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): 2/20/07

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)	(IRS Employer Identification No.)

5959 S. Sherwood Forest Blvd.

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))

Information to be included in the report

Section 2 — Financial Information

Item 2.02. Results of Operations and Financial Condition

On February 20, 2007, Amedisys, Inc. (the “Company”) issued a press release announcing its earnings for the fourth quarter and year ended December 31, 2006. 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 this Current Report on 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 previously set forth by specific reference in such a filing.

When included in this Current Report on Form 8-K, the words “intends,” “anticipates,” “believes,” “estimates” and analogous expressions are intended to identify forward-looking statements. Such statements inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, among others, general economic and business conditions, current cash flows and operating deficits, debt service needs, adverse changes in federal and state laws relating to the health care industry, competition, regulatory initiatives and compliance with governmental regulations, patient preferences and various other matters, many of which are beyond the Company’s control. These forward-looking statements speak only as of the date of this Current Report on Form 8-K. The Company expressly disclaims any obligation or undertaking to release publicly any updates or any changes in the Company’s expectations with regard thereto or any changes in events, conditions or circumstances on which any statement is based.

Section 9 — Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(a) Financial Statements of Business Acquired.

Not applicable

(b) Pro Forma Financial Information.

Not applicable

(c) Shell Company Transactions

Not applicable

(d) Exhibits

99.1 Press release dated February 20, 2007, announcing the Company’s operating results for the fourth quarter and year ended December 31, 2006

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: February 20, 2007	By:	/s/ William F. Borne
		William F. Borne
		Chief Executive Officer

Exhibit Index

Exhibit No.	Description
EX-99.1	Press release dated February 20, 2007, announcing the Company’s earnings for the fourth quarter and year ended December 31, 2006

EX-99.1

Exhibit 99.1

Contact:	Amedisys, Inc.
	Larry Graham
	President/Chief Operating Officer
	(225) 292-2031
	lgraham@amedisys.com

AMEDISYS REPORTS RECORD FOURTH QUARTER AND FULL

YEAR REVENUES AND EARNINGS

COMPANY ALSO ANNOUNCES APPOINTMENT OF NEW CFO

COMPANY TO HOST CONFERENCE CALL

TODAY AT 10:00 AM ET

BATON ROUGE, Louisiana (February 20, 2007) – 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

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

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AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

(Amounts in thousands, except per share data)

	For the Year Ended December 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.

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