Company Also Announces Appointment of New CFO BATON ROUGE, La.,
Feb. 20 /PRNewswire-FirstCall/ -- Amedisys, Inc. (Nasdaq: AMED;
"Amedisys" or "the Company"), one of the nation's largest providers
of home health nursing services, today reported its financial
results for the fourth quarter and year ended December 31, 2006.
For the year ended December 31, 2006, the Company reported record
net income of $38.3 million, or $1.72 per diluted share, on record
net service revenue of $541.1 million. Net income includes a charge
of $0.03 per diluted share for the write off of deferred financing
fees related to early retirement of the Company's senior credit
facility. For the same period in the previous year, Amedisys
reported net income of $30.1 million, or $1.41 per diluted share,
on net service revenue of $381.6 million. The diluted weighted
average number of shares outstanding approximated 22.3 million in
the year ended December 31, 2006 and 21.3 million in the comparable
period of 2005. For the quarter ended December 31, 2006, the
Company reported record quarterly net income of $11.4 million, or
$0.48 per diluted share, on record quarterly net service revenue of
$144.0 million. Amedisys reported net income of $7.3 million, or
$0.34 per diluted share for the quarter ended December 31, 2005 on
net service revenue of $118.9 million. The diluted weighted average
number of shares outstanding approximated 23.8 million for the
quarter ended December 31, 2006 and 21.3 million for the comparable
period of 2005. All earnings per share data have been adjusted for
Amedisys' four-for-three stock split. The Company generated $43.1
million and $43.5 million in cash flow from operations in 2006 and
2005, respectively. Included in cash flow from operations is $18.8
million in 2005 payroll taxes that were deferred and paid in 2006
rather than 2005 under the Hurricane Katrina Relief Act extended
deadlines. Had the Company paid the $18.8 million of payroll taxes
in 2005, cash flow from operations would have been $24.7 million in
2005 and $61.9 million in 2006. In the quarter ended December 31,
2006, the Company raised $118.0 million in net proceeds by selling
3.0 million shares of its common stock. In conjunction with the
offering, the Company repaid the outstanding balance of $43.1
million and terminated its senior credit facility. "We have enjoyed
yet another year of record revenues and record net income," said
William F. Borne, Chief Executive Officer of Amedisys. "Our
earnings per share have grown over 20 percent in each of the past
four years. Further, we have worked diligently to position our
balance sheet in a manner that allows us to aggressively pursue
organic growth via start-ups and potential attractive acquisition
candidates." For 2007, Amedisys expects that net revenues will be
in the range of $625 million to $650 million and diluted earnings
per share, based on the Company's estimate of 26.5 million shares
outstanding and including stock option expense, will be in the
range of $2.05 to $2.15. This guidance includes approximately 40
home health and 4 to 5 hospice start-ups but does not include any
acquisitions. Capital expenditures are expected to be about two
percent of revenue, plus approximately $6.0 million related to the
deployment of our Point of Care system. Separately, Amedisys also
announced today the resignation of its Chief Financial Officer,
John Giblin, for personal reasons. "I have enjoyed my brief time at
Amedisys and believe the Company is poised to continue its
impressive trend of growth and profitability," said Mr. Giblin. "We
wish John well and would like to thank him for his contributions to
Amedisys during his short tenure with us," said Mr. Borne.
"However, we understand that, in the best interests of his family,
it was important for him to be closer to Atlanta at this time." In
conjunction with Mr. Giblin's departure, Amedisys has appointed
Dale E. Redman, 59, the Company's interim Chief Financial Officer.
However, it is the Company's intent that Mr. Redman will be
appointed permanent Chief Financial Officer in the near future. "We
are quite fortunate to so quickly fill the CFO position with an
individual that possesses such a wealth of experience in
interacting with the capital markets and financial reporting," said
Mr. Borne. "Dale has spent nearly his entire 34 year career in
senior level finance positions, and we are pleased to have someone
of his caliber join the Amedisys management team. On behalf of the
Board of Directors and other management team members, I would like
to welcome Dale to the Amedisys family." Most recently, Mr. Redman
served as a Managing Director at Windward Capital Consulting, LLC,
where he assisted businesses with capital issues and provided
management consulting services in support of companies' growth
strategies. Prior to this, Mr. Redman served for 10 years as
Executive Vice President and Chief Financial Officer of the United
Companies Financial Corporation, which was a publicly traded home
mortgage and home equity lender based in Baton Rouge, La. In
addition, Mr. Redman is an Adjunct Instructor in Finance at
Louisiana State University, where he graduated with a Masters
Degree in Accounting. To participate in the conference call, please
dial 800-632-2975 (Domestic) or 973-935-8755 (International) a few
minutes before 10:00 a.m. ET on Tuesday, February 20, 2007. A
replay of the conference call will be available from 12:00 p.m. ET
on February 20, 2007 until 12:00 p.m. ET on February 27, 2007. The
replay dial in number is 877-519-4471 (Domestic) or 973-341-3080
(International). The replay pin number is 8425791. The call will
also be available on the Internet live and for seven days
thereafter at the following:
http://www.videonewswire.com/event.asp?id=37884 Amedisys, Inc., a
leading provider of home health nursing services, is headquartered
in Baton Rouge, Louisiana. Its common stock trades on The Nasdaq
Global Select 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 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 the
Company can be found at: http://www.amedisys.com/ Contact:
Amedisys, Inc. Larry Graham President/Chief Operating Officer (225)
292-2031 AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (Amounts in thousands, except share data) As of December 31,
2006 2005 ASSETS Current assets: Cash and cash equivalents $84,221
$17,231 Restricted cash 4,797 - Patient accounts receivable, net of
allowance for doubtful accounts of $9,870 and $12,387 at December
31, 2006 and 2005, respectively 74,929 68,139 Prepaid expenses
4,133 2,693 Other current assets 11,125 4,277 Total current assets
179,205 92,340 Property and equipment, net 52,960 27,389 Goodwill
213,032 197,002 Intangible assets, net of accumulated amortization
of $4,899 and $3,108 at December 31, 2006 and 2005, respectively
12,733 11,447 Other assets, net 5,826 11,819 Total assets $463,756
$339,997 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $14,339 $29,922 Accrued expenses 46,587 41,948
Obligations due Medicare 6,139 10,551 Current portion of long-term
obligations 3,223 10,144 Current portion of deferred income taxes
11,630 4,173 Total current liabilities 81,918 96,738 Long-term
obligations, less current portions 2,114 43,063 Deferred income
taxes 10,781 3,556 Other long-term obligations 4,936 4,041 Total
liabilities 99,749 147,398 Stockholders' equity: Preferred stock,
$.001 par value, 5,000,000 shares authorized; none issued or
outstanding - - Common stock, $.001 par value, 30,000,000 shares
authorized; 25,902,210 and 15,881,691 issued and 25,798,723 and
15,877,524 shares outstanding at December 31, 2006 and 2005,
respectively 26 16 Additional paid-in capital 279,553 146,684
Treasury stock at cost, 103,487 and 4,167 shares of common stock
held at December 31, 2006 and 2005, respectively (379) (25)
Unearned compensation - (628) Retained earnings 84,807 46,552 Total
stockholders' equity 364,007 192,599 Total liabilities and
stockholders' equity $463,756 $339,997 AMEDISYS, INC. AND
SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (Amounts in thousands,
except per share data) For the Year Ended Dec. 31, 2006 2005 2004
Net service revenue $541,148 $381,558 $227,089 Cost of service,
excluding depreciation and amortization 235,458 163,032 96,078
General and administrative expenses: Salaries and benefits 133,315
93,116 56,885 Non-cash compensation 2,560 369 31 Other 94,053
67,966 36,591 Depreciation and amortization 10,106 6,973 4,126
Operating expense 475,492 331,456 193,711 Operating income 65,656
50,102 33,378 Other income (expense): Interest income 1,197 1,464
550 Interest expense (4,907) (2,932) (510) Miscellaneous, net (49)
106 (59) Total other (expense) (3,759) (1,362) (19) Income before
income taxes 61,897 48,740 33,359 Income tax expense (23,642)
(18,638) (12,855) Net income $38,255 $30,102 $20,504 Net income per
common share (1): Basic $1.75 $1.45 $1.18 Diluted $1.72 $1.41 $1.14
Weighted average shares outstanding (1): Basic 21,809 20,808 17,409
Diluted 22,289 21,293 18,057 (1) The share and net income per share
information presented above for the years ended December 31, 2005
and 2004 have been adjusted to reflect the four-for-three stock
split effected in the form of a 33-1/3% stock dividend for holders
of record as of November 27, 2006. DATASOURCE: Amedisys, Inc.
CONTACT: Larry Graham, President, Chief Operating Officer of
Amedisys, Inc., +1-225-292-2031, Web site: http://www.amedisys.com/
http://www.videonewswire.com/event.asp?id=37884
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