Exhibit 99.1
Almost Family, Inc. Steve Guenthner (502) 891-1000 | The Ruth Group Investor Relations Nick Laudico (646) 536-7030 nlaudico@theruthgroup.com |
Almost Family Reports Third Quarter 2008 Results
Recent Corporate Highlights:
| • | Net service revenues increased 84% to $58.7 million |
| • | Visiting Nurse (VN) segment net revenues rose 113% to $48.6 million |
| • | Net income increased 149% to $4.7 million |
| • | Diluted EPS increased 65% to $0.56 per diluted share on 49% more shares |
| • | Completed acquisition of Patient Care for $45.2 million |
| • | Achieved top-25 ranking on Forbes' 200 Best Small Companies List |
Louisville, KY, November 5, 2008 – Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing services, announced today its financial results for the three months and nine months ended September 30, 2008.
William B. Yarmuth, Chairman and CEO, commented, “We’re pleased to once again report record operating results validating our strategy and business plan. More than a double in VN segment revenue over the same quarter of last year and a 44% organic Medicare revenue growth rate provide strong evidence that we are on the right track and positioned well for the future. Our disciplined operating model, our thoughtful and deliberate approach to acquisitions and our commitment to our Senior Advocacy mission are all combining to generate an exceptional level of performance.”
Third Quarter Financial Results
Almost Family reported third quarter 2008 net service revenues of $58.7 million, an 84% increase from $32 million in the third quarter of 2007. Operating income for the third quarter of 2008 increased to 13% of net service revenues versus 11% for the third quarter of 2007.
Net income for the third quarter of 2008 increased almost 150% to $4.7 million, or $0.56 per diluted share, compared to $1.9 million, or $0.34 per diluted share, in the third quarter of 2007. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 49% between periods.
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
Third Quarter Segment Results
Net revenues in the Visiting Nurse segment for the third quarter of 2008 were $48.6 million, a 113% increase from $22.9 million in the third quarter of 2007. The total revenue growth of $25.7 million came from a 44% organic growth rate plus $15.7 million from acquired operations. The Patient Care acquisition completed on August 1st was in the quarter for 2 months and contributed about $7.6 million in revenue. Operating income before corporate expense in the VN segment for the third quarter 2008 was $10.0 million, a 130% increase from $4.3 million in the third quarter 2007.
Net revenues in the Personal Care (PC) segment for the third quarter of 2008 were $10.1 million, an 11% increase from $9.1 million in the third quarter of 2007. Operating income before corporate expense in the PC segment for the third quarter of 2008 was $914,000.
Nine Month Period Ended September 30, 2008
Almost Family reported net service revenues for the nine month period ended September 30, 2008 of $146.4 million, a 52% increase from $96.3 million in the same period last year. Operating income for the nine month period increased to 13% of net service revenues versus 11% for the prior year period.
Net income for the nine month period was $11.1 million, or $1.52 per diluted share, compared to $5.5 million, or $0.99 per diluted share, in the prior year period. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 30% between periods.
Nine Month Period Segment Results
Net revenues in the Visiting Nurse (VN) segment for the nine month period of 2008 were $117.3 million, a 69% increase from $69.4 million in the same period last year. The total revenue growth of $47.9 million came from a 31% organic growth rate plus $26.3 million from acquired operations. The Patient Care acquisition contributed about $7.6 million in revenue. Operating income before corporate expense in the VN segment for the nine month period was $24.0 million, an 82% increase from $13.2 million in the same period last year.
Net revenues in the Personal Care (PC) segment for the nine month period were $29.1 million, an 8% increase from $26.9 million in the same period last year. Operating income before corporate expense in the PC segment for the nine month period was $2.5 million, a 6% decrease from $2.6 million in the same period last year.
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
Recent Corporate Developments
On July 16, 2008, Almost Family established a new senior secured multi-bank credit facility that replaced its previous facility and provides for up to $75 million in borrowings with a maturity date of July 2011.
On August 1, 2008, Almost Family completed the acquisition of Patient Care for $45.2 million, subject to a working capital adjustment. The acquisition was previously under a definitive agreement signed on June 18, 2008. The acquisition added $47 million in annual revenues and eight locations in New Jersey, Connecticut, and Pennsylvania. Due to the transition, wind down costs and the timing of the close, the acquisition is not expected to contribute significantly to earnings in 2008 but is expected to be accretive to EPS in 2009.
On October 14, 2008, Almost Family announced that it had been ranked No. 24 in Forbes' 2008 listing of the 200 Best Small Companies in America, rising from its No. 77 ranking in 2007.
Today, November 5, 2008 Almost Family expects to file with the Securities and Exchange Commission a shelf registration statement on Form S-3 which, when declared effective by the SEC, will increase the amount of capital it could raise from approximately $30 million to $150 million to provide financing flexibility for development plans.
The registration statement on Form S-3 has not yet become effective. Securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This news release does not constitute an offer to sell, or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of that state.
Conference Call
A conference call to review the results will begin today at 11:00 a.m. ET and will be hosted by William B. Yarmuth, President and Chief Executive Officer, and Steve Guenthner, Senior Vice President and 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 today at 12:00 p.m. ET and ending on November 17, 2008. The replay telephone number is 1-877-660-6853 (USA) or 1-201-612-7415 (International) along with the account number 3055 and conference ID 300518.
A live webcast of the call will also be available from the Investor Relations section on the corporate web site at http://www.almostfamily.com. A webcast replay can be accessed on the corporate web site beginning November 5, 2008 at approximately 12:00 p.m. ET and will remain available until December 5, 2008.
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(UNAUDITED) |
| Three months ended September 30, |
| 2008 | | 2007 |
Net service revenues | $ 58,705,671 | | $ 31,970,989 |
Cost of service revenue | 27,129,332 | | 15,655,619 |
Gross margin | 31,576,339 | | 16,315,370 |
General and administrative expenses: | | | |
Salaries and benefits | 16,400,590 | | 8,864,823 |
Other | 7,367,422 | | 4,079,996 |
Total general and administrative expenses | 23,768,012 | | 12,944,819 |
Operating income | 7,808,327 | | 3,370,551 |
Interest expense, net | (355,077) | | (153,480) |
Income from continuing operations before income taxes | 7,453,251 | | 3,217,071 |
Income tax expense | (2,729,479) | | (1,261,360) |
Net income from continuing operations | 4,723,772 | | 1,955,711 |
Discontinued operations, net of tax of $12,759 and $10,810 | (19,015) | | (69,647) |
Net income | $ 4,704,756 | | $ 1,886,064 |
| | | |
| | | |
Per share amounts-basic: | | | |
Average shares outstanding | 8,137,326 | | 5,434,954 |
Income from continued operations | $ 0.58 | | $ 0.36 |
Loss from discontinued operations | - | | (0.01) |
Net income | $ 0.58 | | $ 0.35 |
| | | |
Per share amounts-diluted: | | | |
Average shares outstanding | 8,357,332 | | 5,614,342 |
Income from continued operations | $ 0.57 | | $ 0.35 |
Loss from discontinued operations | (0.01) | | (0.01) |
Net income | $ 0.56 | | $ 0.34 |
| | | |
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(UNAUDITED) |
| Nine months ended September 30, |
| 2008 | | 2007 |
Net service revenues | $ 146,432,996 | | $ 96,253,670 |
Cost of service revenue | 68,531,881 | | 46,634,840 |
Gross margin | 77,901,115 | | 49,618,831 |
General and administrative expenses: | | | |
Salaries and benefits | 39,941,445 | | 26,546,476 |
Other | 19,031,652 | | 12,966,063 |
Total general and administrative expenses | 58,973,097 | | 39,512,539 |
Operating income | 18,928,018 | | 10,106,292 |
Interest expense, net | (733,833) | | (650,408) |
Income from continuing operations before income taxes | 18,194,185 | | 9,455,885 |
Income tax expense | (6,996,271) | | (3,711,412) |
Net income from continuing operations | 11,197,914 | | 5,744,473 |
Discontinued operations, net of tax of $63,661 and $45,858 | (101,147) | | (210,995) |
Net income | $ 11,096,767 | | $ 5,533,478 |
| | | |
| | | |
Per share amounts-basic: | | | |
Average shares outstanding | 7,111,182 | | 5,412,407 |
Income from continued operations | $ 1.57 | | $ 1.06 |
Loss from discontinued operations | (0.01) | | (0.04) |
Net income | $ 1.56 | | $ 1.02 |
| | | |
Per share amounts-diluted: | | | |
Average shares outstanding | 7,298,718 | | 5,602,917 |
Income from continued operations | $ 1.53 | | $ 1.03 |
Loss from discontinued operations | (0.01) | | (0.04) |
Net income | $ 1.52 | | $ 0.99 |
| | | |
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
| | September 30, 2008 | | |
ASSETS | | (UNAUDITED) | | December 31, 2007 |
CURRENT ASSETS: | | | | |
Cash and cash equivalents | | $ 735,371 | | $ 473,222 |
Accounts receivable - net | | 32,488,500 | | 16,965,316 |
Prepaid expenses and other current assets | | 2,911,001 | | 1,203,454 |
Deferred tax assets | | 3,917,156 | | 1,829,895 |
TOTAL CURRENT ASSETS | | 40,052,028 | | 20,471,887 |
| | | | |
PROPERTY AND EQUIPMENT - NET | | 3,639,214 | | 1,458,844 |
| | | | |
GOODWILL | | 95,669,941 | | 42,667,244 |
| | | | |
OTHER INTANGIBLE ASSETS | | 10,020,329 | | 2,488,056 |
| | | | |
DEFERRED TAX ASSETS | | 1,799,211 | | - |
| | | | |
OTHER ASSETS | | 510,403 | | 274,359 |
TOTAL ASSETS | | $ 151,691,126 | | $ 67,360,390 |
| | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
CURRENT LIABILITIES: | | | | |
Accounts payable | | $ 4,191,074 | | $ 3,943,555 |
Accrued other liabilities | | 21,439,092 | | 10,369,346 |
Current portion - capital leases and notes payable | | 5,342,563 | | 653,891 |
TOTAL CURRENT LIABILITIES | | 30,972,729 | | 14,966,792 |
| | | | |
LONG-TERM LIABILITIES: | | | | |
Revolving credit facility | | 26,484,594 | | 12,386,783 |
Capital Lease Obligations | | 286,406 | | - |
Notes payable | | 3,000,000 | | 4,000,000 |
Long-term deferred tax liabilities | | - | | 776,672 |
Other liabilities | | 1,521,368 | | 388,230 |
TOTAL LONG-TERM LIABILITIES | | 31,292,368 | | 17,551,685 |
TOTAL LIABILITIES | | 62,265,097 | | 32,518,477 |
| | | | |
STOCKHOLDERS' EQUITY: | | | | |
Preferred stock, par value $0.05; authorized | | | | |
2,000,000 shares; none issued or outstanding | | - | | - |
Common stock, par value $0.10; authorized | | | | |
10,000,000 shares; 8,139,002 and 7,808,819 | | | | |
issued and outstanding | | 813,900 | | 780,882 |
Treasury stock, at cost, 2,276,898 shares | | - | | (8,877,641) |
Additional paid-in capital | | 64,775,360 | | 30,198,671 |
Retained earnings | | 23,836,769 | | 12,740,001 |
TOTAL STOCKHOLDERS' EQUITY | | 89,426,029 | | 34,841,913 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ 151,691,126 | | $ 67,360,390 |
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
| Nine months ended September 30, |
| 2008 | | 2007 |
Cash flows from operating activities: | | | |
Net income | $ 11,096,767 | | $ 5,533,478 |
Loss from discontinued operations | (101,147) | | (210,995) |
Income from continuing operations | 11,197,914 | | 5,744,473 |
Adjustments to reconcile income from continuing operations to | | | |
net cash provided by operating activities: | | | |
Depreciation and amortization | 1,151,895 | | 625,700 |
Provision for uncollectible accounts | 2,377,991 | | 795,593 |
Stock-based compensation | 527,462 | | 332,868 |
Deferred income taxes | (1,152,716) | | 833,316 |
| 14,102,546 | | 8,331,950 |
Change in certain net current assets, net of the effects of acquisitions: | | | |
(Increase) decrease in: | | | |
Accounts receivable | (11,622,049) | | (1,602,214) |
Prepaid expenses and other current assets | (789,821) | | (491,051) |
Other assets | (26,455) | | (34,697) |
Increase (decrease) in: | | | |
Accounts payable and accrued expenses | 2,057,893 | | 100,403 |
Net cash provided by operating activities | 3,722,114 | | 6,304,391 |
| | | |
Cash flows from investing activities: | | | |
Capital expenditures | (622,168) | | (504,451) |
Acquisitions, net of cash acquired | (58,593,323) | | (542,348) |
Net cash used in investing activities | (59,215,491) | | (1,046,799) |
| | | |
Cash flows from financing activities: | | | |
Net revolving credit facility repayments | 14,096,873 | | (4,426,462) |
Proceeds from stock option exercises | 54,876 | | 107,187 |
Purchase of common stock in connection with option exercises | - | | (3,804,883) |
Tax benefit from non-qualified stock option exercises | 84,448 | | 704,294 |
Proceeds from stock offering | 41,820,562 | | - |
Principal payments on capital leases and notes payable | (200,086) | | (1,160,623) |
Net cash provided by (used in) financing activities | 55,856,673 | | (8,580,487) |
| | | |
Cash flows from discontinued operations | | | |
Operating activities | (101,147) | | (210,995) |
Investing activities | - | | - |
Financing activities | - | | - |
Net cash used in discontinued operations | (101,147) | | (210,995) |
| | | |
Net increase (decrease) in cash and cash equivalents | 262,149 | | (3,533,890) |
Cash and cash equivalents at beginning of period | 473,222 | | 4,125,592 |
Cash and cash equivalents at end of period | $ 735,371 | | $ 591,702 |
| | | |
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 Reports Third Quarter 2008 Revenues and Earnings |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
RESULTS OF OPERATIONS |
| | | | | | | | |
| Three months ended September 30, |
| | | | | | | | |
| 2008 | | | 2007 | | | Change | |
| Amount | % Rev | | Amount | % Rev | | Amount | % |
Net revenues | | | | | | | | |
Visiting Nurse | $ 48,621,039 | 82.8% | | $ 22,879,921 | 71.6% | | $ 25,741,118 | 112.5% |
Personal Care | 10,084,632 | 17.2% | | 9,091,068 | 28.4% | | 993,564 | 10.9% |
| 58,705,671 | 100.0% | | 31,970,989 | 100.0% | | 26,734,682 | 83.6% |
Operating income | | | | | | | | |
Visiting Nurse | 9,999,970 | 20.6% | | 4,345,349 | 19.0% | | 5,654,621 | 130.1% |
Personal Care | 914,460 | 9.1% | | 911,438 | 10.0% | | 3,022 | 0.3% |
Operating income before unallocated
corporate expenses | 10,914,430 | 18.6% | | 5,256,786 | 16.4% | | 5,657,643 | 107.6% |
Corporate expenses | 3,106,103 | 5.3% | | 1,886,235 | 5.9% | | 1,219,867 | 64.7% |
Operating income | 7,808,327 | 13.3% | | 3,370,551 | 10.5% | | 4,437,776 | 131.7% |
Interest expense, net | (355,077) | 0.6% | | (153,480) | 0.5% | | 201,597 | 131.4% |
Income taxes | (2,729,479) | 4.6% | | (1,261,360) | 3.9% | | 1,468,119 | 116.4% |
Net income from continuing operations | $ 4,723,772 | 8.0% | | $ 1,955,711 | 6.1% | | $ 2,768,060 | 141.5% |
| | | | | | | | |
EBITDA from continuing operations | $ 8,512,002 | 14.5% | | $ 3,697,860 | 11.6% | | $ 4,814,141 | 130.2% |
| | | | | | | | |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
RESULTS OF OPERATIONS |
| | | | | | | | |
| Nine months ended September 30, |
| | | | | | | | |
| 2008 | | | 2007 | | | Change | |
| Amount | % Rev | | Amount | % Rev | | Amount | % |
Net revenues | | | | | | | | |
Visiting Nurse | $117,317,206 | 80.1% | | $ 69,388,234 | 72.1% | | $ 47,928,972 | 69.1% |
Personal Care | 29,115,790 | 19.9% | | 26,865,436 | 27.9% | | 2,250,354 | 8.4% |
| 146,432,996 | 100.0% | | 96,253,670 | 100.0% | | 50,179,326 | 52.1% |
Operating income | | | | | | | | |
Visiting Nurse | 24,037,766 | 20.5% | | 13,226,706 | 19.1% | | 10,811,060 | 81.7% |
Personal Care | 2,479,941 | 8.5% | | 2,625,454 | 9.8% | | (145,512) | -5.5% |
Operating income before unallocated
corporate expenses | 26,517,707 | 18.1% | | 15,852,160 | 16.5% | | 10,665,547 | 67.3% |
Corporate expenses | 7,589,689 | 5.2% | | 5,745,868 | 6.0% | | 1,843,822 | 32.1% |
Operating income | 18,928,018 | 12.9% | | 10,106,292 | 10.5% | | 8,821,726 | 87.3% |
Interest expense, net | (733,833) | 0.5% | | (650,408) | 0.7% | | 83,426 | 12.8% |
Income taxes | (6,996,271) | 4.8% | | (3,711,412) | 3.9% | | 3,284,859 | 88.5% |
Net income from continuing operations | $ 11,197,914 | 7.6% | | $ 5,744,473 | 6.0% | | $ 5,453,440 | 94.9% |
| | | | | | | | |
EBITDA from continuing operations | $ 20,607,374 | 14.1% | | $ 11,064,861 | 11.5% | | $ 9,542,513 | 86.2% |
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
VISITING NURSE SEGMENT OPERATING METRICS |
| | | | | | |
| Three months ended September 30, |
| 2008 | | 2007 | | Change | |
| Amount | | Amount | | Amount | % |
| | | | | | |
Average number of locations | 62 | | 46 | | 16 | 34.8% |
| | | | | | |
All payors: | | | | | | |
Admissions | 10,321 | | 6,951 | | 3,370 | 48.5% |
Billable Visits | 304,519 | | 145,009 | | 159,510 | 110.0% |
| | | | | | |
Medicare Statistics: | | | | | | |
Revenue | $ 43,371,820 | | $ 21,012,932 | | $ 22,358,888 | 106.4% |
Percentage of total revenues | 89.2% | | 91.8% | | | |
Billable Visits | 261,423 | | 131,710 | | 129,713 | 98.5% |
Admissions | 9,475 | | 6,161 | | 3,314 | 53.8% |
Episodes | 14,558 | | 7,972 | | 6,586 | 82.6% |
| | | | | | |
Revenue per episode | $ 2,926 | | $ 2,638 | | $ 287 | 10.9% |
Visits per episode | 17.4 | | 16.3 | | 1.1 | 7.0% |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
PERSONAL CARE SEGMENT OPERATING METRICS |
| | | | | | |
| Three months ended September 30, |
| 2008 | | 2007 | | Change | |
| Amount | | Amount | | Amount | % |
Average number of locations | 23 | | 23 | | - | - |
| | | | | | |
Admissions | 883 | | 957 | | (74) | -7.7% |
Patient Days of Care | 140,021 | | 131,035 | | 8,986 | 6.9% |
Billable Hours | 560,332 | | 508,829 | | 51,503 | 10.1% |
| | | | | | |
Revenue per billable hours | $ 18.00 | | $ 17.87 | | $ 0.13 | 0.7% |
| | | | | | |
| | | | | | |
| | | | | | |
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
VISITING NURSE SEGMENT OPERATING METRICS |
| | | | | | |
| Nine months ended September 30, |
| 2008 | | 2007 | | Change | |
| Amount | | Amount | | Amount | % |
| | | | | | |
Average number of locations | 57 | | 47 | | 10 | 21.3% |
| | | | | | |
All payors: | | | | | | |
Admissions | 28,131 | | 21,767 | | 6,364 | 29.2% |
Billable Visits | 732,654 | | 431,626 | | 301,028 | 69.7% |
| | | | | | |
Medicare Statistics: | | | | | | |
Revenue | $ 107,769,437 | | $ 64,274,490 | | $ 43,494,947 | 67.7% |
Percentage of total revenues | 91.9% | | 92.6% | | | |
Billable Visits | 654,539 | | 392,074 | | 262,465 | 66.9% |
Admissions | 25,698 | | 19,536 | | 6,162 | 31.5% |
Episodes | 37,397 | | 24,166 | | 13,231 | 54.7% |
| | | | | | |
Revenue per episode | $ 2,832 | | $ 2,613 | | $ 219 | 8.4% |
Visits per episode | 18.7 | | 17.5 | | 1.1 | 6.5% |
| | | | | | |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
PERSONAL CARE SEGMENT OPERATING METRICS |
| | | | | | |
| Nine months ended September 30, |
| 2008 | | 2007 | | Change | |
| Amount | | Amount | | Amount | % |
Average number of locations | 23 | | 23 | | - | - |
| | | | | | |
Admissions | 2,801 | | 2,775 | | 26 | 0.9% |
Patient Days of Care | 416,670 | | 392,315 | | 24,355 | 6.2% |
Billable Hours | 1,645,112 | | 1,523,883 | | 121,229 | 8.0% |
| | | | | | |
Revenue per billable hours | $ 17.70 | | $ 17.63 | | $ 0.07 | 0.4% |
| | | | | | |
| | | | | | |
| | | | | | |
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
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 |
| | | |
RECONCILIATION OF EBITDA: | Three months ended September 30, |
| 2008 | | 2007 |
Net income from continuing operations | $ 4,723,772 | | $ 1,955,711 |
Add back: | | | |
Interest expense | 355,077 | | 153,480 |
Income taxes | 2,729,479 | | 1,261,360 |
Depreciation and amortization | 509,545 | | 196,812 |
Amortization of stock-based compensation | 194,130 | | 130,497 |
Earnings before interest, income taxes, | | | |
depreciation and amortization (EBITDA) | | | |
from continuing operations | $ 8,512,002 | | $ 3,697,860 |
| | | |
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
RECONCILIATION OF EBITDA |
| | | |
RECONCILIATION OF EBITDA: | Nine months ended September 30, |
| 2008 | | 2007 |
Net income from continuing operations | $ 11,197,914 | | $ 5,744,473 |
Add back: | | | |
Interest expense | 733,833 | | 650,408 |
Income taxes | 6,996,271 | | 3,711,412 |
Depreciation and amortization | 1,151,895 | | 625,700 |
Amortization of stock-based compensation | 527,462 | | 332,868 |
Earnings before interest, income taxes, | | | |
depreciation and amortization (EBITDA) | | | |
from continuing operations | $ 20,607,374 | | $ 11,064,861 |
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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; the Company’s self-insurance risks, and significant deterioration in economic conditions and significant market volatility. For a more complete discussion regarding
Almost Family Reports Third Quarter 2008 Revenues and Earnings |
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, 2007, 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.
