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EXHIBIT 99.1
For Immediate Release
AMEDISYS REPORTS RECORD FOURTH QUARTER AND
YEAR-END RESULTS
FOURTH QUARTER E.P.S. OF $0.59 PER SHARE FROM CONTINUING
OPERATIONS REFLECT IMPLEMENTATION OF NEW MEDICARE
PAYMENT SYSTEM
BATON ROUGE, Louisiana (March 1, 2001) - Amedisys, Inc. (OTC BB: "AMED"), one of
America's leading home health nursing companies, today reported its financial
results for the quarter and year ended December 31, 2000.
"We are very pleased to report an impressive turnaround in operating
profitability during the fourth quarter of 2000," commented William F. Borne,
Chairman and Chief Executive Officer of Amedisys, Inc. "The implementation of
Medicare's new Prospective Payment System (PPS) on October 1, 2000, combined
with management's successful efforts to position Amedisys as a cost-efficient
provider of home health nursing services, allowed the Company to reduce its net
loss from continuing operations by more than 70% for the year ended December 31,
2000."
The Company reported net income, before special items, of $3.1 million, or $0.59
per basic share (including an income tax benefit of $659,000), for the three
months ended December 31, 2000, on revenues of approximately $22.0 million.
These results compared with revenues of approximately $23.5 million and a net
loss, before special items, of ($1.1 million), or ($0.34) per share, in the
fourth quarter of 1999. The significant improvement in operating profitability
was primarily attributable to the implementation of PPS, effective October 1,
2000.
Total net income for the three months ended December 31, 2000, including an
extraordinary gain of $5.8 million (net of taxes) related to the early
extinguishment of debt and income of $816,000 from discontinued operations,
approximated $9.8 million, or $1.83 per basic share. This compares with a total
net loss of ($915,000), or ($0.29) per share, including $159,000 in net income
from discontinued operations, in the fourth quarter of 1999.
Revenues totaled approximately $90.8 million and the Company reported a net
loss, before special items, of ($1.1 million), or ($0.25) per share (including
an income tax benefit of $659,000), for the twelve months ended December 31,
2000. The Company reported a net loss, before special items, of ($4.1 million),
or ($1.32) per share (including an income tax benefit of $3.3 million), on
revenues of approximately $97.4 million, in the year ended December 31, 1999.
The reduction in net loss for the most recent year was primarily attributable to
an approximate $3.9 million improvement in profitability in the fourth quarter
of 2000 (when compared with the prior-year period) and greater operating
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efficiencies, partially offset by a reduction in the Company's income tax
benefit of $2.6 million.
Total net income for the twelve months ended December 31, 2000, including an
extraordinary gain of $5.8 million (net of taxes) and net income of $1.6 million
from discontinued operations, approximated $6.4 million, or $1.46 per basic
share. These results compared with net income of $1.3 million, or $0.42 per
basic share (including $5.4 million of net income from discontinued operations)
in 1999.
"We successfully divested two surgery centers and three infusion locations
during the year 2000, realizing significant gains in the process and furthering
our focus upon core home health nursing competencies," continued Borne. "The
retirement of the Columbia/HCA debt, as part of a refinancing late in the year,
significantly improved our balance sheet, and we believe Amedisys is
well-positioned to resume growth in revenues and reflect earnings as a leader in
the home nursing industry. America's demographic trends assure that demand for
home nursing services will expand significantly in coming years, and Amedisys
intends to pursue both internal and external growth opportunities in this
environment."
The Company will provide further information today on these results during a
teleconference call which is scheduled for 4:15 p.m. EST. To access this call,
please dial 888-222-2994. A replay of the conference call will be available
until March 8, 2001, by dialing 800-428-6051. The Access Code is #165561 for the
replay.
Amedisys, Inc., a leading multi-regional provider of home health nursing
services, is headquartered in Baton Rouge, Louisiana. Its common stock trades on
the OTC Bulletin Board under the symbol "AMED".
This press release includes statements that may constitute "forward-looking"
statements, usually containing the words "believe", "estimate", "project",
"expect" or similar expressions. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or contribute to
such differences include, but are not limited to, continued acceptance of the
Company's products and services in the marketplace, competitive factors, changes
in government reimbursement procedures, dependence upon third-party vendors, and
other risks discussed in the Company's periodic filings with the Securities and
Exchange Commission. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions or changes
after the date of this release.
Additional information on this Company can be found on the World Wide Web
http://www.amedisys.com
For further information, please contact:
John Joffrion, Senior Vice President at (225) 292-2031
or
RJ Falkner & Company, Inc., Investor Relations Counsel at
(800) 377-9893 or via e-mail at info@rjfalkner.com
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AMEDISYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLAR AMOUNTS IN 000'S, EXCEPT PER SHARE AMOUNTS)
SELECTED FINANCIAL DATA
For the three months ended For the twelve months ended
December 31, December 31,
2000 1999 2000 1999
--------- ---------- ---------- ----------
(Restated) (Restated)
Service revenue $ 21,976 $ 23,542 $ 90,755 $ 97,411
-------- -------- -------- --------
Gross margin 13,088 11,909 49,287 50,521
Total general and administrative expenses 10,556 11,906 49,251 53,146
-------- -------- -------- --------
Operating income (loss) 2,532 3 36 (2,625)
Total other income and expense (62) (1,332) (1,769) (4,719)
-------- -------- -------- --------
Net income (loss) before income taxes,
discontinued operations and extraordinary item 2,470 (1,329) (1,733) (7,344)
(Benefit) for estimated income taxes (659) (255) (659) (3,263)
-------- -------- -------- --------
Net income (loss) before discontinued operations
and extraordinary item 3,129 (1,074) (1,074) (4,081)
Discontinued operations:
Income (loss) from discontinued operations,
net of income taxes (475) 159 (3,281) (784)
Gain on sale of discontinued operations,
net of income taxes 1,291 -- 4,914 6,165
-------- -------- -------- --------
Total discontinued operations 816 159 1,633 5,381
Net income (loss) before extraordinary item 3,945 (915) 559 1,300
Extraordinary item net of income taxes of $687 5,811 -- 5,811 --
Net income (loss) $ 9,756 $ (915) $ 6,370 $ 1,300
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Weighted average common shares outstanding: 5,320 3,148 4,336 3,093
Basic income (loss) per common share:
Net income (loss) before discontinued operations $ 0.59 $ (0.34) $ (0.25) $ (1.32)
Income (loss) from discontinued operations,
net of income taxes (0.09) 0.05 (0.76) (0.25)
Gain on sale of discontinued operations,
net of income taxes 0.24 -- 1.13 1.99
Extraordinary item 1.09 -- 1.34 --
-------- -------- -------- --------
Net income (loss) $ 1.83 $ (0.29) $ 1.46 $ 0.42
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