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Almost Family Reports Fourth Quarter and Full Year 2013 Results

LOUISVILLE, Ky., March 11, 2014 /PRNewswire/ -- Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing and personal care services, announced today its financial results for the three months and full year ended December 31, 2013.

Fourth Quarter Highlights:

  • Record net service revenues of $96.3 million
  • Net income attributable to Almost Family, Inc. of $328,000, or $0.03 per diluted share
  • Diluted EPS from continuing operations of $0.04 including $0.26 of acquisition related expenses, excluding which diluted EPS would have been $0.30
  • Cash flows from operations of $7.6 million
  • Visiting Nurse segment net revenues were $74.7 million and Personal Care segment revenues were $21.7 million
  • Results include the acquisition of SunCrest on December 6, 2013, which added $0.05 to diluted EPS from continuing operations for both the quarter and the year.

Full Year Highlights:

  • Record net service revenues of $357.8 million
  • Net income attributable to Almost Family, Inc. was $8.2 million, or $0.88 per diluted share
  • Diluted EPS from continuing operations of $0.91 including $0.32 of acquisition related expenses, excluding which diluted EPS would have been $1.23
  • Cash flows from operations of $19.8 million
  • Visiting Nurse segment net revenues were $275.8 million
  • Personal Care segment net revenues grew to $82.0 million.

Comments on 2013 Results

William Yarmuth, Chief Executive Officer, commented on the year: "We are pleased with where the Company is positioned for the future after another difficult year for the industry on the reimbursement and regulatory front.  Although the recent rebasing rule creates ongoing challenges over the next few years, we remain confident that home health care is key to an effective health care delivery system over the long term.  We are equally confident that the Company is very well positioned to capitalize on the opportunities that will inevitably present themselves over this timeframe.  Our development activities over the last half of the year, capped by our significant acquisition of SunCrest in December, demonstrate our strong belief in the future."

Yarmuth concluded:  "I want to take this opportunity to welcome all of the members of the SunCrest team to our organization. We are excited about building on the strengths that they bring to our Company."

Fourth Quarter Financial Results

Almost Family reported fourth quarter results that included the impact of the following acquisitions, as compared to our results for the fourth quarter of 2012:

  • The December 6, 2013 acquisition of SunCrest added $8.8 million to revenue ($7.8 million VN and $1.0 million PC) and $0.05 to diluted EPS from continuing operations
  • As previously disclosed, one-time transaction costs, severance, wind-down, lease abandonment and transition costs related to the SunCrest transaction are expected to be between $7 million and $8 million incurred over the period from closing through the end of 2014.  Approximately $3.3 million ($0.26 per diluted share) of such costs have been incurred in the period from closing through December 31, 2013.
  • The July 19, 2013 acquisition of Indiana Home Care Network added $2.8 million of revenue to the VN segment and $0.03 to diluted EPS from continuing operations
  • The October 4, 2013 acquisition of our 61% interest in Imperium lowered diluted EPS from continuing operations by $0.01.  Operating costs of $482,000 associated with Imperium are included in our corporate expenses.  Imperium did not generate any material revenue in the period.

In addition to our acquisition activity, Medicare rate cuts, primarily sequestration, combined with 2014 rate cuts which affect episodes started in 2013 and ending in 2014 reduced revenue and operating income by $1.35 million and diluted EPS from continuing operations by $0.09.  VN segment Medicare admissions decreased organically by 5.9%, primarily in our Florida operations, where we have overlap with SunCrest operations.  Due to the size, complexity and risks associated with the integration of the SunCrest acquisition, particularly in Florida, the Company urges investors to temper expectations as we proceed through the balance of our integration work over 2014.  Our PC segment hours of service and revenues grew organically by 8.4% and 7.1%, respectively.

Our effective tax rate for the fourth quarter of 2013 was 78.6% compared to 40.1% for the fourth quarter of 2012, due to certain deal and transaction costs that are not currently deductible and that do not result in the establishment of a deferred tax asset.  We currently anticipate a normalized effective tax rate of 39.5% and have used that rate in the presentation of income and diluted EPS from continuing operations.

Full Year Ended December 31, 2013

Almost Family reported full year results that included the impact of the following acquisitions, as compared to our results for the full year of 2012:

  • The July 19, 2013 acquisition of Indiana Home Care Network added $5.0 million of revenue to the VN segment and $0.07 to diluted EPS from continuing operations
  • Because they occurred in the fourth quarter of 2013, the impact of SunCrest and Imperium for the full year was the same as for the fourth quarter

In addition to our acquisition activity, Medicare rate cuts, primarily sequestration, reduced revenue and operating income by $4.4 million and diluted EPS from continuing operations by $0.28.  VN segment Medicare admissions increased organically by 0.2%.  Our PC segment hours of service and revenues grew organically by 6.8% and 5.1%, respectively.

Our effective tax rate for 2013 was 41.9% compared to 39.2% for 2012, primarily due to certain deal and transaction costs that are not currently deductible and that do not result in the establishment of a deferred tax asset.  We currently anticipate a normalized effective tax rate of 39.5% and have used that rate in the presentation of income and diluted EPS from continuing operations.

Acquisitions During 2013

On July 19, 2013, we completed the acquisition of the assets of the Medicare-certified home health agencies owned by IHCN for $12.5 million.  Under the IHCN umbrella we operate six home health locations, primarily in northern Indiana.

On October 4, 2013, we acquired a controlling interest in Imperium Health Management, LLC, (Imperium) a Louisville, KY based development-stage enterprise that provides strategic health management services to Accountable Care Organizations (ACO's).

On December 6, 2013, we acquired the stock of SunCrest HealthCare.  The total purchase price for the stock was $75.5 million, subject to a working capital adjustment.  The transaction was funded from borrowings from our senior secured revolving credit facility and cash on hand. 

 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF INCOME 

 (UNAUDITED) 

 (In thousands, except per share data) 










 Three Months Ended
December 31, 


 Year Ended
December 31, 


2013


2012


2013


2012

 Net service revenues 

$           96,341


$           85,421


$         357,812


$         342,448

 Cost of service revenues (excluding
      depreciation & amortization) 

51,704


44,598


191,268


177,549

 Gross margin 

44,637


40,823


166,544


164,899

 General and administrative expenses: 








 Salaries and benefits 

27,315


24,413


102,367


96,406

 Other 

12,897


10,076


45,312


39,643

 Deal and transition costs 

3,337


80


4,322


588

 Total general and administrative
     expenses 

43,549


34,569


152,001


136,637

 Operating income 

1,088


6,254


14,543


28,262

 Interest expense, net 

(127)


(17)


(169)


(104)

 Income before income taxes 

961


6,237


14,374


28,158

 Income tax expense 

(756)


(2,501)


(6,020)


(11,047)

 Net income from continuing operations 

$                205


$             3,736


$             8,354


$           17,111









 Discontinued operations: 








 (Loss) gain from operations, net 








  of tax of ($12), ($19), ($89) and $108 

$                (58)


$                (31)


$              (477)


$                173

 Gain on sale, net of tax of $2 and $971 

3


-


171


-

 (Loss) gain on discontinued operations 

(55)


(31)


(306)


173

 Net income 

$                150


$             3,705


$             8,048


$           17,284

 Net loss - noncontrolling interests 

178


-


178


-

 Net income attributable to Almost Family, Inc. 

$                328


$             3,705


$             8,226


$           17,284









 Per share amounts-basic: 








 Average shares outstanding 

9,308


9,280


9,279


9,285

 Income from continued operations attributable to Almost Family, Inc. 

$               0.04


$               0.40


$               0.92


$               1.84

 Discontinued operations 

$             (0.01)


$                   -


$             (0.03)


$               0.02

 Net income attributable to Almost Family, Inc. 

$               0.03


$               0.40


$               0.89


$               1.86









 Per share amounts-diluted: 








 Average shares outstanding 

9,401


9,313


9,374


9,324

 Income from continued operations attributable to Almost Family, Inc. 

$               0.04


$               0.40


$               0.91


$               1.84

 Discontinued operations 

$             (0.01)


$                   -


$             (0.03)


$               0.01

 Net income attributable to Almost Family, Inc. 

$               0.03


$               0.40


$               0.88


$               1.85

 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED BALANCE SHEETS 

 (In thousands) 




 As of December 31 

 ASSETS 


2013


2012

 CURRENT ASSETS: 





 Cash and cash equivalents  


$                        12,246


$                        26,120

 Accounts receivable - net 


61,651


49,971

 Prepaid expenses and other current assets 


10,278


6,968

 Deferred tax assets 


11,532


6,580

 TOTAL CURRENT ASSETS 


95,707


89,639






 PROPERTY AND EQUIPMENT - NET 


8,142


5,401

 GOODWILL 


192,575


132,014

 OTHER INTANGIBLE ASSETS 


55,075


19,967

 OTHER ASSETS 


774


781

 OTHER ASSETS, HELD FOR SALE 


-


1,457

 TOTAL ASSETS 


$                      352,273


$                      249,259






 LIABILITIES AND STOCKHOLDERS' EQUITY 





 CURRENT LIABILITIES: 





 Accounts payable 


$                        11,526


$                          4,599

 Accrued other liabilities 


38,916


21,874

 Current portion - notes payable and capital leases 


702


625

 TOTAL CURRENT LIABILITIES 


51,144


27,098






 LONG-TERM LIABILITIES: 





 Revolving credit facility 


56,000


-

 Deferred tax liabilities 


25,580


16,785

 Other liabilities 


1,856


1,061

 TOTAL LONG-TERM LIABILITIES 


83,436


17,846

 TOTAL LIABILITIES 


134,580


44,944






 NONCONTROLLING INTEREST - REDEEMABLE 


3,639


-






 STOCKHOLDERS' EQUITY: 





 Preferred stock, par value $0.05; authorized 





 2,000 shares; none issued or outstanding 


-


-

 Common stock, par value $0.10; authorized 





 25,000; 9,500 and 9,421 





 issued and outstanding 


950


942

 Treasury stock, at cost, 92 and 91 shares 


(2,340)


(2,320)

 Additional paid-in capital 


103,858


101,945

 Noncontrolling interest - nonredeemable 


(203)


-

 Retained earnings 


111,789


103,748

 TOTAL STOCKHOLDERS' EQUITY 


214,054


204,315

 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 


$                      352,273


$                      249,259

 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF CASH FLOWS 

 (UNAUDITED) 

 (In thousands) 


 Year Ended December 31, 


2013


2012

 Cash flows from operating activities: 




 Net income  

$                  8,048


$                17,284

 (Loss) gain on discontinued operations, net of tax 

(306)


173

 Net income from continuing operations before noncontrolling interest 

8,354


17,111

 Adjustments to reconcile income to net cash provided by operating activities: 




 Depreciation and amortization 

2,863


2,552

 Provision for uncollectible accounts 

5,488


2,761

 Stock-based compensation 

1,465


1,473

 Deferred income taxes 

2,099


3,753





 Change in certain net assets and liabilities, net of the effects of acquisitions: 




 Accounts receivable 

(893)


(8,708)

 Prepaid expenses and other current assets 

4,243


(1,129)

 Other assets 

235


228

 Accounts payable and accrued expenses 

(4,080)


(1,705)

 Net cash from operating activities 

19,774


16,336





 Cash flows from investing activities: 




 Capital expenditures 

(2,505)


(2,427)

 Acquisitions, net of cash acquired 

(88,465)


(536)

 Net cash from investing activities 

(90,970)


(2,963)





 Cash flows from financing activities: 




 Credit facility borrowings 

56,000


-

 Proceeds from stock options exercises 

11


70

 Purchase of common stock in connection with share awards 

(20)


(1,889)

 Tax impact of share awards 

(62)


-

 Payment of special dividend 

-


(18,562)

 Principal payments on notes payable and capital leases 

(720)


(1,200)

 Net cash from financing activities 

55,209


(21,581)





 Cash flows from discontinued operations 




 Operating activities 

(970)


695

 Investing activities 

3,083


(60)

 Net cash from discontinued operations 

2,113


635





 Net change in cash and cash equivalents 

(13,874)


(7,573)

 Cash and cash equivalents at beginning of period 

26,120


33,693

 Cash and cash equivalents at end of period 

$                12,246


$                26,120





 Summary of non-cash investing and financing activities: 




 Acquisitions funded by stock 

$                     500


$                       -

 Acquisitions funded by notes payable 

$                  1,500


$                       -

 Dividends declared, not paid 

$                       -


$                       86

 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 RESULTS OF OPERATIONS 

 (UNAUDITED) 

 (In thousands) 



 Three Months Ended December 31, 


2013


2012


 Change 


 Amount 

 % Rev 


 Amount 

 % Rev 


 Amount 

%

Net service revenues:









 Visiting Nurse 

$        74,660

77.5%


$        66,147

77.4%


$          8,513

12.9%

 Personal Care 

21,681

22.5%


19,274

22.6%


2,407

12.5%


96,341

100.0%


85,421

100.0%


10,920

12.8%

Operating income before corporate expenses:









 Visiting Nurse 

8,266

11.1%


8,776

13.3%


(510)

-5.8%

 Personal Care 

2,398

11.1%


2,446

12.7%


(48)

-2.0%


10,664

11.1%


11,222

13.1%


(558)

-5.0%

Deal and transition costs

3,337

3.5%


80

0.1%


3,257

4071.3%

Corporate expenses

6,239

6.5%


4,888

5.7%


1,351

27.6%

Operating income

1,088

1.1%


6,254

7.3%


(5,166)

-82.6%

Interest expense, net

(127)

-0.1%


(17)

0.0%


(110)

647.1%

Income tax expense

(756)

-0.8%


(2,501)

-2.9%


1,745

-69.8%

Net income from continuing operations

$             205

0.2%


$          3,736

4.4%


$         (3,531)

-94.5%










EBITDA from continuing operations

$          2,372

2.5%


$          7,259

8.5%


$         (4,887)

-67.3%

 


 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 RESULTS OF OPERATIONS 

 (UNAUDITED) 

 (In thousands) 



 Year Ended December 31, 


2013


2012


 Change 


 Amount 

 % Rev 


 Amount 

 % Rev 


 Amount 

%

Net service revenues:









 Visiting Nurse 

$      275,813

77.1%


$      265,401

77.5%


$        10,412

3.9%

 Personal Care 

81,999

22.9%


77,047

22.5%


4,952

6.4%


357,812

100.0%


342,448

100.0%


15,364

4.5%

Operating income before corporate expenses:









 Visiting Nurse 

30,749

11.1%


39,142

14.7%


(8,393)

-21.4%

 Personal Care 

10,137

12.4%


10,029

13.0%


108

1.1%


40,886

11.4%


49,171

14.4%


(8,285)

-16.8%

Deal and transition costs

4,322

1.2%


588

0.2%


3,734

635.0%

Corporate expenses

22,021

6.2%


20,321

5.9%


1,700

8.4%

Operating income

14,543

4.1%


28,262

8.3%


(13,719)

-48.5%

Interest expense, net

(169)

0.0%


(104)

0.0%


(65)

62.5%

Income tax expense

(6,020)

-1.7%


(11,047)

-3.2%


5,027

-45.5%

Net income from continuing operations

$          8,354

2.3%


$        17,111

5.0%


$         (8,757)

-51.2%










EBITDA from continuing operations

$        18,871

5.3%


$        32,287

9.4%


$       (13,416)

-41.6%

 

ALMOST FAMILY, INC. AND SUBSIDIARIES

VISITING NURSE SEGMENT OPERATING METRICS











Three Months Ended December 31,


2013


2012


Change


Amount

% Rev


Amount

% Rev


Amount

%

Average number of locations

131



103



28

27.2%










All payors:









Patient months

61,367



53,451



7,916

14.8%

Admissions

17,585



15,643



1,942

12.4%

Billable visits

530,051



466,947



63,104

13.5%










Medicare:









Admissions

15,889

90%


14,203

91%


1,686

11.9%

Revenue (in thousands)

$      68,624

92%


$      60,969

92%


$      7,655

12.6%

Revenue per admission

$        4,319



$        4,293



$           26

0.6%

Billable visits

450,842

85%


393,865

84%


56,977

14.5%

Recertifications

9,416



7,823



1,593

20.4%

Payor mix % of Admissions









Traditional Medicare Episodic

88.7%



92.7%



-4.0%


 Replacement Plans Paid Episodically

2.8%



2.6%



0.2%


 Replacement Plans Paid Per Visit

8.4%



4.7%



3.7%











Non-Medicare:









Admissions

1,695

10%


1,440

9%


255

17.7%

Revenue (in thousands)

$        6,036

8%


$        5,178

8%


$         858

16.6%

Revenue per admission

$        3,561



$        3,596



$         (35)

-1.0%

Billable visits

79,209

15%


73,082

16%


6,127

8.4%

Recertifications

1,311



1,571



(260)

-16.5%

Payor mix % of Admissions









Medicaid & other governmental

27.9%



31.7%



-3.8%


Private payors

72.1%



68.3%



3.8%




















PERSONAL CARE OPERATING METRICS











Three Months Ended December 31,


2013



2012



Change


Amount



Amount



Amount

%

Average number of locations

62



60



2

3.3%










Admissions

1,050



1,072



(22)

-2.1%

Patient months of care

18,117



17,280



837

4.8%

Billable hours

1,208,847



1,079,477



129,370

12.0%

Revenue per billable hour

$        17.94



$        17.86



$        0.08

0.4%

 

ALMOST FAMILY, INC. AND SUBSIDIARIES

VISITING NURSE SEGMENT OPERATING METRICS











Year Ended December 31,


2013


2012


Change


Amount

% Rev


Amount

% Rev


Amount

%

Average number of locations

112



105



7

6.7%










All payors:









Patient months

224,446



212,555



11,891

5.6%

Admissions

64,843



62,319



2,524

4.1%

Billable visits

1,967,407



1,847,268



120,139

6.5%










Medicare:









Admissions

58,634

90%


56,179

90%


2,455

4.4%

Revenue (in thousands)

$    255,097

93%


$    245,487

93%


$      9,610

3.9%

Revenue per admission

$        4,351



$        4,370



$         (19)

-0.4%

Billable visits

1,676,717

85%


1,546,230

84%


130,487

8.4%

Recertifications

33,699



31,098



2,601

8.4%

Payor mix % of Admissions









Traditional Medicare Episodic

91.9%



93.7%



-1.8%


 Replacement Plans Paid Episodically

2.6%



3.2%



-0.6%


 Replacement Plans Paid Per Visit

5.5%



3.1%



2.4%











Non-Medicare:









Admissions

6,209

10%


6,140

10%


69

1.1%

Revenue (in thousands)

$      20,717

7%


$      19,914

8%


$         803

4.0%

Revenue per admission

$        3,336



$        3,243



$           93

2.9%

Billable visits

290,696

15%


301,038

16%


(10,342)

-3.4%

Recertifications

5,493



6,264



(771)

-12.3%

Payor mix % of Admissions









Medicaid & other governmental

28.3%



36.9%



-8.6%


Private payors

71.7%



63.1%



8.6%




















PERSONAL CARE OPERATING METRICS











Year Ended December 31,


2013



2012



Change


Amount



Amount



Amount

%

Average number of locations

61



60



1

1.7%










Admissions

4,311



4,319



(8)

-0.2%

Patient months of care

70,611



69,304



1,307

1.9%

Billable hours

4,602,260



4,275,007



327,253

7.7%

Revenue per billable hour

$        17.82



$        18.02



$      (0.20)

-1.1%

 

Non-GAAP Financial Measure

The information provided in some of the tables in this release includes certain non-GAAP financial measures as defined under SEC rules.  In accordance with SEC rules, the Company has provided, in the supplemental information, a reconciliation of those measures to the most directly comparable GAAP measures.

EBITDA

Earnings before interest, income taxes, depreciation and amortization (EBITDA) is not a measure of financial performance under accounting principles generally accepted in the United States of America.  It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles. The items excluded from EBITDA are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates EBITDA and believes that it is useful to investors because it is commonly used as an analytical indicator within our industry to evaluate performance, measure leverage capacity and debt service ability, and to estimate current or prospective enterprise value. EBITDA is also used in certain covenants contained in our credit agreement.

The following tables set forth a reconciliation of net income to EBITDA:

 

ALMOST FAMILY, INC. AND SUBSIDIARIES

RECONCILIATION OF EBITDA

(In thousands)







Three Months Ended

December 31,


Year Ended

December 31,

(in thousands)

2013


2012


2013


2012

Net income from continuing operations

$          205


$       3,736


$       8,354


$     17,111

Add back:








Interest expense

127


17


169


104

Income tax expense

756


2,501


6,020


11,047

Depreciation and amortization

858


659


2,863


2,552

Amortization of stock-based compensation

426


346


1,465


1,473

Earnings before interest, income taxes, depreciation and amortization (EBITDA) from continuing operations

$       2,372


$       7,259


$     18,871


$     32,287

 

About Almost Family, Inc.

Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing services, with branch locations in Florida, Ohio, Tennessee, Kentucky, Connecticut, New Jersey, Massachusetts, Georgia, Pennsylvania, Indiana, Missouri, Illinois, Mississippi and Alabama (in order of revenue significance).  Almost Family, Inc. and its subsidiaries operate a Medicare-certified segment and a personal care segment.  Almost Family operates over 240 branch locations in fourteen U.S. states.

Forward Looking Statements

All statements, other than statements of historical facts, included in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "project," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. These forward-looking statements are based on the Company's current plans, expectations and projections about future events.

Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties which could cause actual results to differ materially include: regulatory approvals or third-party consents may not be obtained; the impact of further changes in healthcare reimbursement systems, including the ultimate outcome of potential changes to Medicare reimbursement for home health services and to Medicaid reimbursement due to state budget shortfalls; the ability of the Company to maintain its level of operating performance and achieve its cost control objectives; changes in our relationships with referral sources; the ability of the Company to integrate acquired operations including obtaining synergies, integration objectives and anticipated timelines; government regulation; health care reform; pricing pressures from Medicare, Medicaid and other third-party payers; changes in laws and interpretations of laws relating to the healthcare industry; and the Company's self-insurance risks.  For a more complete discussion regarding these and other factors which could affect the Company's financial performance, refer to the Company's various filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended December 31, 2012, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors."  With regard to the Company's recent investment in Imperium, in particular given that it is a development stage enterprise, there can be no assurance that its operational and developmental objectives will be realized or that any savings in healthcare spending or any participation in Medicare Shared Savings Program payments will be realized.  The Company undertakes no obligation to update or revise its forward-looking statements.

 

Almost Family, Inc.

Steve Guenthner

(502) 891-1000

The Ruth Group

Investor Relations

Nick Laudico

(646) 536-7030

[email protected]

 

SOURCE Almost Family, Inc.

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