For Immediate Release Exhibit 99.1
AMEDISYS ANNOUNCES
THIRD QUARTER OPERATING RESULTS
NINE-MONTH EARNINGS OF $0.35 PER DILUTED SHARE FROM
CONTINUING OPERATIONS COMPARE FAVORABLY WITH PRIOR-YEAR
NET LOSS OF ($1.05) PER SHARE FROM CONTINUING OPERATIONS
BATON ROUGE, Louisiana (November 5, 2001) - Amedisys, Inc. (OTC BB: "AMED"), one
of America's leading home health nursing companies, today reported its financial
results for the third quarter and first nine months of 2001.
The Company reported net income from continuing operations of $2.0 million, or
$0.25 per diluted share, for the three months ended September 30, 2001, on
revenues of approximately $29.7 million. These results compared with revenues of
approximately $22.1 million and a net loss from continuing operations of ($1.5
million), or ($0.29) per share, in the third quarter of 2000.
For the nine months ended September 30, 2001, net income from continuing
operations totaled $2.7 million, or $0.35 per diluted share, on revenues of
approximately $79.0 million. In the corresponding period of the previous year,
the Company reported a net loss from continuing operations of ($4.2 million), or
($1.05) per share, on revenues approximating $68.8 million.
"We are very pleased to report third quarter earnings that met management's
expectations and confirm the continuing earnings turnaround at Amedisys," stated
William F. Borne, Chairman and Chief Executive Officer of the Company. "On a
year-to-date basis, we have experienced a 40% increase in patient admissions, as
compared to the prior year, resulting from the success of our marketing efforts
to expand our physician referral base and from contributions by home nursing
agencies acquired during the past year. Management continues to implement
actions that can improve the efficiency of our operations, while delivering the
highest levels of home nursing service to our patient population."
"A price increase of approximately 5.2% became effective under Medicare's
Prospective Payment System on October 1, 2001," continued Borne. "This price
increase, along with improving cost efficiencies throughout the Amedisys
organization, should allow the Company's earnings to improve further in the
fourth quarter, which ends December 31, 2001."
THE COMPANY WILL PROVIDE FURTHER INFORMATION TODAY ON THESE RESULTS DURING A
TELECONFERENCE CALL THAT IS SCHEDULED FOR 11:00 A.M. EST. TO ACCESS THIS CALL,
PLEASE DIAL 800-388-8975. A REPLAY OF THE CONFERENCE CALL WILL BE AVAILABLE
UNTIL NOVEMBER 12, 2001, BY DIALING 800-428-6051. THE ACCESS CODE IS #215516 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
(Financial Highlights Follow)
AMEDISYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(DOLLAR AMOUNTS IN 000'S, EXCEPT PER SHARE AMOUNTS)
SELECTED FINANCIAL DATA
<Table>
<Caption>
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Service revenue $ 29,672 $ 22,091 $ 79,042 $ 68,779
Cost of service revenue 13,053 10,366 34,977 32,580
---------- ---------- ---------- ----------
Gross margin 16,619 11,725 44,065 36,199
Total general and administrative expenses 14,057 12,584 39,572 38,695
---------- ---------- ---------- ----------
Operating income (loss) 2,562 (859) 4,493 (2,496)
Total other expense, net (584) (610) (1,744) (1,707)
---------- ---------- ---------- ----------
Net income (loss) before discontinued
operations 1,978 (1,469) 2,749 (4,203)
(Loss) from discontinued operations,
Net of income taxes (456) (407) (585) (2,806)
Gain on sale of discontinued operations,
Net of income taxes 1,056 1,114 1,056 3,623
---------- ---------- ---------- ----------
Total discontinued operations 600 707 471 817
Net income (loss) $ 2,578 $ (762) $ 3,220 $ (3,386)
========== ========== ========== ==========
Basic weighted average common shares
outstanding: 5,873 4,955 5,716 4,006
Basic income (loss) per common share:
Net income (loss) before discontinued
operations $ 0.34 $ (0.29) $ 0.47 $ (1.05)
(Loss) from discontinued operations,
net of income taxes (0.08) (0.08) (0.10) (0.69)
Gain on sale of discontinued operations
net of income taxes 0.18 0.22 0.19 0.90
---------- ---------- ---------- ----------
Net income (loss) per basic share $ 0.44 $ (0.15) $ 0.56 $ (0.84)
========== ========== ========== ==========
Diluted weighted average common shares
outstanding: 7,934 4,955 7,812 4,006
Diluted income (loss) per common share:
Net income (loss) before discontinued
operations $ 0.25 $ (0.29) $ 0.35 $ (1.05)
(Loss) from discontinued operations,
net of income taxes (0.06) (0.08) (0.07) (0.69)
Gain on sale of discontinued operations,
net of income taxes 0.13 0.22 0.14 0.90
---------- ---------- ---------- ----------
Net income (loss) per diluted share $ 0.32 $ (0.15) $ 0.42 $ (0.84)
========== ========== ========== ==========
</Table>