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Gentiva Reports Third Quarter Revenue and Profit Growth
Date:10/30/2008

hlights for the nine months ended September 28, 2008 included:

-- An 11% increase in net revenues to $1.02 billion versus the prior-year period.

-- Net income of $140.6 million, or $4.80 per diluted share. Excluding the net gain from the CareCentrix transaction and special charges as described above, Gentiva's net income for the nine-month period was $32.7 million, up 30% compared with $25.2 million in the year-ago period. On a diluted earnings per share basis, adjusted net income was $1.12 compared with $0.89 in the 2007 period.

-- A 13% increase in EBITDA to $86.2 million versus $76.6 million in the prior-year period, again excluding the non-recurring net gain and certain special charges.

Gentiva ended the third quarter with cash and cash equivalents of $61.5 million and long-term debt of $261 million. During the third quarter, the Company reduced its total outstanding long-term debt by $70 million.

Full-Year 2008 and Preliminary 2009 Outlook

Gentiva adjusted its revenue outlook and raised its earnings outlook for the 2008 fiscal year to reflect the performance of its Home Health business year to date, as well as the sale of a majority interest in CareCentrix. Gentiva now anticipates that 2008 net revenues will range between $1.28 billion to $1.30 billion, as compared to prior guidance of $1.32 billion to $1.35 billion, and now expects its diluted earnings per share to be between $1.47 and $1.51, up from the $1.36 to $1.43 range provided earlier this year. Projected earnings exclude the net gain from the CareCentrix transaction and special charges as described above.

Gentiva also announced a preliminary outlook for 2009. Full-year net revenues are expected to be in a range of $1.12 billion to $1.17 billion, reflecting anticipated growth in the Company's businesses as compared with 2008, offset by the absence of revenues from CareCentrix. Diluted earnings per share are expected to be in a range between $1.62 and $1.7
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SOURCE Gentiva Health Services, Inc.
Copyright©2008 PR Newswire.
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