Press Release

Amedisys Reports Fourth Quarter Financial Results

Amedisys to Host Conference Call Today at 10:00 a.m. ET

Company Release - 3/4/2015 7:00 AM ET

BATON ROUGE, La., March 4, 2015 (GLOBE NEWSWIRE) -- Amedisys, Inc. (Nasdaq:AMED), a leading home health and hospice company, today reported its financial results for the fourth quarter and year ended December 31, 2014.

Three-Month Periods Ended December 31, 2014 and 2013

  • After adjusting for the 2014 period, $0.2 million ($0.1 million, net of income tax ) or $0.01 per diluted share and for the 2013 period $9.6 million ($5.9 million, net of income tax) or $0.19 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
    • Net service revenue of $300.5 million compared to $303.5 million in 2013.
    • Net income from continuing operations attributable to Amedisys, Inc. of $9.0 million compared to net loss from continuing operations of $2.2 million in 2013. (Net income from continuing operations attributable to Amedisys, Inc. of $9.1 million compared to net loss from continuing operations attributable to Amedisys, Inc. of $8.2 million in 2013 on a GAAP basis.)
    • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.27 compared to net loss from continuing operations attributable to Amedisys, Inc. of $0.07 per diluted share in 2013. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.28 compared to net loss from continuing operations attributable to Amedisys Inc. per diluted share of $0.26 in 2013 on a GAAP basis.)
    • Earnings before interest, taxes, depreciation and amortization attributable to continuing operations ("EBITDA") of $22.9 million compared to $6.8 million in 2013.

Twelve-Month Periods Ended December 31, 2014 and 2013

  • After adjusting for the 2014 period, $17.7 million ($10.9 million, net of income tax ) or $0.33 per diluted share and for the 2013 period $158.2 million ($98.3 million, net of income tax) or $3.14 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
    • Net service revenue of $1,204.5 million compared to $1,249.3 million in 2013.
    • Net income from continuing operations attributable to Amedisys, Inc. of $23.9 million compared to net income from continuing operations of $5.2 million in 2013. (Net income from continuing operations attributable to Amedisys, Inc. of $13.0 million compared to net loss from continuing operations attributable to Amedisys, Inc. of $93.1 million in 2013 on a GAAP basis.)
    • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.73 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.16 per diluted share in 2013. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.40 compared to net loss from continuing operations attributable to Amedisys Inc. per diluted share of $2.98 in 2013 on a GAAP basis.)
    • EBITDA of $74.3 million compared to $48.9 million in 2013.

Paul B. Kusserow, President and Chief Executive Officer stated, "Amedisys made great strides in 2014 resulting in stabilized operations and improved financial performance while remaining focused on providing high-quality patient care. I am particularly proud of the way our employees and leadership team responded to the challenges in front of them. I am fortunate to have the opportunity to lead a great organization with such a critical mission, and I look forward to the opportunities in front of us."

We urge caution in considering the current trends disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission ("SEC") including our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC's internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com. We disclaim any obligations to update disclosed information on trends.

*See section titled "Reconciliation of Non-GAAP Financial Measures to GAAP Financial Statements" for explanation of these certain items and the reconciliations of non-GAAP financial measures.

Earnings Call and Webcast Information

To participate on the conference call, please call a few minutes before 10:00 a.m. ET to either (877) 512-9171 (Toll free) or (815) 573-0979, use conference ID #86602957. A replay of the conference call will be available through April 4, 2015. The replay dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll) and use conference ID #86602957.

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.

Amedisys, Inc. (the "Company") is headquartered in Baton Rouge, Louisiana and our common stock trades on the NASDAQ Global Select Market under the symbol "AMED".

Additional information

Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled "Investors" on our website home page. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investor Relations subpage of our website for important and time-critical information. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like "believes," "belief," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "would," "should" and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, changes in or our failure to comply with existing Federal and State laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and State governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate and manage our information systems, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures as defined under SEC rules: EBITDA, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, adjusted EBITDA, defined as EBITDA excluding certain other items, adjusted net income (loss) from continuing operations attributable to Amedisys, Inc., defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items, and adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. per diluted share, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share excluding certain other items. In accordance with SEC rules, we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP. Management believes that these are useful gauges of our performance and are common measures used in our industry to assess relative financial performance among companies.

     
AMEDISYS, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION
(Amounts in thousands, except share, per share data and statistical information)
(Unaudited)
   
Balance Sheet Information  
   
  As of December 31,
  2014 2013
ASSETS    
Current assets:    
Cash and cash equivalents $ 8,032 $ 17,303
Patient accounts receivable, net of allowance for doubtful accounts of $14,317 and $14,231  99,325  111,133
Prepaid expenses  8,493  10,669
Deferred income taxes  —   55,329
Other current assets  19,708  10,785
Assets held for sale  —   60
     
Total current assets  135,558  205,279
Property and equipment, net of accumulated depreciation of $146,438 and $129,891  137,455  159,025
Goodwill  205,587  208,915
Intangible assets, net of accumulated amortization of $25,374 and $25,133  33,193  36,690
Deferred income taxes  124,788  90,214
Other assets, net  33,161  26,283
     
Total assets $ 669,742 $ 726,406
     
LIABILITIES AND EQUITY    
Current Liabilities:    
Accounts payable $ 16,056 $ 20,139
Accrued charge related to U.S. Department of Justice settlement  —   150,000
Payroll and employee benefits  75,553  70,801
Accrued expenses  56,329  57,572
Current portion of long-term obligations  12,000  13,904
Current portion of deferred income taxes  2,385  — 
     
Total current liabilities  162,323  312,416
Long-term obligations, less current portion  104,372  33,000
Other long-term obligations  5,285  8,511
     
Total liabilities  271,980  353,927
     
Equity:    
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding  —   — 
Common stock, $0.001 par value, 60,000,000 shares authorized; 34,569,526 and 33,413,970 shares issued; and 33,594,572 and 32,538,971 shares outstanding  35  33
Additional paid-in capital  481,762  467,890
Treasury stock at cost, 974,954 and 874,999 shares of common stock  (19,860 )  (18,176 )
Accumulated other comprehensive income  15  15
Retained earnings  (64,785)  (77,561)
     
Total Amedisys, Inc. stockholders' equity  397,167  372,201
Noncontrolling interests  595  278
     
Total equity  397,762  372,479
     
Total liabilities and equity $ 669,742 $ 726,406
     

 

Statement of Operations Information
     
  For the Three-Month Periods
Ended December 31,
  
For the Years Ended
December 31,
  2014 2013 2014 2013
Net service revenue $ 300,528 $ 303,497 $ 1,204,554 $ 1,249,344
Cost of service, excluding depreciation and amortization  171,375  179,336  691,061  717,996
General and administrative expenses:        
Salaries and benefits  68,465  73,806  292,497  302,564
Non-cash compensation  2,400  1,586  5,597  6,519
Other  33,404  41,457  143,644  164,991
Provision for doubtful accounts  2,976  3,445  16,294  15,882
Depreciation and amortization  6,198  8,565  28,307  36,871
U.S. Department of Justice settlement  —   —   —   150,000
Goodwill and other intangibles impairment charge  899  5,664  3,107  9,492
         
Operating expenses  285,717  313,859  1,180,507  1,404,315
         
Operating income (loss)  14,811  (10,362)  24,047  (154,971)
Other income (expense):        
Interest income  48  14  94  54
Interest expense  (2,614)  (1,934)  (8,217)  (4,412)
Equity in earnings from equity investments  757  466  2,991  1,520
Miscellaneous, net  1,517  (1,740)  2,061  4,334
         
Total other income (expense), net  (292)  (3,194)  (3,071)  1,496
         
Income (loss) before income taxes  14,519  (13,556)  20,976  (153,475)
Income tax (expense) benefit  (5,188)  5,038  (7,671)  58,773
         
Income (loss) from continuing operations  9,331  (8,518)  13,305  (94,702)
Discontinued operations, net of tax  —   (1,459)  (216)  (3,073)
         
Net income (loss)  9,331  (9,977)  13,089  (97,775)
Net (income) loss attributable to noncontrolling interests  (196)  349  (313)  1,597
         
Net income (loss) attributable to Amedisys, Inc. $ 9,135 $ (9,628) $ 12,776 $ (96,178)
         
Basic earnings per common share:        
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders $ 0.28 $ (0.26) $ 0.40 $ (2.98)
Discontinued operations, net of tax  —   (0.04)  (0.01)  (0.10)
         
Income (loss) attributable to Amedisys, Inc. common stockholders $ 0.28 $ (0.30) $ 0.39 $ (3.08)
         
Weighted average shares outstanding  32,621  31,685  32,301  31,247
         
Diluted earnings per common share:        
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders $ 0.28 $ (0.26) $ 0.40 $ (2.98)
Discontinued operations, net of tax  —   (0.04)  (0.01)  (0.10)
         
Income (loss) attributable to Amedisys, Inc. common stockholders $ 0.28 $ (0.30) $ 0.39 $ (3.08)
         
Weighted average shares outstanding  33,188  31,685  32,823  31,247
         
Amounts attributable to Amedisys, Inc. common stockholders:        
Income (loss) from continuing operations $ 9,135 $ (8,169) $ 12,992 $ (93,105)
Discontinued operations, net of tax  —   (1,459)  (216)  (3,073)
         
Net income (loss) $ 9,135 $ (9,628) $ 12,776 $ (96,178)
         

 

Cash Flow and Days Revenue Outstanding, Net Information
     
  For the Three-Month Periods
Ended December 31,
  
For the Years Ended
December 31,
  
   2014   2013   2014   2013 
Net cash provided by (used in) operating activities $ 4,595 $ 8,401 $ (65,534) $ 102,263
Net cash used in investing activities  (5,138)  (11,002)  (14,300)  (46,458)
Net cash provided by (used in) financing activities  3,033  (23,722)  70,563  (53,047)
         
Net increase (decrease) in cash and cash equivalents  2,490  (26,323)  (9,271)  2,758
Cash and cash equivalents at beginning of period  5,542  43,626  17,303  14,545
         
Cash and cash equivalents at end of period $ 8,032 $ 17,303 $ 8,032 $ 17,303
         
Days revenue outstanding, net (1)  29.4  32.1  29.4  32.1
         
(1) Our calculation of days revenue outstanding, net at December 31, 2014 and 2013 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three month-period ended December 31, 2014 and 2013, respectively.
         

 

Supplemental Information – Home Health
   
  For the Three-Month Periods
Ended December 31,
  
  2014 2013
Financial Information (in millions):    
Medicare $ 186.0 $ 193.1
Non-Medicare  53.5  45.3
     
Net service revenue  239.5  238.4
Cost of service  138.7  144.4
     
Gross margin  100.8  94.0
Other operating expenses  67.6  79.4
     
Operating income before impairment (1) $ 33.2 $ 14.6
     
Key Statistical Data:    
Medicare:    
Same Store Volume (2):    
Revenue  4%  (11%)
Admissions  2%  (1%)
Recertifications  2%  (16%)
Total (3):    
Admissions  42,586  45,405
Recertifications  24,795  25,609
Completed episodes  66,563  69,034
Visits  1,173,830  1,230,625
Average revenue per completed episode (4) $ 2,850 $ 2,840
Average revenue per completed episode including sequestration (5) $ 2,793 $ 2,783
Visits per completed episode (6)  17.5  17.5
     
Non-Medicare:    
Same Store Volume (2):    
Revenue  26%  (16%)
Admissions  22%  (7%)
Recertifications  22%  (24%)
Total (3):    
Admissions  21,312  18,898
Recertifications  8,328  7,310
Visits  433,086  370,103
     
Total (3):    
Cost per Visit $ 86.29 $ 90.21
Visits  1,606,916  1,600,728
     
   
  For the Years Ended December 31,
   2014   2013 
Financial Information (in millions):    
Medicare $ 751.5  $ 803.8
Non-Medicare  205.4   183.9
     
Net service revenue  956.9   987.7
Cost of service  559.4   578.9
     
Gross margin  397.5   408.8
Other operating expenses  292.8   325.3
     
Operating income before impairment (1) $ 104.7  $ 83.5
     
     
Key Statistical Data:    
Medicare:    
Same Store Volume (2):    
Revenue  1%  (10%)
Admissions  0%  0%
Recertifications  1%  (18%)
Total (3):    
Admissions  175,476   188,566
Recertifications  102,263   107,908
Completed episodes  271,217   290,780
Visits  4,794,609   5,177,976
Average revenue per completed episode (4) $ 2,827  $ 2,817
Average revenue per completed episode including sequestration (5) $ 2,770  $ 2,775
Visits per completed episode (6)  17.3   17.5
     
Non-Medicare:    
Same Store Volume (2):    
Revenue  19%  (20%)
Admissions  17%  (13%)
Recertifications  13%  (24%)
Total (3):    
Admissions  83,759   76,551
Recertifications  32,074   30,304
Visits  1,651,745   1,531,781
     
Total (3):    
Cost per Visit $ 86.77  $ 86.27
Visits  6,446,354   6,709,757
     
(1) Operating income of $32.8 million and $103.1 million on a GAAP basis for the quarter and year ended December 31, 2014, respectively. Operating income of $9.9 million and $75.0 million on a GAAP basis for the quarter and year ended December 31, 2013, respectively.
(2) Medicare and Non-Medicare revenue, admissions or recertifications same store volume is the percent increase (decrease) in our Medicare and Non-Medicare revenue, admissions or recertifications for the period as a percent of the Medicare and Non-Medicare revenue, admissions or recertifications of the prior period.
(3) Based on continuing operations for all periods presented.
(4) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care which excludes the impact of sequestration.
(5) Average Medicare revenue per completed episode including sequestration is the average Medicare revenue earned for each Medicare completed episode of care which includes the impact of sequestration.
(6) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.
     

 

Supplemental Information – Hospice
   
  For the Three-Month Periods
Ended December 31,
  
  2014 2013
Financial Information (in millions):    
Medicare revenue $ 57.5 $ 61.4
Non-Medicare revenue  3.5  3.7
     
Net service revenue  61.0  65.1
Cost of service  32.7  34.9
     
Gross margin  28.3  30.2
Other operating expenses  14.5  16.9
     
Operating income before impairment (1) $ 13.8 $ 13.3
     
Key Statistical Data:    
Same store Medicare revenue growth (2)  (1%)  (8%)
Same store Non-Medicare revenue growth (2)  7%  (8%)
Hospice admits  4,134  4,371
Average daily census  4,510  4,866
Revenue per day $ 147.16 $ 145.60
Cost of service per day $ 78.62 $ 77.63
Average length of stay  102  98
   
  For the Years Ended December 31,  
  2014 2013
Financial Information (in millions):    
Medicare revenue $ 232.6 $ 246.4
Non-Medicare revenue  15.0  15.2
     
Net service revenue  247.6  261.6
Cost of service  131.7  139.1
     
Gross margin  115.9  122.5
Other operating expenses  61.9  72.5
     
Operating income before impairment (1) $ 54.0 $ 50.0
     
Key Statistical Data:    
Same store Medicare revenue growth (2)  (2%)  (9%)
Same store Non-Medicare revenue growth (2)  6%  (3%)
Hospice admits  17,081  18,335
Average daily census  4,618  4,964
Revenue per day $ 146.93 $ 144.43
Cost of service per day $ 77.93 $ 76.45
Average length of stay  100  100
     
(1) Operating income of $13.3 million and $52.5 million on a GAAP basis for the quarter and year ended December 31, 2014, respectively. Operating income of $12.2 million and $49.0 million on a GAAP basis for the quarter and year ended December 31, 2013, respectively.
(2) Same store Medicare and Non-Medicare revenue volume is the percent increase (decrease) in our Medicare and Non-Medicare revenue for the period as a percent of the Medicare and Non-Medicare revenue of the prior period.

 

     
Supplemental Information – Corporate
   
  For the Three-Month Periods Ended December 31,
  2014 2013  
Financial Information (in millions):    
Other operating expenses $ 27.6 $ 26.9
Depreciation and amortization  3.7  5.6
     
Total before U.S. Department of Justice settlement (1) $ 31.3 $ 32.5
     
   
  For the Years Ended December 31,
  2014 2013  
Financial Information (in millions):    
Other operating expenses $ 114.4 $ 104.5
Depreciation and amortization  17.2  24.5
     
Total before U.S. Department of Justice settlement (1) $ 131.6 $ 129.0
     
(1) Total of $279.0 million on a GAAP basis for the year ended December 31, 2013.

 

         
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS
(Amounts in thousands) 
(Unaudited)
     
Earnings From Continuing Operations Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA
     
  For the Three-Month Periods Ended
December 31,
  
For the Years Ended December 31,  
  2014 2013 2014 2013
Net income (loss) attributable to Amedisys, Inc. $ 9,135 $ (9,628) $ 12,776 $ (96,178)
Less:        
Discontinued operations, net of tax  —   (1,459)  (216)  (3,073)
         
Net income (loss) from continuing operations attributable to Amedisys, Inc.  9,135  (8,169)  12,992  (93,105)
Add:        
Income tax expense (benefit)  5,188  (5,038)  7,671  (58,773)
Interest expense, net  2,566  1,920  8,123  4,358
Depreciation and amortization  6,198  8,565  28,307  36,871
         
EBITDA (1)  23,087  (2,722 )  57,093  (110,649)
Add:        
Certain items (2)  (214)  9,626  17,673  158,177
Deferred financing fees (2)  —   (118)  (488)  (118)
Tax adjustments (2)  —   —   —   1,534
         
Adjusted EBITDA (3) $ 22,873 $ 6,786 $ 74,278 $ 48,944
         
 
Adjusted Net Income (Loss) From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:
     
  For the Three-Month Periods
Ended December 31,
  
For the Years Ended December 31,  
  2014 2013 2014 2013
Net income (loss) attributable to Amedisys, Inc. $  9,135 $ (9,628) $ 12,776 $ (96,178)
Less:        
Discontinued Operations, net of tax  —   (1,459)  (216)  (3,073)
         
Net income (loss) from continuing operations attributable to Amedisys, Inc.  9,135  (8,169)  12,992  (93,105)
Add:        
Certain items (2)  (138)  5,930  10,880  98,326
         
Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. (4) $ 8,997 $ (2,239) $ 23,872 $ 5,221
 

 

Adjusted Net Income (Loss) From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:
     
  For the Three-Month Periods Ended
December 31,
  
For the Years Ended December 31,  
  2014 2013 2014 2013
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share $  0.28 $ (0.30 ) $ 0.39 $ (3.08 )
Less:        
Discontinued operations, net of tax  —   (0.04 )  (0.01 )  (0.10 )
         
Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share  0.28  (0.26 )  0.40  (2.98 )
Add:        
Certain items (2)  (0.01 )  0.19  0.33  3.14
         
Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (5) $ 0.27 $ (0.07 ) $ 0.73 $ 0.16
         
(1) EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(2) The following details the certain other items for the three-months and years ended December 31, 2014 and 2013:
             
     
  For the Three-Month Period
Ended December 31, 2014
For the Year Ended
December 31, 2014
  (Income)
Expense
Net Diluted EPS (Income)
Expense
Net Diluted EPS
Other intangibles impairment charge $ 899 $ 578 $ 0.01 $ 3,107 $ 1,938 $ 0.05
Exit and restructuring activity costs  —   —   —   9,954  6,132  0.19
Relator fees  —   —   —   3,938  2,426  0.07
OIG self-disclosure  —   —   —   1,450  893  0.03
Software write-off  —   —   —   1,465  902  0.03
Gain on sale of care centers  —   —   —   (2,131)  (1,313)  (0.04)
Partial claim recovery  (1,113)  (716)  (0.02)  (1,113)  (716)  (0.02)
Deferred financing fees  —   —   —   488  301  0.01
Loss on disposal of in-patient facility  —   —   —   515  317  0.01
             
Total $ (214) $ (138) $ (0.01) $ 17,673 $ 10,880 $ 0.33
             
     
  For the Three-Month Period
Ended December 31, 2013
  
For the Year Ended
December 31, 2013
  
  (Income)
Expense
Net Diluted EPS (Income)
Expense
Net Diluted EPS
U.S. Department of Justice settlement $ —  $ —  $ —  $ 150,000 $ 93,878 $ 3.00
Goodwill and other intangibles impairment charge  5,664  3,489  0.11  9,492  5,847  0.18
Exit and restructuring activity costs  2,313  1,425  0.05  3,882  2,391  0.08
D&O proceeds  —   —   —   (5,530)  (3,406)  (0.11)
Debt Costs  966  595  0.02  966  595  0.02
Tax adjustment  —   —   —   (1,534)  (1,534)  (0.05)
OIG self-disclosure  —   —   —   997  614  0.02
Gain on sale of care centers  —   —   —   (779)  (480)  (0.01)
Sale of airplane  683  421  0.01  683  421  0.01
             
Total $ 9,626 $ 5,930 $ 0.19 $ 158,177 $ 98,326 $ 3.14
             
(3) Adjusted EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, depreciation and amortization excluding certain other items as described in footnote 2. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(4) Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items as described in footnote 2. Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.
(5) Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) from continuing operations per share excluding the earnings per share effect of certain other items as described in footnote 2. Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators or operating performance. This calculation of adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
CONTACT: Investor Contact:

         Amedisys, Inc.
         David Castille
         Managing Director, Treasury/Finance
         (225) 299-3391
         david.castille@amedisys.com

         Media Contact:

         Amedisys, Inc.
         Kendra Kimmons
         Managing Director, Marketing & Communications
         (225) 299-3720
         kendra.kimmons@amedisys.com

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Source: Amedisys, Inc.

Contact Information

Amedisys Corporate Headquarters
3854 American Way
Baton Rouge, LA 70816
(225) 292-2031
Amedisys Executive Office
209 10th Avenue S.
Suite 512
Nashville, TN 37203
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