Odyssey HealthCare Expects Second Quarter Diluted EPS Attributable to Odyssey Stockholders of $0.39 to $0.41
July 19 2010 - 3:00PM
Business Wire
Odyssey HealthCare, Inc. (NASDAQ: ODSY), one of the largest
providers of hospice care in the United States, today announced
that it expects to report fully diluted earnings per share
attributable to Odyssey stockholders of $0.39 to $0.41 for the
second quarter ended June 30, 2010. The Company expects to report
full results on July 28, 2010; however, due to its previously
announced acquisition by Gentiva Health Services, Inc. (NASDAQ:
GTIV), the Company will not be hosting a conference call in
connection with second quarter results.
The Company also announced that, during the second quarter, it
redeemed at par the remaining $13 million of auction rate
securities held by the Company.
Based in Dallas, Texas, Odyssey is one of the largest providers
of hospice care in the country in terms of both average daily
patient census and number of locations. Odyssey seeks to improve
the quality of life of terminally ill patients and their families
by providing care directed at managing pain and other discomforting
symptoms and by addressing the psychosocial and spiritual needs of
patients and their families.
Additional Information
Odyssey HealthCare, Inc. (the “Company”) filed a definitive
proxy statement with the Securities and Exchange Commission (the
“SEC”) on July 9, 2010 and intends to file other relevant materials
in connection with the acquisition in due course. The definitive
proxy statement has been sent or given to the stockholders of the
Company. Before making any voting or investment decision with
respect to the acquisition, investors and stockholders of the
Company are urged to read the proxy statement and the other
relevant materials because they contain important information about
the acquisition. The proxy statement and other relevant materials,
and any other documents filed by the Company with the SEC, may be
obtained free of charge from the Company by directing a request to
the Company’s Investor Relations Department at toll free phone
number 888-922-9711, email address InvestorRelations@odsyhealth.com
or through the Company Web site www.odsyhealth.com under “Investor
Relations — InfoRequest.”
Participants in the Solicitation
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from the
Company’s stockholders in connection with the merger. Information
about the Company’s directors and executive officers is set forth
in the Company’s proxy statement on Schedule 14A filed with the SEC
on April 5, 2010 and the Company’s Annual Report on Form 10-K filed
on March 10, 2010. Additional information regarding the interests
of participants in the solicitation of proxies in connection with
the merger is included in the Company’s proxy statement.
Forward-looking Statements
Certain statements contained in this press release are
forward-looking statements within the meaning of the federal
securities laws. Such forward-looking statements are based on
management’s current expectations and are subject to known and
unknown risks, uncertainties and assumptions which may cause the
forward-looking events and circumstances discussed in this press
release to differ materially from those anticipated or implied by
the forward-looking statements. Additional risks, uncertainties and
assumptions include, but are not limited to, general market
conditions; adverse changes in reimbursement levels under Medicare
and Medicaid programs; government and private party legal
proceedings and investigations; adverse changes in the Medicare
payment cap limits and increases in the Company’s estimated
Medicare cap contractual adjustment; declines in patient census
growth; increases in inflation including inflationary increases in
patient care costs; the Company’s ability to effectively implement
the Company’s 2010 operations and development strategies; the
Company’s dependence on patient referral sources and potential
adverse changes in patient referral practices of those referral
sources; the Company’s ability to successfully integrate and
operate acquired hospice programs; the ability to attract and
retain healthcare professionals; increases in the Company’s bad
debt expense due to various factors including an increase in the
volume of pre-payment reviews by the Company’s Medicare fiscal
intermediaries; adverse changes in the state and federal licensure
and certification laws and regulations; adverse results of
regulatory surveys; delays in licensure and/or certification; cost
of complying with the terms and conditions of the Company’s
corporate integrity agreement; adverse changes in the competitive
environment in which the Company operates; changes in state or
federal income, franchise or similar tax laws and regulations;
adverse impact of natural disasters; changes in the Company’s
estimate of additional stock-based compensation costs; and the
disclosures contained under the headings “Government Regulation and
Payment Structure” in “Item 1. Business” and “Item 1A. Risk
Factors” of the Company’s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 10, 2010, and in its
other filings with the Securities and Exchange Commission. In
addition to the risks, uncertainties and assumptions listed above,
the Company faces risks associated with the Agreement and Plan of
Merger, dated as of May 23, 2010, among the Company, Gentiva Health
Services, Inc. and GTO Acquisition Corp. (attached as Exhibit 2.1
to the Company’s Current Report on Form 8-K as filed with the
Securities and Exchange Commission on May 24, 2010). Such risks,
uncertainties and assumptions include, but are not limited to, the
ability to obtain regulatory approval for the transaction; the
expected timing of the completion of the transaction; management
plans regarding the transaction; the inability to complete the
transaction due to the failure to satisfy the conditions required
to complete the transaction; the risk that the businesses of the
Company and Gentiva will not be integrated successfully, or will
take longer than anticipated; the risk that expected cost savings
from the transaction will not be achieved or unexpected costs will
be incurred; any statements of the plan, strategies and objectives
of management for future operations; the risk that disruptions from
the transaction will harm relationships with employees, referral
sources, patients and suppliers; and the outcome of litigation and
regulatory proceedings to which we may be a party. Many of these
factors are beyond the ability of the Company to control or
predict. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements, which
reflect management’s views only as of the date hereof. The Company
undertakes no obligation to revise or update any of the
forward-looking statements or publicly announce any updates or
revisions to any of the forward-looking statements contained in
this press release and in the presentation to reflect any change in
the Company’s expectations with regard thereto or any change in
events, conditions, circumstances or assumptions underlying such
statements.
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