Company to Host Conference Call Today at 10:00 am ET BATON ROUGE,
La., Aug. 1 /PRNewswire-FirstCall/ -- Amedisys, Inc. (Nasdaq: AMED;
"Amedisys" or "the Company"), one of America's leading home health
nursing companies, today reported its financial results for the
second quarter ended June 30, 2006. For the quarter ended June 30,
2006, the Company reported record quarterly net income of $9.1
million, or $0.55 per diluted share, on record quarterly net
service revenue of $132.9 million. Net service revenue increased by
66 percent when compared with the $80.1 million reported for the
comparable period in the prior year. Amedisys reported net income
of $7.9 million, or $0.50 per diluted share, for the quarter ended
June 30, 2005. The diluted weighted average number of shares
outstanding approximated 16.3 million for the quarter ended June
30, 2006 and 15.8 million for the comparable period of 2005. For
the six-month period ended June 30, 2006, the Company reported
year- to-date net income of $16.3 million, or $1.00 per diluted
share, on year-to- date net service revenue of $260.1 million. Net
service revenue increased by 73 percent when compared with the
$150.5 million reported for the comparable period in the prior
year. Amedisys reported net income of $15.0 million, or $0.95 per
diluted share, for the six-month period ended June 30, 2005. The
diluted weighted average number of shares outstanding approximated
16.3 million for the six-month period ended June 30, 2006 and 15.8
million for the comparable period of 2005. "These results represent
significant progress toward restoring our operating margins," said
William F. Borne, Chief Executive Officer of Amedisys. "We are
continuing to experience strong revenue growth from both our
organic properties and our acquisitions. We are achieving positive
momentum from changes related to the final stages of the
integration plan for our 2005 acquisitions. As a result, we are
more efficient and our metrics continue to improve." "We are
pleased with our internal growth rate of Medicare admissions of 14
percent in the second quarter," added Mr. Borne. "Also, our cash
flow continues to be very strong, and we have repaid the $10.0
million borrowed against our revolver. In addition, our accounts
receivable days sales outstanding has been reduced to 49 days as of
June 30, 2006, from 55 days at March 31, 2006." "We are reaffirming
the previously provided guidance of $2.25 to $2.35 cents per
diluted share for fiscal 2006," added Mr. Borne. "Fully diluted
shares for 2006 are expected to be approximately 16.4 million.
Also, this guidance reflects the Company's 2006 estimated income
tax rate of approximately 38.8 percent. Annual revenue is expected
to exceed $520 million." The Company will provide further
information today on these results during a teleconference call
that is scheduled for 10:00 a.m. ET today. To access this call,
please dial 888-694-4702 (domestic) or 1-973-582-2741
(international). A replay of the conference call will be available
until August 8, 2006, by dialing 877-519-4471 (domestic) or
973-341-3080 (international). The replay pin number is 7633729.
Amedisys, Inc., a leading provider of home health nursing services,
is headquartered in Baton Rouge, Louisiana. 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 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 on the World Wide Web http://www.amedisys.com/
Amedisys, Inc. Donald Loverich, Jr. Principal Financial Officer
(225) 292-2031 Noonan Russo Investor Relations Brian Ritchie (212)
845-4269 AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS As of June 30, 2006 and December 31, 2005 (Dollar amounts in
thousands, except share data) As of June 30, December 31, 2006 2005
(Unaudited) ASSETS Current assets: Cash and cash equivalents $7,957
$17,231 Patient accounts receivable, net of allowance for doubtful
accounts of $7,626 at June 30, 2006 and $12,387 at December 31,
2005 63,814 68,139 Prepaid expenses 4,286 2,693 Other current
assets 5,912 4,277 Total current assets 81,969 92,340 Property and
equipment, net 36,700 27,389 Goodwill 207,775 197,002 Intangible
assets, net of accumulated amortization of $4,169 at June 30, 2006
and $3,108 at December 31, 2005 14,199 11,447 Other assets, net
7,037 11,819 Total assets $347,680 $339,997 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $13,527
$29,922 Accrued expenses 51,672 45,165 Obligations due Medicare
7,873 10,551 Current portion of long-term obligations 11,194 10,144
Current portion of deferred income taxes 4,473 4,173 Total current
liabilities 88,739 99,955 Long-term obligations, less current
portions 39,217 43,063 Deferred income taxes 2,680 3,556 Other
long-term obligations 1,184 824 Total liabilities 131,820 147,398
Stockholders' equity: Preferred stock, $.001 par value, 5,000,000
shares authorized; none issued and outstanding --- --- Common
stock, $.001 par value, 30,000,000 shares authorized; 16,066,071
and 15,881,691 shares issued at June 30, 2006 and December 31,
2005, respectively, and 16,061,188 and 15,877,524 shares
outstanding at June 30, 2006 and December 31, 2005, respectively 16
16 Additional paid-in capital 153,007 146,684 Treasury stock at
cost, 4,883 and 4,167 shares held at June 30, 2006 and December 31,
2005, respectively (52) (25) Unearned compensation --- (628)
Retained earnings 62,889 46,552 Total stockholders' equity 215,860
192,599 Total liabilities and stockholders' equity $347,680
$339,997 AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED INCOME
STATEMENTS For the three and six-month periods ended June 30, 2006
and 2005 (Dollars amounts in thousands, except per share data)
(Unaudited) Three-month period ended Six-month period ended June
30, June 30, June 30, June 30, 2006 2005 2006 2005 Net service
revenue $132,910 $80,061 $260,097 $150,498 Cost of service,
excluding depreciation and amortization 56,664 33,044 112,434
61,505 General and administrative expenses: Salaries and benefits
34,025 18,792 66,170 36,712 Non-cash compensation 597 65 1,193 150
Other 23,458 13,916 47,041 25,042 Depreciation and amortization
2,477 1,523 4,850 2,856 Operating expense 117,221 67,340 231,688
126,265 Operating income 15,689 12,721 28,409 24,233 Other
(expense) income: Interest income 220 519 426 900 Interest expense
(1,122) (142) (2,246) (287) Miscellaneous, net 5 (12) 105 (27)
Total other (expense) income (897) 365 (1,715) 586 Income before
income taxes 14,792 13,086 26,694 24,819 Income tax expense 5,739
5,156 10,357 9,779 Net income $9,053 $7,930 $16,337 $15,040 Net
income per common share: Basic $0.57 $0.51 $1.03 $0.97 Diluted
$0.55 $0.50 $1.00 $0.95 Weighted average common shares outstanding:
Basic 15,976 15,509 15,926 15,450 Diluted 16,326 15,837 16,291
15,789 DATASOURCE: Amedisys, Inc. CONTACT: Donald Loverich, Jr.,
Principal Financial Officer of Amedisys, Inc., +1-225-292-2031, ;
or Brian Ritchie of Noonan Russo, Investor Relations,
+1-212-845-4269, Web site: http://www.amedisys.com/
Copyright
