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Almost Family Reports Second Quarter 2009 Results
Wednesday, August 05, 2009 7:50 AM


(Source: PRNewswire-FirstCall)trackingLOUISVILLE, Ky., Aug. 5 /PRNewswire-FirstCall/ -- Almost Family, Inc. , a leading regional provider of home health nursing services, announced today its financial results for the three months ended June 30, 2009.

William Yarmuth, Chief Executive Officer, commented, "We're pleased to report strong operating results for the second quarter. In the midst of great public debate about health care reform, we're continuing to demonstrate that home health care represents the lowest cost, highest quality way to keep the frail homebound elderly out of high cost institutional care and in their homes where they want to be. Over the course of 2009 we plan to continue our strategic efforts to grow and expand our business. We also plan to work hard to help the Administration, Congress and all those working on comprehensive health care reform understand how important home health care is as a part of the solution to lowering health care costs and ensuring access to care for all America's seniors."

Second Quarter Financial Results

Almost Family reported second quarter 2009 net service revenues of $74.9 million, a 54% increase from $48.7 million in the second quarter of 2008.

Net income for the second quarter of 2009 was $6.0 million, or $0.71 per diluted share, compared to $3.9 million, or $0.50 per diluted share, in the second quarter of 2008. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 7% between periods. Results for the quarter included acquisition transaction costs of $260,000 or $0.02 per diluted share.

Second Quarter Segment Results

Net revenues in the Visiting Nurse segment for the second quarter of 2009 were $64.0 million, a 65% increase from $38.8 million in the second quarter of 2008. The total revenue growth of $25.1 million came from a 29% organic growth rate plus $14.0 million from acquired operations. Operating income before corporate expense in the VN segment for the second quarter of 2009 was $13.3 million, a 55% increase from $8.6 million in the second quarter of 2008.

Net revenues in the Personal Care (PC) segment for the second quarter of 2009 were $10.9 million, an 11% increase from $9.8 million in the second quarter of 2008. Operating income before unallocated corporate expense in the PC segment for the second quarter of 2009 was $1.3 million, a 52% increase from $824,000 in the second quarter of 2008.

The Company also noted that its Visiting Nurse segment operations located in Florida normally experience higher admissions during the first quarter and lower admissions during the third quarter than in the other quarters due to seasonal population fluctuations.

Six Month Period Ended June 30, 2009

Almost Family reported net service revenues for the six month period ended June 30, 2009 of $144.1 million, a 64% increase from $87.7 million in the same period of 2008.

Net income for the six month period of 2009 was $11.6 million, or $1.40 per diluted share, compared to $6.4 million, or $0.95 per diluted share, in the six month period of 2008.

Six Month Period Segment Results

Net revenues in the Visiting Nurse segment for the six month period of 2009 were $122.7 million, a 79% increase from $68.7 million in the six month period of 2008. The total revenue growth of $54.0 million came from a 35% organic growth rate plus $32.0 million from acquired operations. Operating income before corporate expense in the VN segment for the six month period of 2009 was $25.5 million, an 82% increase from $14.0 million in the same period of 2008.

Net revenues in the Personal Care (PC) segment for the six month period of 2009 were $21.3 million, a 12% increase from $19.0 million in the six month period of 2008. Operating income before unallocated corporate expense in the PC segment for the six month period of 2009 was $2.3 million, a 51% increase from $1.6 million in the six month period of 2008.

Conference Call

A conference call to review the results will begin at 11:00 a.m. ET on August 5, 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 August 5, 2009 at 2:00 p.m. ET and ending on August 19, 2009. The replay telephone number is 1-877-660-6853 (USA) or 1-201-612-7415 (International). Account Number: 3055 and Passcode: 329007.

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 August 5, 2009 at approximately 2:00 p.m. ET and will remain available until September 5, 2009.

                   ALMOST FAMILY, INC. AND SUBSIDIARIES                     CONSOLIDATED STATEMENTS OF INCOME                                (UNAUDITED)                                                 Three months ended                                                      June 30,                                              ------------------------                                                  2009         2008                                              -----------   ----------    Net service revenues                      $74,851,280  $48,700,372    Cost of service revenues                   34,670,484   22,780,475                                               ----------   ----------    Gross margin                               40,180,796   25,919,897                                               ----------   ----------    General and administrative expenses:      Salaries and benefits                    20,716,970   12,988,447      Other                                     9,426,730    6,261,283                                                ---------    ---------    Total general and administrative     expenses                                  30,143,700   19,249,730                                               ----------   ----------    Operating income                           10,037,096    6,670,167    Interest expense, net                        (203,899)    (170,756)                                                 --------     --------    Income from continuing operations before     income taxes                               9,833,197    6,499,411    Income tax expense                         (3,834,223)  (2,600,457)                                               ----------   ----------    Net income from continuing operations       5,998,974    3,898,954    Discontinued operations, net of tax     benefits of $3,054 and $22,619                (4,702)     (34,936)                                                   ------      -------    Net income                                 $5,994,272   $3,864,018                                               ==========   ==========      Per share amounts-basic:      Average shares outstanding                8,176,458    7,642,806      Income from continued operations              $0.73        $0.51      Loss from discontinued operations                 -            -                                                      ---          ---    Net income                                      $0.73        $0.51                                                    =====        =====     Per share amounts-diluted:      Average shares outstanding                8,389,004    7,809,475      Income from continued operations              $0.71        $0.50      Loss from discontinued operations                 -            -                                                      ---          ---    Net income                                      $0.71        $0.50                                                    =====        =====                     ALMOST FAMILY, INC. AND SUBSIDIARIES                   CONSOLIDATED STATEMENTS OF INCOME                              (UNAUDITED)                                              Six months ended                                                  June 30,                                          -------------------------                                              2009         2008                                          ------------  -----------    Net service revenues                  $144,046,454  $87,727,325    Cost of service revenues                67,057,564   41,402,549                                            ----------   ----------    Gross margin                            76,988,890   46,324,776                                            ----------   ----------    General and administrative expenses:      Salaries and benefits                 39,765,329   23,540,855      Other                                 17,604,944   11,664,808                                            ----------   ----------    Total general and administrative     expenses                               57,370,273   35,205,663                                            ----------   ----------    Operating income                        19,618,617   11,119,113    Interest expense, net                     (516,860)    (378,757)                                              --------     --------    Income from continuing operations     before income taxes                    19,101,757   10,740,356    Income tax expense                      (7,502,353)  (4,266,792)                                            ----------   ----------    Net income from continuing     operations                             11,599,404    6,473,564    Discontinued operations, net of tax     benefits of $8,677 and $50,902            (10,208)     (78,620)                                               -------      -------    Net income                             $11,589,196   $6,394,944                                           ===========   ==========      Per share amounts-basic:      Average shares outstanding             8,164,210    6,592,203      Income from continued operations           $1.42        $0.98      Loss from discontinued operations              -        (0.01)                                                   ---        -----    Net income                                   $1.42        $0.97                                                 =====        =====     Per share amounts-diluted:      Average shares outstanding             8,277,989    6,753,403      Income from continued operations           $1.40        $0.96      Loss from discontinued operations              -        (0.01)                                                   ---        -----    Net income                                   $1.40        $0.95                                                 =====        =====                        ALMOST FAMILY, INC.


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