Exhibit 99.1
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 |
Almost Family Reports Fourth Quarter and Full Year 2008 Results
Fourth Quarter and Full Year Highlights:
| • | Fourth quarter net service revenues increased 84% to $66.2 million; full year net service revenues increased 61% to $212.6 million |
| • | Fourth quarter Visiting Nurse (VN) segment net revenues rose 108% to $55.7 million; full year VN net revenues rose 80% to $173.0 million |
| • | Fourth quarter net income increased 151% to $5.2 million; full year net income increased 114% to $16.3 million |
| • | Fourth quarter diluted EPS increased 68% to $0.62 per share on 48% more shares outstanding; full year diluted EPS increased 59% to $2.16 per share on 35% more shares outstanding |
Louisville, KY, March 4, 2009 – Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing services, announced today its financial results for the three months and full year ended December 31, 2008.
William Yarmuth, Chief Executive Officer, commented, “By all measures, the fourth quarter of 2008 completes a milestone year for Almost Family. Our success during the quarter was highlighted by 84% total revenue growth and 47% organic growth in our VN segment. We have been extremely successful during the year rolling out our Senior Advocacy Mission to all of our existing and acquired branches. The results are a stronger patient centric organization, a broader platform from which to grow and continued strong financial performance. We are particularly pleased to have substantially completed the integration of Patient Care, the largest acquisition in our history, transitioning its home office functions and systems to our Louisville headquarters. Looking into 2009, we will continue to focus on the major drivers of our revenue growth: educating referral sources on how we can provide the best care for their patients and pursuing start-ups and acquisitions that increase our densification in our existing geographic clusters.”
Fourth Quarter Financial Results
Almost Family reported fourth quarter 2008 net service revenues of $66.2 million, an 84% increase from $35.9 million in the fourth quarter of 2007. Net income for the fourth quarter of 2008 increased to 7.9% of net service revenues versus 5.8% for the fourth quarter of 2007.
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
Net income for the fourth quarter of 2008 was $5.2 million, or $0.62 per diluted share, compared to $2.1 million, or $0.37 per diluted share, in the fourth quarter of 2007. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 48% between periods.
Fourth Quarter Segment Results
Net revenues in the Visiting Nurse segment for the fourth quarter of 2008 were $55.7 million, a 108% increase from $26.8 million in the fourth quarter of 2007. The total revenue growth of $28.9 million came from a 47% organic growth rate plus $20.1 million from acquired operations. Operating income before corporate expense in the VN segment for the fourth quarter 2008 was $12.6 million, a 145% increase from $5.2 million in the fourth quarter of 2007.
Net revenues in the Personal Care (PC) segment for the fourth quarter of 2008 were $10.5 million, a 16% increase from $9.1 million in the fourth quarter of 2007. Operating income before corporate expense in the PC segment for the fourth quarter of 2008 was $1.4 million, a 67% increase from $819,000 in the fourth quarter of 2007.
Full Year Financial Results
Almost Family reported net service revenues for the twelve month period ended December 31, 2008 of $212.6 million, a 61% increase from $132.1 million in the same period last year. Net income for the twelve month period increased to 7.7% of net service revenues versus 5.9% for the prior year period.
Net income for the twelve month period was $16.3 million, or $2.16 per diluted share, compared to $7.6 million, or $1.36 per diluted share, in the prior year period. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 35% between periods.
Full Year Segment Results
Net revenues in the Visiting Nurse segment for the twelve month period of 2008 were $173.0 million, an 80% increase from $96.2 million in the same period last year. The total revenue growth of $76.8 million came from a 36% organic growth rate plus $47.4 million from acquired operations. The twelve month results for the period ended 2008 included results from the Apex Home Healthcare acquisition completed in late March 2008, the Patient Care acquisition completed in August 2008 and the Fairfield Ohio Medical Center Home Health Agency acquisition completed in November 2008. The twelve month results from the period ended 2007 included results from the Quality of Life acquisition completed in late October of 2007. Operating income before corporate expense in the VN segment for the twelve month period was $36.6 million, a 99% increase from $18.4 million in the same period last year.
Net revenues in the Personal Care segment for the twelve month period were $39.6 million, a 10% increase from $35.9 million in the same period last year. Operating income before corporate expense in the PC segment for the twelve month period was $3.8 million, a 12% increase from $3.4 million in the same period last year.
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
Recent Corporate Developments
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.
On November 5, 2008 Almost Family filed with the Securities and Exchange Commission a shelf registration statement on Form S-3 which increased the amount of capital the Company could raise from approximately $30 million to $150 million to provide financing flexibility for development plans.
On November 14, 2008, Almost Family acquired the assets of the Medicare-certified home health agency owned by Fairfield Medical Center located near Columbus OH. The agency generated approximately $1.2 million of Medicare revenue in 2007.
On November 26, 2008, Almost Family acquired the Kentucky Certificate of Need and home health license of the Medicare-certified home health agency formerly operated by Hardin Memorial Hospital in Elizabethtown, KY. The certificate will enable Almost Family to expand its service territory into four additional counties south of the metro Louisville area.
On Friday, February 20, 2009 Almost Family was added to the S&P SmallCap 600 Index. Introduced in 1994, S&P SmallCap 600 is a U.S. benchmark index made up of the securities of 600 companies with a market capitalization of $200 million to $1 billion.
Conference Call
A conference call to review the results will begin at 11:00 a.m. ET on March 4, 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 March 4, 2009 at 2:00 p.m. ET and ending on March 18, 2009. The replay telephone number is 1-877-660-6853 (USA) or 1-201-612-7415 (International). Account Number: 3055 and Passcode: 313364.
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 March 4, 2009 at approximately 2:00 p.m. ET and will remain available until April 4, 2009.
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(UNAUDITED) |
| Three months ended December 31, |
| 2008 | | 2007 |
Net service revenues | $ 66,167,274 | | $ 35,876,385 |
Cost of service revenue | 30,427,520 | | 17,239,541 |
Gross margin | 35,739,754 | | 18,636,844 |
General and administrative expenses: | | | |
Salaries and benefits | 18,241,445 | | 9,399,181 |
Other | 8,220,775 | | 5,414,355 |
Total general and administrative expenses | 26,462,220 | | 14,813,536 |
Operating income | 9,277,534 | | 3,823,308 |
Interest expense, net | (413,584) | | (186,503) |
Income from continuing operations before income taxes | 8,863,950 | | 3,636,805 |
Income tax expense | (3,658,122) | | (1,560,737) |
Net income from continuing operations | 5,205,828 | | 2,076,068 |
Discontinued operations, net of tax benefit of $5,915 and $92,290 | (9,135) | | (5,986) |
Net income | $ 5,196,693 | | $ 2,070,082 |
| | | |
| | | |
Per share amounts-basic: | | | |
Average shares outstanding | 8,136,723 | | 5,504,484 |
Income from continued operations | $ 0.64 | | $ 0.38 |
Loss from discontinued operations | - | | - |
Net income | $ 0.64 | | $ 0.38 |
| | | |
Per share amounts-diluted: | | | |
Average shares outstanding | 8,367,865 | | 5,668,916 |
Income from continued operations | $ 0.62 | | $ 0.37 |
Loss from discontinued operations | - | | - |
Net income | $ 0.62 | | $ 0.37 |
| | | |
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(UNAUDITED) |
| Year ended December 31, |
| 2008 | | 2007 |
Net service revenues | $ 212,600,271 | | $ 132,130,056 |
Cost of service revenue | 98,959,401 | | 63,874,381 |
Gross margin | 113,640,870 | | 68,255,675 |
General and administrative expenses: | | | |
Salaries and benefits | 58,182,889 | | 35,945,657 |
Other | 27,251,997 | | 18,380,418 |
Total general and administrative expenses | 85,434,886 | | 54,326,075 |
Operating income | 28,205,984 | | 13,929,600 |
Interest expense, net | (1,147,417) | | (836,911) |
Income from continuing operations before income taxes | 27,058,567 | | 13,092,689 |
Income tax expense | (10,654,393) | | (5,272,149) |
Net income from continuing operations | 16,404,174 | | 7,820,540 |
Discontinued operations, net of tax benefit of $69,577 and $138,148 | (111,291) | | (216,981) |
Net income | $ 16,292,883 | | $ 7,603,559 |
| | | |
| | | |
Per share amounts-basic: | | | |
Average shares outstanding | 7,368,968 | | 5,435,615 |
Income from continued operations | $ 2.23 | | $ 1.44 |
Loss from discontinued operations | (0.02) | | (0.04) |
Net income | $ 2.21 | | $ 1.40 |
| | | |
Per share amounts-diluted: | | | |
Average shares outstanding | 7,572,333 | | 5,599,476 |
Income from continued operations | $ 2.17 | | $ 1.40 |
Loss from discontinued operations | (0.01) | | (0.04) |
Net income | $ 2.16 | | $ 1.36 |
| | | |
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(UNAUDITED) |
| | Year ended December 31, |
ASSETS | | 2008 | | 2007 |
CURRENT ASSETS: | | | | |
Cash and cash equivalents | | $ 1,301,178 | | $ 473,222 |
Accounts receivable - net | | 34,760,021 | | 16,965,316 |
Prepaid expenses and other current assets | | 3,113,737 | | 1,203,454 |
Deferred tax assets | | 4,437,979 | | 1,829,895 |
TOTAL CURRENT ASSETS | | 43,612,915 | | 20,471,887 |
| | | | |
PROPERTY AND EQUIPMENT - NET | | 4,199,067 | | 1,458,844 |
| | | | |
GOODWILL | | 92,170,091 | | 42,667,244 |
| | | | |
OTHER INTANGIBLE ASSETS | | 16,715,369 | | 2,488,056 |
| | | | |
DEFERRED TAX ASSETS | | 3,576,275 | | - |
| | | | |
OTHER ASSETS | | 518,317 | | 274,359 |
TOTAL ASSETS | | $ 160,792,034 | | $ 67,360,390 |
| | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
CURRENT LIABILITIES: | | | | |
Accounts payable | | $ 5,320,763 | | $ 3,943,555 |
Accrued other liabilities | | 22,436,430 | | 10,369,346 |
Current portion - capital leases and notes payable | | 4,774,249 | | 653,891 |
Current deferred tax liabilities | | 4,792,091 | | - |
TOTAL CURRENT LIABILITIES | | 37,323,533 | | 14,966,792 |
| | | | |
LONG-TERM LIABILITIES: | | | | |
Revolving credit facility | | 23,998,428 | | 12,386,783 |
Capital Lease Obligations | | 111,002 | | - |
Notes payable | | 3,100,000 | | 4,000,000 |
Long-term deferred tax liabilities | | - | | 776,672 |
Other liabilities | | 1,476,843 | | 388,230 |
TOTAL LONG-TERM LIABILITIES | | 28,686,273 | | 17,551,685 |
TOTAL LIABILITIES | | 66,009,806 | | 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 | | | | |
25,000,000 and 10,000,000 shares; 8,136,723 and 7,808,819 issued and outstanding | | 813,672 | | 780,882 |
| | | | |
Treasury stock, at cost, 2,276,898 shares | | - | | (8,877,641) |
Additional paid-in capital | | 64,935,673 | | 30,198,671 |
Retained earnings | | 29,032,883 | | 12,740,001 |
TOTAL STOCKHOLDERS' EQUITY | | 94,782,228 | | 34,841,913 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ 160,792,034 | | $ 67,360,390 |
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
| Year ended December 31, |
| 2008 | | 2007 |
Cash flows from operating activities: | | | |
Net income | $ 16,292,883 | | $ 7,603,559 |
Loss from discontinued operations | (111,291) | | (216,981) |
Income from continuing operations | 16,404,174 | | 7,820,540 |
Adjustments to reconcile income from continuing operations to | | | |
net cash provided by operating activities: | | | |
Depreciation and amortization | 1,330,185 | | 842,201 |
Provision for uncollectible accounts | 2,964,561 | | 1,546,284 |
Stock-based compensation | 687,543 | | 362,510 |
Deferred income taxes | 1,364,259 | | 911,211 |
| 22,750,722 | | 11,482,746 |
Change in certain net current assets, net of the effects of acquisitions: | | | |
(Increase) decrease in: | | | |
Accounts receivable | (14,283,621) | | (4,785,292) |
Prepaid expenses and other current assets | (992,557) | | (302,908) |
Other assets | (34,369) | | (78,804) |
Increase (decrease) in: | | | |
Accounts payable and accrued expenses | 2,145,571 | | 1,048,344 |
Net cash provided by operating activities | 9,585,746 | | 7,364,086 |
| | | |
Cash flows from investing activities: | | | |
Capital expenditures | (1,475,905) | | (590,839) |
Acquisitions, net of cash acquired | (59,797,388) | | (9,075,054) |
Net cash used in investing activities | (61,273,293) | | (9,665,893) |
| | | |
Cash flows from financing activities: | | | |
Net revolving credit facility repayments | 11,610,708 | | 3,921,785 |
Proceeds from stock option exercises | 52,797 | | 77,521 |
Purchase of common stock in connection with option exercises | - | | (3,645,776) |
Tax benefit from non-qualified stock option exercises | 86,594 | | 704,294 |
Proceeds from stock offering | 41,820,500 | | - |
Principal payments on capital leases and notes payable | (943,805) | | (2,322,612) |
Net cash provided by (used in) financing activities | 52,626,794 | | (1,264,788) |
| | | |
Cash flows from discontinued operations | | | |
Operating Activities | (111,291) | | (351,658) |
Investing Activities | - | | 265,883 |
Financing Activities | - | | - |
Net cash used in discontinued operations | (111,291) | | (85,775) |
| | | |
Net increase (decrease) in cash and cash equivalents | 827,956 | | (3,652,370) |
Cash and cash equivalents at beginning of period | 473,222 | | 4,125,592 |
Cash and cash equivalents at end of period | $ 1,301,178 | | $ 473,222 |
| | | |
Supplemental disclosures of cash flow information: | | | |
Cash payment of interest, net of amounts capitalized | $ 871,000 | | $ 915,000 |
Cash payment of taxes | $ 9,308,088 | | $ 3,176,000 |
| | | |
Summary of non-cash investing and financing activities: | | | |
Capital expenditures financed under capital leases | $ 967,023 | | $ - |
Acquisitions funded by notes payable | $ 3,100,000 | | $ - |
Acquisitions funded by stock | $ 1,000,000 | | $ 2,000,000 |
Value of stock option shares withheld in lieu of payroll taxes | $ 6,979 | | $ 3,725,533 |
| | | |
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
RESULTS OF OPERATIONS |
(UNAUDITED) |
| | | | | | | | |
| Three months ended December 31, |
| 2008 | | | 2007 | | | Change | |
| Amount | % Rev | | Amount | % Rev | | Amount | % |
Net service revenues | | | | | | | | |
Visiting Nurse | $ 55,660,271 | 84.1% | | $ 26,798,810 | 74.7% | | $ 28,861,461 | 107.7% |
Personal Care | 10,507,004 | 15.9% | | 9,077,575 | 25.3% | | 1,429,429 | 15.7% |
| 66,167,275 | 100.0% | | 35,876,385 | 100.0% | | 30,290,890 | 84.4% |
Operating income | | | | | | | | |
Visiting Nurse | 12,608,579 | 22.7% | | 5,155,714 | 19.2% | | 7,452,865 | 144.6% |
Personal Care | 1,368,406 | 13.0% | | 819,372 | 9.0% | | 549,034 | 67.0% |
Operating income before unallocated
corporate expenses | 13,976,985 | 21.1% | | 5,975,086 | 16.7% | | 8,001,899 | 133.9% |
Corporate expenses | 4,699,451 | 7.1% | | 2,151,778 | 6.0% | | 2,547,673 | 118.4% |
Operating income | 9,277,534 | 14.0% | | 3,823,308 | 10.7% | | 5,454,226 | 142.7% |
Interest expense, net | (413,584) | 0.6% | | (186,503) | 0.5% | | 227,081 | 121.8% |
Income taxes | (3,658,122) | 5.5% | | (1,560,737) | 4.4% | | 2,097,385 | 134.4% |
Net income from continuing operations | $ 5,205,828 | 7.8% | | $ 2,076,068 | 5.8% | | $ 3,129,760 | 150.8% |
| | | | | | | | |
EBITDA from continuing operations | $ 9,616,714 | 14.5% | | $ 4,069,451 | 11.3% | | $ 5,547,263 | 136.3% |
| | | | | | | | |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
RESULTS OF OPERATIONS |
| | | | | | | | |
| Year ended December 31, |
| 2008 | | | 2007 | | | Change | |
| Amount | % Rev | | Amount | % Rev | | Amount | % |
Net service revenues | | | | | | | | |
Visiting Nurse | $ 172,977,478 | 81.4% | | $ 96,187,044 | 72.8% | | $ 76,790,434 | 79.8% |
Personal Care | 39,622,793 | 18.6% | | 35,943,012 | 27.2% | | 3,679,781 | 10.2% |
| 212,600,271 | 100.0% | | 132,130,056 | 100.0% | | 80,470,215 | 60.9% |
Operating income | | | | | | | | |
Visiting Nurse | 36,644,987 | 21.2% | | 18,382,333 | 19.1% | | 18,262,654 | 99.3% |
Personal Care | 3,849,180 | 9.7% | | 3,444,913 | 9.6% | | 404,267 | 11.7% |
Operating income before unallocated
corporate expenses | 40,494,167 | 19.0% | | 21,827,246 | 16.5% | | 18,666,921 | 85.5% |
Corporate expenses | 12,288,183 | 5.8% | | 7,897,646 | 6.0% | | 4,390,537 | 55.6% |
Operating income | 28,205,984 | 13.3% | | 13,929,600 | 10.5% | | 14,276,384 | 102.5% |
Interest expense, net | (1,147,417) | 0.5% | | (836,911) | 0.6% | | 310,506 | 37.1% |
Income taxes | (10,654,393) | 5.0% | | (5,272,149) | 4.0% | | 5,382,244 | 102.1% |
Net income from continuing operations | $ 16,404,174 | 7.7% | | $ 7,820,540 | 5.9% | | $ 8,583,634 | 109.8% |
| | | | | | | | |
EBITDA from continuing operations | $ 30,223,712 | 14.2% | | $ 15,134,311 | 11.5% | | $ 15,089,401 | 99.7% |
| | | | | | | | |
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
VISITING NURSE SEGMENT OPERATING METRICS |
| | | | | | |
| Three months ended December 31, |
| 2008 | | 2007 | | Change | |
| Amount | | Amount | | Amount | % |
| | | | | | |
Average number of locations | 64 | | 46 | | 18 | 39.1% |
| | | | | | |
All payors: | | | | | | |
Admissions | 11,535 | | 7,571 | | 3,964 | 52.4% |
Billable Visits | 344,823 | | 169,287 | | 175,536 | 103.7% |
| | | | | | |
Medicare Statistics: | | | | | | |
Revenue | $ 49,104,895 | | $ 24,845,800 | | $ 24,259,095 | 97.6% |
Percentage of total revenues | 88.2% | | 92.7% | | | |
Billable Visits | 297,649 | | 153,658 | | 143,991 | 93.7% |
Admissions | 10,497 | | 6,663 | | 3,834 | 57.5% |
Episodes started | 16,290 | | 9,003 | | 7,287 | 80.9% |
| | | | | | |
Revenue per completed episode | $ 3,203 | | $ 3,011 | | $ 192 | 6.4% |
Visits per episode | 17.7 | | 16.5 | | 1.2 | 7.3% |
| | | | | | |
| | | | | | |
| | | | | | |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
PERSONAL CARE SEGMENT OPERATING METRICS |
| | | | | | |
| Three months ended December 31, |
| 2008 | | 2007 | | Change | |
| Amount | | Amount | | Amount | % |
Average number of locations | 23 | | 22 | | 1 | 4.5% |
| | | | | | |
Admissions | 870 | | 769 | | 101 | 13.1% |
Patient Days of Care | 142,011 | | 134,225 | | 7,786 | 5.8% |
Billable Hours | 580,101 | | 518,343 | | 61,758 | 11.9% |
| | | | | | |
Revenue per billable hours | $ 18.11 | | $ 17.51 | | $ 0.60 | 3.4% |
| | | | | | |
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
VISITING NURSE SEGMENT OPERATING METRICS |
| | | | | | |
| Year ended December 31, |
| 2008 | | 2007 | | Change | |
| Amount | | Amount | | Amount | % |
| | | | | | |
Average number of locations | 62 | | 47 | | 15 | 31.9% |
| | | | | | |
All payors: | | | | | | |
Admissions | 39,666 | | 29,338 | | 10,328 | 35.2% |
Billable Visits | 1,077,477 | | 600,913 | | 476,564 | 79.3% |
| | | | | | |
Medicare Statistics: | | | | | | |
Revenue | $ 156,892,495 | | $ 89,142,173 | | $ 67,750,322 | 76.0% |
Percentage of total revenues | 90.7% | | 92.7% | | | |
Billable Visits | 952,188 | | 545,732 | | 406,456 | 74.5% |
Admissions | 36,195 | | 26,199 | | 9,996 | 38.2% |
Episodes started | 53,687 | | 33,169 | | 20,518 | 61.9% |
| | | | | | |
Revenue per completed episode | $ 3,171 | | $ 2,911 | | $ 260 | 8.9% |
Visits per episode | 17.3 | | 16.0 | | 1.3 | 8.1% |
| | | | | | |
| | | | | | |
| | | | | | |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
PERSONAL CARE SEGMENT OPERATING METRICS |
| | | | | | |
| Year ended December 31, |
| 2008 | | 2007 | | Change | |
| Amount | | Amount | | Amount | % |
Average number of locations | 23 | | 22 | | 1 | 4.5 |
| | | | | | |
Admissions | 3,671 | | 3,544 | | 127 | 3.6% |
Patient Days of Care | 558,681 | | 526,540 | | 32,141 | 6.1% |
Billable Hours | 2,225,213 | | 2,042,226 | | 182,987 | 9.0% |
| | | | | | |
Revenue per billable hours | $ 17.81 | | $ 17.60 | | $ 0.21 | 1.2% |
| | | | | | |
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
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 December 31, |
| 2008 | | 2007 |
Net income from continuing operations | $ 5,205,828 | | $ 2,076,068 |
Add back: | | | |
Interest expense | 413,584 | | 186,503 |
Income taxes | 3,658,122 | | 1,560,737 |
Depreciation and amortization | 179,098 | | 216,501 |
Amortization of stock-based compensation | 160,081 | | 29,642 |
Earnings before interest, income taxes, | | | |
depreciation and amortization (EBITDA) | | | |
from continuing operations | $ 9,616,713 | | $ 4,069,451 |
| | | |
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
ALMOST FAMILY, INC. AND SUBSIDIARIES |
RECONCILIATION OF EBITDA |
| | | |
| | | |
RECONCILIATION OF EBITDA: | Year ended December 31, |
| 2008 | | 2007 |
Net income from continuing operations | $ 16,404,174 | | $ 7,820,540 |
Add back: | | | |
Interest expense | 1,147,417 | | 836,911 |
Income taxes | 10,654,393 | | 5,272,149 |
Depreciation and amortization | 1,330,185 | | 842,201 |
Amortization of stock-based compensation | 687,543 | | 362,510 |
Earnings before interest, income taxes, | | | |
depreciation and amortization (EBITDA) | | | |
from continuing operations | $ 30,223,712 | | $ 15,134,311 |
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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; 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
Almost Family Reports Fourth Quarter and Full Year 2008 Results |
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.
