Exhibit 99.1
Contact: Amedisys, Inc. EURO RSCG Life
Chief Financial Officer Investors/Media
Greg Browne John Capodanno
225.292.2031 212.845.4258
gbrowne@amedisys.com john.capodanno@nrp-euro.com
AMEDISYS REPORTS FIRST QUARTER
NET INCOME OF $0.12 PER SHARE
COMPANY TO HOST CONFERENCE CALL TODAY AT 10:00 AM EDT
BATON ROUGE, Louisiana (May 13, 2003) - Amedisys, Inc. (Nasdaq: "AMED" or the
"Company"), one of America's leading home health nursing companies, today
reported its financial results for the first quarter of 2003.
For the three months ended March 31, 2003, the Company recorded revenues of
$31.1 million, compared with $31.9 million in the first quarter of 2002. Pretax
income totaled $1.9 million in the most recent quarter, versus pretax income of
$2.6 million in the prior-year period.
Net income of $1.1 million, or $0.12 per diluted share, was recorded in the
first quarter of 2003, versus net income of $4.0 million or $0.52 per diluted
share, in the year-earlier quarter. The prior year included a benefit related to
the elimination of the valuation allowance for net deferred tax assets of $1.4
million, whereas for fiscal 2003, the Company recorded an income tax expense of
$0.7 million.
"We are very pleased that the operational restructuring work undertaken in
response to recent Medicare reimbursement changes has achieved our expectation
of margin improvement, and expense reduction." commented William F. Borne, Chief
Executive Officer. "Our results for the recently completed quarter were
consistent with both the earnings, and other guidance, previously communicated,
and we remain comfortable with full year estimates of between $0.50 and $0.60
cents per share,"
"Same-store Medicare patient admissions for the most recent quarter grew by 7
percent when compared with the strong first quarter of 2002, and our utilization
of nursing resources has continued the improvement seen over the previous twelve
months. These improvements, when combined with the reduction in private
insurance related revenue, and a restructuring of clinical management, have
resulted in a significant improvement in gross margin to 58.5 percent in the
first quarter, compared with 56.5 percent in the comparable period of 2002.
The two percent decrease in revenue from 2002, despite the strong admission
growth referred to above, is attributable to the Medicare reimbursement
reduction effective October 1, 2002, and in part to the additional cut effective
April 1, 2003.
"The Company reduced its debt by a net $2.1 million during the quarter ended
March 31, 2003, and ended the quarter with cash of over $8.3 million, an
increase of $3.5 million from December 31, 2002. This improvement in our cash
position as a result of both continued profitability, and improvements in
working capital, has presented the Company with significantly greater
flexibility regarding further acquisitions and balance sheet enhancements,"
concluded Mr. Borne.
The Company will provide further information today on these results during a
teleconference call that is scheduled for 10:00 a.m. EDT. To access this call,
please dial 1-888-896-0863 (domestic), or 1-973-582-2703(international) a few
minutes before 10:00 a.m. EDT. A replay of the conference call will be available
until May 23, 2003, by dialing 1-877-519-4471 (domestic), or 1-973-341-3080
(international). The Access Code is #3883267 for the replay.
Amedisys, Inc., a leading provider of home health nursing services, is
headquartered in Baton Rouge, Louisiana. The Company had approximately $129
million in revenue in 2002. Its common stock trades on the Nasdaq Stock Market
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
AMEDISYS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31, 2003 and 2002
(Unaudited, Dollar amounts in 000's, except per share data)
Three months ended
March 31, 2003 March 31, 2002
---------------- ----------------
Net service revenue $ 31,132 $ 31,850
Cost of service revenue 12,909 13,869
---------------- ----------------
Gross margin 18,223 17,981
---------------- ----------------
General and administrative expenses:
Salaries and benefits 9,861 9,431
Other 6,178 5,557
---------------- ----------------
Total general and administrative expenses 16,039 14,988
---------------- ----------------
Operating income 2,184 2,993
---------------- ----------------
Other income and expense:
Interest income 17 18
Interest expense (360) (578)
Other income, net 10 131
---------------- ----------------
Total other expense, net (333) (429)
---------------- ----------------
Income before income taxes 1,851 2,564
Income tax expense (benefit) 702 (1,438)
---------------- ----------------
Net income $ 1,149 $ 4,002
================ ================
Basic weighted average common shares outstanding 9,327,000 7,241,000
Basic net income per common share $ 0.12 $ 0.55
================ ================
Diluted weighted average common shares outstanding 9,501,000 7,768,000
Diluted net income per common share $ 0.12 $ 0.52
================ ================
The accompanying notes are an integral part of these consolidated financial
statements.
AMEDISYS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of March 31, 2003 and December 31, 2002
(Dollar amounts in 000's)
March 31, 2003 December 31, 2002
----------------- -----------------
(unaudited)
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $ 8,341 $ 4,861
Patient accounts receivable, net of allowance for doubtful accounts
of $2,309 at March 2003 and $1,865 at December 2002 10,227 13,467
Prepaid expenses 1,929 1,600
Deferred income taxes 2,080 1,803
Inventory and other current assets 1,092 857
----------------- -----------------
Total current assets 23,669 22,588
Property and equipment, net 7,815 8,257
Deferred income taxes 774 1,711
Other assets, net 25,748 25,768
----------------- -----------------
Total assets $ 58,006 $ 58,324
================= =================
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable $ 1,776 $ 2,495
Accrued expenses:
Payroll and payroll taxes 6,437 6,504
Insurance 2,112 2,171
Income taxes 458 297
Legal settlements 2,181 1,887
Other 2,435 2,439
Current portion of long-term debt 3,970 3,903
Current portion of obligations under capital leases 2,561 2,476
Current portion of Medicare liabilities 8,617 8,948
----------------- -----------------
Total current liabilities 30,547 31,120
Long-term debt 3,674 4,474
Obligations under capital leases 534 1,042
Long-term Medicare liabilities 3,328 3,898
Other long-term liabilities 826 827
----------------- -----------------
Total liabilities 38,909 41,361
STOCKHOLDERS' EQUITY:
Preferred stock (none outstanding) - -
Common stock (9,411,725 and 9,167,976 shares
issued at March 31, 2003 and December 31, 2002, respectively) 9 9
Additional paid-in capital 30,424 29,439
Treasury stock at cost (4,167 shares of common stock held at
March 31, 2003 and December 31, 2002) (25) (25)
Retained earnings (deficit) (11,311) (12,460)
----------------- -----------------
Total stockholders' equity 19,097 16,963
----------------- -----------------
Total liabilities and stockholders' equity $ 58,006 $ 58,324
================= =================
The accompanying notes are an integral part of these consolidated financial
statements.