8,686)     (43,684)
                                                  ------      -------

      Net decrease in cash and cash
       equivalents                            (1,156,393)    (168,113)
      Cash and cash equivalents at
       beginning of period                     1,301,178      473,222
                                               ---------      -------
      Cash and cash equivalents at end
       of period                                $144,785     $305,109
                                                ========     ========

      Summary of non-cash
       investing and financing
       activities:
        Acquisitions funded by
         notes payable                                $-   $3,000,000
       Acquisitions funded by stock                   $-   $1,000,000



                       ALMOST FAMILY, INC. AND SUBSIDIARIES
                               RESULTS OF OPERATIONS

                                    Three months ended March 31,
                                   ------------------------------
                          2009      %        2008      %       Change
                        -----------------------------------------------------
                         Amount    Rev      Amount    Rev      Amount       %
                        -----------------------------------------------------
      Net service
       revenues
          Visiting
           Nurse      $58,747,796  84.9% $29,838,258  76.5% $28,909,538  96.9%
          Personal
           Care        10,447,378  15.1%   9,188,695  23.5%   1,258,683  13.7%
                       ----------          ---------          ---------
                       69,195,174 100.0%  39,026,953 100.0%  30,168,221  77.3%
                       ----------         ----------         ----------
      Operating income
          Visiting
           Nurse       12,152,032  20.7%   5,454,669  18.3%   6,697,363 122.8%
          Personal
           Care         1,120,298  10.7%     741,494   8.1%     378,804  51.1%
                        ---------            -------            -------
      Operating income
       before
       unallocated
       corporate
       expenses        13,272,330  19.2%   6,196,163  15.9%   7,076,167 114.2%
      Corporate
       expenses         3,687,629   5.3%   1,747,217   4.5%   1,940,412 111.1%
                        ---------          ---------          ---------
      Operating
       income           9,584,701  13.9%   4,448,946  11.4%   5,135,755 115.4%
      Interest
       expense, net       312,962   0.5%     208,001   0.5%     104,961  50.5%
      Income taxes      3,668,129   5.3%   1,666,335   4.3%   2,001,794 120.1%
                        ---------          ---------          ---------
      Net income
       from continuing
       operations      $5,603,610   8.1%  $2,574,610   6.6%  $3,029,000 117.6%
                       ==========         ==========         ==========

      EBITDA from
       continuing
       operations     $10,442,405  15.1%  $4,880,870  12.5%  $5,561,536 113.9%



                       ALMOST FAMILY, INC. AND SUBSIDIARIES
                     VISITING NURSE SEGMENT OPERATING METRICS

                                          Three months ended March 31,
                                     ----------------------------------------
                                       2009         2008        Change
                                      Amount       Amount       Amount      %
                                     ----------------------------------------

     Average number of locations            74           55           19 35.0%

     All payors:
     Admissions                         12,718        8,410        4,308 51.2%
     Billable Visits                   371,451      187,340      184,111 98.3%

     Medicare Statistics:
     Revenue                       $52,197,746  $27,969,326  $24,228,419 86.6%
       Percentage of total
        revenues                          88.9%        93.7%
       Billable Visits                 314,737      170,405      144,332 84.7%
       Admissions                       11,535        7,585        3,950 52.1%
       Episodes started                 18,103       10,354        7,750 74.8%

       Revenue per completed
        episode                         $3,173       $3,116          $57  1.8%
       Visits per episode                 17.3         17.0          0.3  2.1%



                  ALMOST FAMILY, INC. AND SUBSIDIARIES
                PERSONAL CARE SEGMENT OPERATING METRICS

                                            Three months ended March 31,
                                     ----------------------------------------
                                         2009       2008      Change
                                        Amount     Amount     Amount     %
                                     ----------------------------------------
     Average number of locations            23         23        -       -

     Admissions                            909        880       29     3.3%
     Patient Days of Care              165,150    133,342   31,808    23.9%
     Billable Hours                    595,821    516,288   79,533    15.4%

     Revenue per billable hours         $17.53     $17.80   $(0.26)   -1.5%


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
     RECONCILIATION OF EBITDA:                           March 31,
                                              ----------------------------
                                                     2009       2008
                                              ----------------------------
     Net income from continuing operations        $5,603,610 $2,574,610
     Add back:
       Interest expense                              312,962    208,001
       Income taxes                                3,668,129  1,666,335
       Depreciation and amortization                 528,378    305,882
       Amortization of stock-based compensation      329,326    126,042
                                                     -------    -------
     Earnings before interest, income taxes,
      depreciation and amortization (EBITDA)
      from continuing operations                 $10,442,405 $4,880,870
                                                 =========== ==========


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 segment and a personal care segment. Altogether, Almost Family operates over 90 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 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.

    Almost Family, Inc.
    Steve Guenthner
    (502) 891-1000


    The Ruth Group
    Investor Relations
    Nick Laudico/Zack Kubow
    (646) 536-7030/7020
    nlaudico@theruthgroup.com
    zkubow@theruthgroup.com


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SOURCE Almost Family, Inc.
Copyright©2009 PR Newswire.
All rights reserved


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