8-K

UNITED STATES

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): 11/01/2005

Amedisys, Inc.

(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 0-24260

Delaware	11-3131700
(State or Other Jurisdiction of Incorporation or Organization)	(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)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Items to be Included in this Report

Item 2.02. Results of Operations and Financial Condition.

On November 1, 2005, Amedisys, Inc. issued a press release announcing its earnings for the third quarter ended September 30, 2005. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information presented herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

(a) Financial Statements of Business Acquired.

Not applicable

(b) Pro Forma Financial Information

Not applicable

(c) Exhibits

99.1 Press release dated November 1, 2005 announcing the Company’s third quarter 2005 operating results.

Signature(s)

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.
Date: November 02, 2005.	By:	/S/    GREGORY H. BROWNE
		Gregory H. Browne Chief Financial Officer

Exhibit Index

Exhibit No.	Description
EX-99.1	Press Release

EX-99.1

Contact:	Amedisys, Inc.
	Gregory H. Browne
	Chief Financial Officer
	(225) 292-2031
	gbrowne@amedisys.com
	Noonan Russo
	Investor Relations
	Brian Ritchie
	(212) 845-4269
	brian.ritchie@eurorscg.com

AMEDISYS REPORTS THIRD QUARTER 2005

RESULTS

Company Reports Record Quarterly Revenue

Amedisys Reaffirms 2005 and 2006 Guidance

COMPANY TO HOST CONFERENCE CALL

TODAY AT 10:00 AM ET

BATON ROUGE, Louisiana (November 1, 2005) – Amedisys, Inc. (NasdaqNM: “AMED” or “the Company”), one of America’s leading home health nursing companies, today reported its financial results for the third quarter of 2005.

For the quarter ended September 30, 2005, the Company reported net income of $7.8 million, or $0.48 per diluted share, on record net service revenue of $112.2 million. Net service revenue increased by 92 percent when compared with the $58.5 million reported for the comparable period in the prior year. Amedisys reported net income of $5.2 million, or $0.39 per diluted share for the quarter ended September 30, 2004. The diluted weighted average number of shares outstanding approximated 16.1 million in the quarter ended September 30, 2005 and 13.1 million in the comparable period of 2004.

For the nine months ended September 30, 2005, the Company reported net income of $22.8 million, or $1.44 per diluted share, on net service revenue of $262.7 million. For the same period the previous year, Amedisys reported net income of $14.4 million, or $1.12 per diluted share, on net service revenue of $162.7 million. The diluted weighted average number of shares outstanding approximated 15.9 million in the nine months ended September 30, 2005 and 12.8 million in the comparable period of 2004.

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The financial results include a full quarter from the acquisition of Housecall Medical Resources, effective July 1, and two months of results from the acquisitions of Spectracare and Ncare, which were effective August 1.

The financial results for both the quarter and nine months ended September 30, 2005 were impacted by several items, including a write-off of deferred loan costs relating to the termination of a prior financing arrangement ($0.02 per diluted share), amortization of severance arrangements following the recently completed Housecall transaction ($0.02 per diluted share) and the impact of Hurricane Katrina on the Company’s operations in the Gulf Coast region (estimated at approximately $0.02 to $0.03 per diluted share). However, the Company resolved certain open Medicare cost reports, which had the effect of increasing reported earnings by approximately $0.02 per diluted share.

“Our significant year-over-year increase in net income of 50 percent for the third quarter is all the more gratifying given the extraordinary events of this quarter – Hurricanes Katrina and Rita occurred while Amedisys was integrating our recent significant acquisitions, particularly Housecall. Given that we achieved the above financial results without yet seeing significant synergies from the Housecall acquisition, we remain confident that, based on currently available information, our earnings for fiscal 2005 will fall in the range of $1.95 and $2.01 per diluted share.

“Internal growth of Medicare patient admissions was approximately 18 percent in the third quarter, when compared with the previous year, which continues the strong rate of growth seen by the Company throughout 2005,” continued Borne. “The initiation of start-ups continues to accelerate, from seven new locations in 2003, thirteen in 2004, approximately twenty-five expected in 2005, and a significantly higher number expected in 2006.”

“Amedisys has a strong Balance Sheet, and we have continued to pay down the Revolving Line of Credit since the quarter end, with a current balance outstanding of $5 million, and cash on hand of approximately $25 million. With this in mind, based on currently available information, we are reaffirming previous earnings guidance for full-year 2006 of between $2.52 and $2.64 per diluted share, including stock option expense, as required by the change in accounting standards.”

The Company will provide further information today on these results during a teleconference call that is scheduled for 10:00 a.m. ET. To access this call, please dial 1-877-691-0877 (domestic) or 1-973-582-2767 (international). A replay of the conference call will be available until November 8th, 2005, by dialing 1-877-519-4471 (domestic) or 1-973-341-3080 (international). The replay pin number is 6610315.

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

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AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the three and nine months ended September 30, 2005 and 2004

(Amounts in thousands, except per share data)

	(Unaudited)
	For the three months ended September 30,						For the nine months ended September 30,
	2005			2004			2005			2004
Income:
Net service revenue	$	112,166		$	58,494		$	262,664		$	162,729
Cost of service revenue (excluding depreciation and amortization)		49,011			25,653			110,516			68,746
Gross margin		63,155			32,841			152,148			93,983
General and administrative expenses:
Salaries and benefits		27,798			14,217			64,661			41,568
Other		21,395			10,184			49,292			28,987
Total general and administrative expenses		49,193			24,401			113,953			70,555
Operating income		13,962			8,440			38,195			23,428
Other income (expense):
Interest income		240			84			1,140			180
Interest expense		(1,470	)		(142	)		(1,757	)		(366	)
Miscellaneous, net		74			(21	)		46			(28	)
Total other expense, net		(1,156	)		(79	)		(571	)		(214	)
Income before income taxes		12,806			8,361			37,624			23,214
Income tax expense		5,045			3,175			14,824			8,846
Net income	$	7,761		$	5,186		$	22,800		$	14,368
Basic weighted average common shares outstanding		15,692			12,669			15,531			12,319
Basic income per common share:
Net income	$	0.49		$	0.41		$	1.47		$	1.17
Diluted weighted average common shares outstanding		16,061			13,136			15,885			12,833
Diluted income per common share:
Net income	$	0.48		$	0.39		$	1.44		$	1.12

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AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of September 30, 2005 and December 31, 2004 (Amounts in thousands, except share data)
	September 30, 2005			December 31, 2004
ASSETS:		(unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	20,750		$	89,679
Patient accounts receivable, net of allowance for doubtful accounts of $11,998 at September 30, 2005 and $3,751 at December 31, 2004		58,484			24,478
Prepaid expenses		2,570			1,356
Deferred Income Taxes		3,671			—
Inventory and other current assets		5,827			3,377
Total current assets		91,302			118,890
Property and equipment, net		24,315			10,003
Goodwill		194,502			62,537
Intangible assets, net of $2,757 and $1,177 of accumulated amortization at September 30, 2005 and December 31, 2004, respectively		13,981			4,447
Other assets, net		5,778			3,856
Total assets	$	329,878		$	199,733
LIABILITIES AND STOCKHOLDERS’ EQUITY:
CURRENT LIABILITIES:
Accounts payable	$	10,170		$	6,681
Accrued expenses:
Payroll and payroll taxes		28,930			11,914
Insurance		9,539			4,663
Income taxes		4,957			271
Legal settlements		1,739			1,833
Other		11,717			3,822
Current portion of deferred income taxes		—			1,353
Current portion of long-term debt		9,301			1,689
Current portion of obligations under capital leases		223			423
Current portion of Medicare liabilities		10,856			9,327
Total current liabilities		87,432			41,976
Long-term debt		55,072			1,380
Obligations under capital leases		136			329
Deferred income taxes		5,010			6,749
Other long-term liabilities		826			826
Total liabilities		148,476			51,260
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;
15,787,752 and 15,310,547 shares issued at September 30, 2005 and December 31, 2004, respectively		16			15
Additional paid-in capital		142,917			132,032
Unearned Compensation		(755	)		—
Treasury stock at cost, 4,167 shares held at September 30, 2005 and December 31, 2004		(25	)		(25	)
Retained earnings (deficit)		39,249			16,451
Total stockholders’ equity		181,402			148,473
Total liabilities and stockholders’ equity	$	329,878		$	199,733

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