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Almost Family Reports First Quarter 2009 Results
Wednesday, May 06, 2009 7:52 AM


(Source: PRNewswire-FirstCall)trackingLOUISVILLE, Ky., May 6 /PRNewswire-FirstCall/ -- Almost Family, Inc. , a leading regional provider of home health nursing services, announced today its financial results for the three months ended March 31, 2009.

William Yarmuth, Chief Executive Officer, commented, "We're very pleased to kick 2009 off with such a great start. The strength of our strategic plan continues to be evident in our performance. Our investment in our Senior Advocacy mission which includes improved clinical programs and a commitment to credentialing our care giving staff combined with our investment in the expansion of our marketing staff and efforts have led us to another quarter of double-digit organic admissions growth. We plan to continue our efforts to build on these great results over the balance of the year."

First Quarter Financial Results

Almost Family reported first quarter 2009 net service revenues of $69.2 million, a 77% increase from $39.0 million in the first quarter of 2008. Net income for the first quarter of 2009 increased to 8.1% of net service revenues versus 6.6% for the first quarter of 2008.

Net income for the first quarter of 2009 was $5.6 million, or $0.68 per diluted share, compared to $2.5 million, or $0.44 per diluted share, in the first quarter of 2008. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 45% between periods.

First Quarter Segment Results

Net revenues in the Visiting Nurse segment for the first quarter of 2009 were $58.7 million, a 97% increase from $29.8 million in the first quarter of 2008. The total revenue growth of $28.9 million came from a 41% organic growth rate plus $16.9 million from acquired operations. Operating income before corporate expense in the VN segment for the first quarter 2009 was $12.1 million, a 123% increase from $5.5 million in the first quarter of 2008.

Net revenues in the Personal Care (PC) segment for the first quarter of 2009 were $10.4 million, a 14% increase from $9.2 million in the first quarter of 2008. Operating income before unallocated corporate expense in the PC segment for the first quarter of 2009 was $1.1 million, a 51% increase from $742,000 in the first quarter of 2008.

Conference Call

A conference call to review the results will begin at 11:00 a.m. ET on May 6, 2009, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, Chief Financial Officer. To participate in the conference call, please dial 1-877-407-0789 (USA) or 1-201-689-8562 (International). In addition, a dial-up replay of the conference call will be available beginning May 6, 2009 at 2:00 p.m. ET and ending on May 20, 2009. The replay telephone number is 1-877-660-6853 (USA) or 1-201-612-7415 (International). Account Number: 3055 and Passcode: 321923.

A live Web cast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.almostfamily.com/. A Web cast replay can be accessed on the corporate Web site beginning May 6, 2009 at approximately 2:00 p.m. ET and will remain available until June 6, 2009.

                      ALMOST FAMILY, INC. AND SUBSIDIARIES                        CONSOLIDATED STATEMENTS OF INCOME                                   (UNAUDITED)                                                        Three months ended                                                            March 31,                                                    ------------------------                                                        2009         2008                                                    ------------------------    Net service revenues                            $69,195,174  $39,026,953    Cost of service revenue                          32,387,080   18,622,074                                                     ----------   ----------    Gross margin                                     36,808,094   20,404,879                                                     ----------   ----------    General and administrative expenses:      Salaries and benefits                          19,048,360   10,552,408      Other                                           8,175,033    5,403,525                                                      ---------    ---------    Total general and administrative expenses        27,223,393   15,955,933                                                     ----------   ----------    Operating income                                  9,584,701    4,448,946    Interest expense, net                              (312,962)    (208,001)                                                       --------     --------    Income from continuing operations before income     taxes                                            9,271,739    4,240,945    Income tax expense                               (3,668,129)  (1,666,335)                                                     ----------   ----------    Net income from continuing operations             5,603,610    2,574,610    Discontinued operations, net of tax benefits of     $5,624 and $28,283                                  (8,686)     (43,684)                                                         ------      -------    Net income                                       $5,594,924   $2,530,926                                                     ==========   ==========      Per share amounts-basic:      Average shares outstanding                      8,151,826    5,541,599      Income from continued operations                    $0.69        $0.46      Loss from discontinued operations                       -        (0.01)                                                          -----        -----    Net income                                            $0.69        $0.45                                                          =====        =====     Per share amounts-diluted:      Average shares outstanding                      8,281,128    5,699,506      Income from continued operations                    $0.68        $0.45      Loss from discontinued operations                       -        (0.01)                                                          -----        -----    Net income                                            $0.68        $0.44                                                          =====        =====                       ALMOST FAMILY, INC.


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