EX-99.1 3 d01158exv99w1.txt PRESS RELEASE For Immediate Release Exhibit 99.1 AMEDISYS REPORTS THIRD QUARTER OPERATING RESULTS COMPANY TO HOST CONFERENCE CALL TODAY AT 11:00 EST BATON ROUGE, Louisiana (November 11, 2002) - Amedisys, Inc. (Nasdaq: "AMED" or the "Company"), one of America's leading home health nursing companies, today reported its financial results for the third quarter and first nine months of 2002. For the three months ended September 30, 2002, revenues increased 11% to $33.1 million, compared with $29.7 million in the third quarter of 2001. Pretax income totaled $1,924,000 in the most recent quarter, versus pretax income from continuing operations of $1,978,000 in the prior-year period. Net income of $1,219,000, or $0.13 per diluted share, was recorded in the third quarter of 2002, versus net income from continuing operations of $1,978,000, or $0.25 per diluted share, in the year-earlier quarter. The Company accrued income taxes of $705,000 (an effective rate of 37%) in the quarter ended September 30, 2002, whereas no income tax expense was recorded in the year-earlier quarter. As previously reported, Amedisys, Inc. will be recording income tax expense at an expected annual rate of approximately 38% for the balance of fiscal year 2002. For the nine months ended September 30, 2002, revenues increased 24% to $97.8 million, compared with $79.0 million in the corresponding period of 2001. Pretax income improved to $7,133,000 in the first nine months of 2002, compared with pretax income from continuing operations of $2,749,000 in the prior-year period. Net income totaled $6,880,000, or $0.78 per diluted share, in the nine months ended September 30, 2002, compared with net income from continuing operations of $2,749,000, or $0.35 per diluted share, in the corresponding period of the previous year. The Company recorded an income tax expense of $253,000 for the nine months ended September 30, 2002, whereas no income tax expense or benefit was recorded in the first nine months of 2001. During the nine months ended September 30, 2002, the Company recorded a benefit related to the elimination of the valuation allowance for net deferred tax assets and recorded income tax expense at the expected annual rate. Assuming an effective income tax rate of 38%, the Company would have reported net income of $4,422,000, or $0.50 per diluted share, for the nine months ended September 30, 2002. As previously reported, the Company achieved a major objective with its listing on The Nasdaq National Market during October. The Company also announced that it has elected to terminate its relationship under an accounts receivable financing agreement with NPF VI, a subsidiary of National Century Financial Enterprises, Inc. ("NCFE"), due to the reported downgrade of bonds issued by NPF VI and the failure of NPF VI to complete a normal funds transfer request on October 31, 2002. Although the Company has no funds advanced by NPF VI under this asset-based relationship at the present time, NPF VI currently retains approximately $7.3 million that is the property of Amedisys, Inc. and its subsidiaries. Amedisys also has a secured Loan Agreement with NPF Capital, Inc., a separate subsidiary of NCFE, under which the Company has outstanding borrowings of $6.1 million. The Company is working with legal counsel, NCFE and others to recover its funds. THE COMPANY WILL PROVIDE FURTHER INFORMATION TODAY ON THESE RESULTS DURING A TELECONFERENCE CALL THAT IS SCHEDULED FOR 11:00 A.M. EST ON NOVEMBER 11, 2002. TO ACCESS THIS CALL, PLEASE DIAL 973-694-6836 A FEW MINUTES BEFORE 11:00 A.M. EST. A REPLAY OF THE CONFERENCE CALL WILL BE AVAILABLE UNTIL NOVEMBER 18, 2002, BY DIALING 973-709-2089. THE ACCESS CODE IS #265592 FOR THE REPLAY. Amedisys, Inc., a leading multi-regional provider of home health nursing services, is headquartered in Baton Rouge, Louisiana. The Company had approximately $110 million in revenue in 2001. 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 For further information, please contact: Greg Browne, Chief Financial Officer at (225) 292-2031 or RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or via e-mail at info@rjfalkner.com AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001 (UNAUDITED, DOLLAR AMOUNTS IN 000'S, EXCEPT PER SHARE DATA)
Three months ended Nine months ended ---------------------------- ---------------------------- September 30, September 30, September 30, September 30, 2002 2001 2002 2001 ------------ ------------ ------------ ------------ Income: Service revenue $ 33,066 $ 29,672 $ 97,770 $ 79,042 Cost of service revenue 15,079 13,053 43,521 34,977 ------------ ------------ ------------ ------------ Gross Margin 17,987 16,619 54,249 44,065 ------------ ------------ ------------ ------------ General and administrative expenses: Salaries and benefits 9,428 7,749 28,495 21,951 Other 6,157 6,308 17,394 17,621 ------------ ------------ ------------ ------------ Total general and administrative expenses 15,585 14,057 45,889 39,572 ------------ ------------ ------------ ------------ Operating income 2,402 2,562 8,360 4,493 Other income and expense: Interest income 36 49 78 303 Interest expense (456) (704) (1,453) (2,214) Other (expense) income, net (58) 71 148 167 ------------ ------------ ------------ ------------ Total other expense, net (478) (584) (1,227) (1,744) ------------ ------------ ------------ ------------ Income before income taxes and discontinued operations 1,924 1,978 7,133 2,749 Income tax expense 705 -- 253 -- ------------ ------------ ------------ ------------ Income before discontinued operations 1,219 1,978 6,880 2,749 Discontinued operations: Loss from discontinued operations, net of income taxes -- (456) -- (585) Gain on sale of discontinued operations, net of income taxes -- 1,056 -- 1,056 ------------ ------------ ------------ ------------ Net income $ 1,219 $ 2,578 $ 6,880 $ 3,220 ============ ============ ============ ============ BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 9,058 5,873 8,283 5,716 Basic income per common share: Income before discontinued operations $ 0.13 $ 0.34 $ 0.83 $ 0.47 Loss from discontinued operations, net of income taxes -- (0.08) -- (0.10) Gain on sale of discontinued operations, net of income taxes -- 0.18 -- 0.19 ------------ ------------ ------------ ------------ Net income $ 0.13 $ 0.44 $ 0.83 $ 0.56 ============ ============ ============ ============ DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 9,594 7,934 8,843 7,812 Diluted income per common share: Income before discontinued operations $ 0.13 $ 0.25 $ 0.78 $ 0.35 Loss from discontinued operations, net of income taxes -- (0.06) -- (0.07) Gain on sale of discontinued operations, net of income taxes -- 0.13 -- 0.14 ------------ ------------ ------------ ------------ Net income $ 0.13 $ 0.32 $ 0.78 $ 0.42 ============ ============ ============ ============
AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2002 AND DECEMBER 31, 2001 (UNAUDITED, DOLLAR AMOUNTS IN 000'S)
September 30, 2002 December 31, 2001 ------------------ ----------------- CURRENT ASSETS: Cash and Cash Equivalents $ 11,089 $ 3,515 Patient Accounts Receivable, Net of Allowance for Doubtful Accounts of $1,793 in September 2002 and $3,125 in December 2001 14,879 23,682 Prepaid Expenses 2,168 244 Deferred Income Taxes 2,078 -- Inventory and Other Current Assets 971 822 ---------------- ---------------- Total Current Assets 31,155 28,263 Property and Equipment, net 9,006 10,290 Other Assets, net 25,543 22,301 ---------------- ---------------- Total Assets $ 65,704 $ 60,854 ================ ================ CURRENT LIABILITIES: Accounts Payable $ 1,945 $ 2,440 Accrued Expenses: Payroll and Payroll Taxes 6,663 6,798 Insurance 1,561 1,881 Income Taxes Payable 901 930 Legal Settlements 900 1,227 Other 2,026 3,082 Notes Payable 1,883 9,305 Current Portion of Long-term Debt 3,947 5,355 Current Portion of Obligations under Capital Leases 2,436 2,391 Current Portion of Medicare Liabilities 6,980 13,214 ---------------- ---------------- Total Current Liabilities 29,242 46,623 Long-term Debt 5,328 5,591 Obligations under Capital Leases 1,598 3,208 Long-term Medicare Liabilities 4,491 958 Deferred Income Taxes 1,723 -- Other Long-term Liabilities 961 1,099 ---------------- ---------------- Total Liabilities 43,343 57,479 ---------------- ---------------- Minority Interest in Consolidated Subsidiaries -- 66 ---------------- ---------------- STOCKHOLDER'S EQUITY: Common Stock (9,086,952 Shares in September 2002 and 7,178,152 Shares in December 2001) 9 7 Additional Paid-in Capital 28,709 16,539 Treasury Stock (4,167 Shares of Common Stock in September 2002 and December 2001) (25) (25) Retained Earnings (Deficit) (6,332) (13,212) ---------------- ---------------- Total Stockholder's Equity 22,361 3,309 ---------------- ---------------- Total Liabilities and Stockholder's Equity $ 65,704 $ 60,854 ================ ================