-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V+GR17v071INPl9NUYEdf0lq2IckEK90wbJv9hWm9T5/otmIzXVw9MPC8H/eZBza nRLWiDmXA6+/WLjpy0ylrg== 0000950134-01-504113.txt : 20010718 0000950134-01-504113.hdr.sgml : 20010718 ACCESSION NUMBER: 0000950134-01-504113 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010717 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMEDISYS INC CENTRAL INDEX KEY: 0000896262 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOME HEALTH CARE SERVICES [8082] IRS NUMBER: 113131700 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24260 FILM NUMBER: 1682808 BUSINESS ADDRESS: STREET 1: 11100 MEAD ROAD STE 300 CITY: BATON ROUGE STATE: LA ZIP: 70816 BUSINESS PHONE: 2252922031 MAIL ADDRESS: STREET 1: 11100 MEAD ROAD STE 300 CITY: BATON ROUGE STATE: LA ZIP: 70816 FORMER COMPANY: FORMER CONFORMED NAME: ANALYTICAL NURSING MANAGEMENT CORP DATE OF NAME CHANGE: 19940819 FORMER COMPANY: FORMER CONFORMED NAME: M&N CAPITAL CORP DATE OF NAME CHANGE: 19930125 8-K 1 d89127e8-k.txt FORM 8-K 1 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K - -------------------------------------------------------------------------------- CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): July 17, 2001 AMEDISYS, INC. -------------- (Exact Name of Registrant as Specified in Charter) Delaware -------- (State or Other Jurisdiction of Incorporation or Organization) 0-24260 11-3131700 ------- ---------- (Commission File Number) (I.R.S. Employer Identification No.)
11100 Mead Road, Suite 300, Baton Rouge, LA 70816 ------------------------------------------------- (Address of principal executive offices including zip code) (225) 292-2031 -------------- (Registrant's telephone number, including area code) 2 ITEM 5. OTHER EVENTS On July 17, 2001, Amedisys, Inc., "the Company", issued a press release attached hereto as Exhibit 99.1 to quantify a net revenue overstatement previously announced. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements of Business Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibit No. Page ------- ---- 99.1 (i) Press Release dated July 17, 2001 quantifying a net revenue overstatement previously announced.......................................A-1 (i) Filed herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMEDISYS, INC. By: /s/ John M. Joffrion --------------------------------------- John M. Joffrion Senior Vice President of Finance Principal Accounting and Financial Officer DATE: July 17, 2001 3 INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION PAGE - ------- ----------- ---- 99.1(i) Press Release dated July 17, 2001 quantifying a net revenue overstatement..................................A-1
(i) Filed herewith. EX-99.1 2 d89127ex99-1.txt PRESS RELEASE DATED JULY 17, 2001 1 For Immediate Release Exhibit 99.1 AMEDISYS QUANTIFIES NET SERVICE REVENUE OVERSTATEMENT MANAGEMENT EXPECTS PROFITABLE SECOND QUARTER AND IMPROVED EARNINGS IN SECOND HALF OF YEAR BATON ROUGE, Louisiana (July 17, 2001) - Amedisys, Inc. (OTC BB: "AMED") today detailed the impact of a previously announced overstatement in net service revenue for the quarters ended December 31, 2000 and March 31, 2001. The implementation of the Medicare Prospective Payment System ("PPS") on October 1, 2000 made significant changes to the reimbursement methodology for home health nursing companies, necessitating changes to systems which process provider and patient-specific claims for both the Medicare intermediary and the individual home health provider. The Company noted certain discrepancies in these systems which had the effect of overstating net service revenues in the fourth quarter of 2000 and the first quarter of 2001. The Company disclosed these discrepancies to the investment community in a news release dated June 13, 2001 and a conference call held on June 14, 2001. The Company, with the assistance of the Company's external auditing firm, has completed a review of all Medicare patients served and has quantified the impact of the net service revenue overstatement upon its previously reported operating results. The decrease in revenue for the six months ended March 31, 2001 totaled approximately $6.6 million and will be partially offset by a reversal of $900,000 in incentive compensation, resulting in a net negative adjustment to operating income of $5.7 million. Of this $5.7 million, $2.6 million is attributable to the fourth quarter of 2000 and $3.1 million is attributable to the first quarter of 2001. After taking the restatement into account, Amedisys will report an operating loss before income taxes and special items of ($130,000) on revenues of approximately $19.4 million for the quarter ended December 31, 2000. For the quarter ended March 31, 2001, the Company will report an operating loss before income taxes and special items of ($409,000) on revenues of approximately $22.2 million. For the twelve months ended December 31, 2000, the Company will report an operating loss before income taxes and special items of ($4.3) million on revenues of approximately $88.2 million. "The problems with our systems that resulted in the revenue overstatement have been identified and corrected, and we are confident that such problems will not recur in the future," stated William F. Borne, Chairman and Chief Executive Officer of Amedisys, Inc. "Our business is sound, patient admissions are growing, recent acquisitions have been assimilated into the Amedisys organization successfully, and we expect to participate fully in the growth of the home nursing industry in coming years. We will continue to pursue both internal and external growth opportunities within our industry, and we consider the Company well-positioned to accomplish these goals." 2 "As noted in an earlier news release, management expects the Company to be profitable in the quarter ended June 30, 2001, and we anticipate growth in revenue and earnings during the second half of the year," concluded Borne. The Company expects to file an amended 10-K for the year ended December 31, 2000, and an amended 10-Q for the quarter ended March 31, 2001 in the near future. A conference call has been scheduled for 8:30 a.m. Eastern Time on Wednesday, July 18, 2001, to further discuss the issues which underlie this net service revenue overstatement. The call will be hosted by Bill Borne, Chief Executive Officer of Amedisys, Inc. TO PARTICIPATE IN THE CONFERENCE CALL, PLEASE DIAL 800-388-8975 A FEW MINUTES BEFORE 8:30 A.M. EDT ON JULY 18, 2001. A REPLAY OF THE CONFERENCE CALL WILL BE AVAILABLE THROUGH JULY 25, 2001, BY DIALING 800-428-6051. THE ACCESS CODE IS #202030 FOR THE REPLAY. Amedisys, Inc. is a multi-regional provider of home health nursing services and 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 -----END PRIVACY-ENHANCED MESSAGE-----