EX-99.1 2 d765330dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Contact:    Investor Contact:    Media Contact:
   Amedisys, Inc.    Amedisys, Inc.
   David Castille    Kendra Kimmons
   Director, Treasury/Finance    Managing Director, Marketing & Communications
   (225) 299-3391    (225) 299-3720
   david.castille@amedisys.com    kendra.kimmons@amedisys.com

AMEDISYS REPORTS SECOND QUARTER FINANCIAL RESULTS

AMEDISYS TO HOST CONFERENCE CALL TODAY AT 10:00 A.M. ET

BATON ROUGE, Louisiana (July 30, 2014) — Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the three and six-month periods ended June 30, 2014.

Three-Month Periods Ended June 30, 2014 and 2013

 

  After adding back for the 2014 period, $0.8 million ($0.5 million, net of income tax ) or $0.02 per diluted share and for the 2013 period $6.1 million ($3.8 million, net of income tax) or $0.12 per diluted share for certain items*, our adjusted results from continuing operations were as follows:

 

    Net service revenue of $305.0 million compared to $316.0 million in 2013.

 

    Net income from continuing operations attributable to Amedisys, Inc. of $8.0 million compared to net income from continuing operations of $5.8 million in 2013. (Net income from continuing operations attributable to Amedisys, Inc. of $7.6 million compared to net income from continuing operations attributable to Amedisys, Inc. of $2.0 million in 2013 on a GAAP basis.)

 

    Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.25 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.18 per diluted share in 2013. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share $0.23 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.06 per diluted share in 2013 on a GAAP basis.)

 

    Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $22.1 million compared to $19.6 million in 2013.

Six-Month Periods Ended June 30, 2014 and 2013

 

  After adding back for the 2014 period, $16.9 million ($10.4 million, net of income tax ) or $0.32 per diluted share and for the 2013 period $8.2 million ($5.0 million, net of income tax) or $0.16 per diluted share for certain items*, our adjusted results from continuing operations were as follows:

 

    Net service revenue of $603.7 million compared to $644.6 million in 2013.

 

    Net income from continuing operations attributable to Amedisys, Inc. of $5.8 million compared to net income from continuing operations of $10.4 million in 2013. (Net loss from continuing operations attributable to Amedisys, Inc. of $4.6 million compared to net income from continuing operations attributable to Amedisys, Inc. of $5.4 million in 2013 on a GAAP basis.)

 

    Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.18 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.33 per diluted share in 2013. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.14 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.17 per diluted share in 2013 on a GAAP basis.)

 

    EBITDA of $27.6 million compared to $37.9 million in 2013.

Ronald A. LaBorde, Interim Chief Executive Officer stated, “While much work remains, our progress in this quarter reflects the focus of our entire Amedisys team. We believe we have reestablished a solid foundation which will allow us to concentrate on further improving our core business.”

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, 2013, 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 pages 9 & 10 for explanation of these certain items and the reconciliations of non-GAAP financial measures.


Earnings Call and Webcast Information

To participate in the conference call, please call a few minutes before 10:00 a.m. ET on Wednesday, July 30, 2014, to either (877) 512-9171 (Toll free) or (815) 573-0979 (Toll), use conference ID #77505164. A replay of the conference call will be available through August 30, 2014. The replay dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll), use conference ID #77505164.

The call will also be available through our website and for seven days thereafter at the following web address: http://investors.amedisys.com.

We are headquartered in Baton Rouge, Louisiana. 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 fund required settlement payments in the manner agreed upon in our settlement agreement to resolve both the U.S. Department of Justice investigation and the Stark Law Self-Referral matter, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation or investigations relating the Company, including the OIG Self-Disclosure issues and 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.

 

2


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

 

     June 30, 2014     December 31, 2013  
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 11,225     $ 17,303  

Patient accounts receivable, net of allowance for doubtful accounts of $14,956 and $14,231

     110,934       111,133  

Prepaid expenses

     10,855       10,669  

Deferred income taxes

     10,712       55,329  

Other current assets

     15,185       10,785  

Assets held for sale

     —         60  
  

 

 

   

 

 

 

Total current assets

     158,911       205,279  

Property and equipment, net of accumulated depreciation of $140,705 and $129,891

     148,346       159,025  

Goodwill

     205,587       208,915  

Intangible assets, net of accumulated amortization of $25,354 and $25,133

     34,112       36,690  

Deferred income taxes

     134,442       90,214  

Other assets, net

     28,898       26,283  
  

 

 

   

 

 

 

Total assets

   $ 710,296     $ 726,406  
  

 

 

   

 

 

 
LIABILITIES AND EQUITY     

Current Liabilities:

    

Accounts payable

   $ 18,886     $ 20,139  

Accrued charge related to U.S. Department of Justice settlement

     35,000       150,000  

Payroll and employee benefits

     72,861       70,801  

Accrued expenses

     61,712       57,572  

Current portion of long-term obligations

     12,277       13,904  
  

 

 

   

 

 

 

Total current liabilities

     200,736       312,416  

Long-term obligations, less current portion

     132,000       33,000  

Other long-term obligations

     6,518       8,511  
  

 

 

   

 

 

 

Total liabilities

     339,254       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; 34,153,969 and 33,413,970 shares issued; and 33,195,927 and 32,538,971 shares outstanding

     34       33  

Additional paid-in capital

     473,634       467,890  

Treasury stock at cost, 958,042 and 874,999 shares of common stock

     (19,464     (18,176

Accumulated other comprehensive income

     15       15  

Retained earnings

     (82,359     (77,561
  

 

 

   

 

 

 

Total Amedisys, Inc. stockholders’ equity

     371,860       372,201  

Noncontrolling interests

     (818     278  
  

 

 

   

 

 

 

Total equity

     371,042       372,479  
  

 

 

   

 

 

 

Total liabilities and equity

   $ 710,296     $ 726,406  
  

 

 

   

 

 

 

 

3


Statement of Operations Information

 

     For the Three-Month Periods
Ended June 30,
    For the Six-Month Periods
Ended June 30,
 
     2014     2013     2014     2013  

Net service revenue

   $ 305,006     $ 315,960     $ 603,745     $ 644,562  

Cost of service, excluding depreciation and amortization

     172,520       177,760       349,527       363,427  

General and administrative expenses:

        

Salaries and benefits

     71,400       75,012       154,571       154,852  

Non-cash compensation

     1,069       1,224       1,500       3,280  

Other

     35,522       41,378       78,222       83,226  

Provision for doubtful accounts

     4,242       4,639       9,135       8,493  

Depreciation and amortization

     7,692       9,411       15,594       19,381  

Other intangibles impairment charge

     —         2,286       2,208       2,286  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

     292,445       311,710       610,757       634,945  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     12,561       4,250       (7,012     9,617  

Other income (expense):

        

Interest income

     16       11       22       22  

Interest expense

     (1,352     (714     (2,613     (1,806

Equity in earnings from equity investments

     885       337       1,671       700  

Miscellaneous, net

     243       (537     434       (478
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense, net

     (208     (903     (486     (1,562
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     12,353       3,347       (7,498     8,055  

Income tax (expense) benefit

     (4,743     (1,342     2,875       (3,193
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

     7,610       2,005       (4,623     4,862  

Discontinued operations, net of tax

     61       (157     (216     (882
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     7,671       1,848       (4,839     3,980  

Net (income) loss attributable to noncontrolling interests

     (52     (7     41       539  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Amedisys, Inc.

   $ 7,619     $ 1,841     $ (4,798   $ 4,519  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per common share:

        

Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders

   $ 0.24     $ 0.06     $ (0.14   $ 0.18  

Discontinued operations, net of tax

     —         —         (0.01     (0.03
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Amedisys, Inc. common stockholders

   $ 0.24     $ 0.06     $ (0.15   $ 0.15  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding

     32,251       31,160       32,058       30,900  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per common share:

        

Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders

   $ 0.23     $ 0.06     $ (0.14   $ 0.17  

Discontinued operations, net of tax

     —         —         (0.01     (0.03
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Amedisys, Inc. common stockholders

   $ 0.23     $ 0.06     $ (0.15   $ 0.14  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding

     32,594       31,489       32,058       31,298  
  

 

 

   

 

 

   

 

 

   

 

 

 

Amounts attributable to Amedisys, Inc. common stockholders:

        

Income (loss) from continuing operations

   $ 7,558     $ 1,998     $ (4,582   $ 5,401  

Discontinued operations, net of tax

     61       (157     (216     (882
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 7,619     $ 1,841     $ (4,798   $ 4,519  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

4


Cash Flow and Days Revenue Outstanding, Net Information

 

     For the Three-Month Periods
Ended June 30,
    For the Six-Month Periods
Ended June 30,
 
     2014     2013     2014     2013  

Net cash (used in) provided by operating activities

   $ (89,129   $ 33,561     $ (95,471   $ 65,977  

Net cash used in investing activities

     (4,472     (7,390     (9,392     (24,215

Net cash provided by (used in) financing activities

     101,986       (3,074     98,785       (26,189
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     8,385       23,097       (6,078     15,573  

Cash and cash equivalents at beginning of period

     2,840       7,021       17,303       14,545  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 11,225     $ 30,118     $ 11,225     $ 30,118  
  

 

 

   

 

 

   

 

 

   

 

 

 

Days revenue outstanding, net (1)

     32.0       33.9       32.0       33.9  

 

(1) Our calculation of days revenue outstanding, net at June 30, 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 June 30, 2014 and 2013, respectively.

Supplemental Information - Home Health

 

     For the Three-Month
Periods Ended June 30,
 
     2014     2013  

Financial Information (in millions):

    

Medicare

   $ 191.5     $ 204.6  

Non-Medicare

     52.0       45.9  
  

 

 

   

 

 

 

Net service revenue

     243.5       250.5  

Cost of service

     139.3       143.2  
  

 

 

   

 

 

 

Gross margin

     104.2       107.3  

Other operating expenses

     73.2       81.7  
  

 

 

   

 

 

 

Operating income before impairment charges (1)

   $ 31.0     $ 25.6  
  

 

 

   

 

 

 

Key Statistical Data:

    

Medicare:

    

Same Store Volume (2):

    

Revenue

     2     (10 %) 

Admissions

     0     0

Recertifications

     2     (18 %) 

Total (3):

    

Admissions

     43,974       47,734  

Recertifications

     26,283       27,493  

Completed episodes

     70,276       75,461  

Visits

     1,225,278       1,323,138  

Average revenue per completed episode (4)

   $ 2,845     $ 2,831  

Visits per completed episode (5)

     17.5       17.7  

Non-Medicare (3):

    

Admissions

     20,731       18,235  

Recertifications

     8,057       7,532  

Visits

     412,481       380,502  

Total (3):

    

Cost per Visit

   $ 85.08     $ 84.09  

Visits

     1,637,759       1,703,640  

 

5


     For the Six-Month Periods
Ended June 30,
 
     2014     2013  

Financial Information (in millions):

    

Medicare

   $ 380.2     $ 417.2  

Non-Medicare

     100.0       95.3  
  

 

 

   

 

 

 

Net service revenue

     480.2       512.5  

Cost of service

     283.3       293.7  
  

 

 

   

 

 

 

Gross margin

     196.9       218.8  

Other operating expenses

     155.8       166.4  
  

 

 

   

 

 

 

Operating income before impairment charges (1)

   $ 41.1     $ 52.4  
  

 

 

   

 

 

 

Key Statistical Data:

    

Medicare:

    

Same Store Volume (2):

    

Revenue

     (2 %)      (9 %) 

Admissions

     (1 %)      1

Recertifications

     (2 %)      (18 %) 

Total (3):

    

Admissions

     90,501       97,741  

Recertifications

     52,061       56,180  

Completed episodes

     137,748       151,345  

Visits

     2,429,817       2,694,022  

Average revenue per completed episode (4)

   $ 2,812     $ 2,804  

Visits per completed episode (5)

     17.2       17.6  

Non-Medicare (3):

    

Admissions

     41,924       39,821  

Recertifications

     15,508       15,732  

Visits

     802,621       802,858  

Total (3):

    

Cost per Visit

   $ 87.65     $ 83.99  

Visits

     3,232,438       3,496,880  

 

(1) Operating income of $23.3 million on a GAAP basis for the three-month period ended June 30, 2013. Operating income of $39.9 million and $50.1 million on a GAAP basis for the six-month periods ended June 30, 2014 and 2013, respectively.
(2) Medicare revenue, admissions or recertifications same store volume is the percent increase (decrease) in our Medicare revenue, admissions or recertifications for the period as a percent of the 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) 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.

 

6


Supplemental Information - Hospice

 

     For the Three-Month Periods
Ended June 30,
 
     2014     2013  

Financial Information (in millions):

    

Medicare revenue

   $ 57.7     $ 61.6  

Non-Medicare revenue

     3.8       3.8  
  

 

 

   

 

 

 

Net service revenue

     61.5       65.4  

Cost of service

     33.2       34.5  
  

 

 

   

 

 

 

Gross margin

     28.3       30.9  

Other operating expenses

     15.2       18.0  
  

 

 

   

 

 

 

Operating income

   $ 13.1     $ 12.9  
  

 

 

   

 

 

 

Key Statistical Data:

    

Same store Medicare revenue growth (2)

     (3 %)      (12 %) 

Hospice admits

     4,350       4,655  

Average daily census

     4,649       5,006  

Revenue per day

   $ 145.44     $ 143.61  

Cost of service per day

   $ 78.24     $ 75.34  

Average length of stay

     99       99  

 

     For the Six-Month Periods
Ended June 30,
 
     2014     2013  

Financial Information (in millions):

    

Medicare revenue

   $ 116.1     $ 124.4  

Non-Medicare revenue

     7.4       7.6  
  

 

 

   

 

 

 

Net service revenue

     123.5       132.0  

Cost of service

     66.2       69.7  
  

 

 

   

 

 

 

Gross margin

     57.3       62.3  

Other operating expenses

     32.8       37.8  
  

 

 

   

 

 

 

Operating income before impairment charges (1)

   $ 24.5     $ 24.5  
  

 

 

   

 

 

 

Key Statistical Data:

    

Same store Medicare revenue growth (2)

     (4 %)      (8 %) 

Hospice admits

     8,945       9,612  

Average daily census

     4,685       5,038  

Revenue per day

   $ 145.70     $ 144.79  

Cost of service per day

   $ 77.86     $ 76.19  

Average length of stay

     99       101  

 

(1) Operating income of $23.5 million on a GAAP basis for the six-month period ended June 30, 2014.
(2) Same store Medicare revenue volume is the percent increase (decrease) in our Medicare revenue for the period as a percent of the Medicare revenue of the prior period.

 

7


Supplemental Information - Corporate

 

     For the Three-Month Periods
Ended June 30,
 
     2014      2013  

Financial Information (in millions):

     

Other operating expenses

   $ 26.7      $ 25.8  

Depreciation and amortization

     4.8        6.2  
  

 

 

    

 

 

 

Total

   $ 31.5      $ 32.0  
  

 

 

    

 

 

 

 

     For the Six-Month Periods
Ended June 30,
 
     2014      2013  

Financial Information (in millions):

     

Other operating expenses

   $ 60.8      $ 52.1  

Depreciation and amortization

     9.6        12.9  
  

 

 

    

 

 

 

Total

   $ 70.4      $ 65.0  
  

 

 

    

 

 

 

 

8


AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAPP 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 June 30,
    For the Six-Month Periods
Ended June 30,
 
     2014      2013     2014     2013  

Net income (loss) attributable to Amedisys, Inc.

   $ 7,619      $ 1,841     $ (4,798   $ 4,519  

Less:

         

Discontinued operations, net of tax

     61        (157     (216     (882
  

 

 

    

 

 

   

 

 

   

 

 

 

Net income (loss) from continuing operations attributable to Amedisys, Inc.

     7,558        1,998       (4,582     5,401  

Add:

         

Provision for income taxes

     4,743        1,342       (2,875     3,193  

Interest expense, net

     1,336        703       2,591       1,784  

Depreciation and amortization

     7,692        9,411       15,594       19,381  
  

 

 

    

 

 

   

 

 

   

 

 

 

EBITDA (1)

     21,329        13,454       10,728       29,759  

Add:

         

Certain items (2)

     784         6,133       16,884        8,164  
  

 

 

    

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (3)

   $ 22,113       $ 19,587     $ 27,612      $ 37,923  
  

 

 

    

 

 

   

 

 

   

 

 

 

Adjusted Net Income (Loss) From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:

 

     For the Three-Month Periods
Ended June 30,
    For the Six-Month Periods
Ended June 30,
 
     2014      2013     2014     2013  

Net income (loss) attributable to Amedisys, Inc.

   $ 7,619      $ 1,841     $ (4,798   $ 4,519  

Less:

         

Discontinued Operations, net of tax

     61        (157     (216     (882
  

 

 

    

 

 

   

 

 

   

 

 

 

Net income (loss) from continuing operations attributable to Amedisys, Inc.

     7,558        1,998       (4,582     5,401  

Add:

         

Certain items (2)

     482         3,777       10,400        5,028  
  

 

 

    

 

 

   

 

 

   

 

 

 

Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. (4)

   $ 8,040       $ 5,775     $ 5,818      $ 10,429  
  

 

 

    

 

 

   

 

 

   

 

 

 

Adjusted Net Income (Loss) From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:

 

     For the Three-Month Periods
Ended June 30,
     For the Six-Month Periods
Ended June 30,
 
     2014      2013      2014     2013  

Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share

   $ 0.23      $ 0.06      $ (0.15   $ 0.14  

Less:

          

Discontinued operations, net of tax

     —          —          (0.01     (0.03
  

 

 

    

 

 

    

 

 

   

 

 

 

Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share

     0.23        0.06        (0.14     0.17  

Add:

          

Certain items (2)

     0.02        0.12        0.32       0.16  
  

 

 

    

 

 

    

 

 

   

 

 

 

Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (5)

   $ 0.25      $ 0.18      $ 0.18     $ 0.33  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(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.

 

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(2) The following details the certain other items for the three and six-month periods ended June 30, 2014 and 2013:

 

     For the Three-Month Period
Ended June 30, 2014
    For the Six-Month Period
Ended June 30, 2014
 
     (Income)
Expense
    Net     Diluted
EPS
    (Income)
Expense
    Net     Diluted
EPS
 

Other intangibles impairment charge

   $ —       $ —       $ —       $ 2,208     $ 1,360     $ 0.04  

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       1,450       893       0.03  

Software write-off

     1,465        902        0.03       1,465        902        0.03  

Gain on sale of care centers

     (2,131     (1,313     (0.04     (2,131     (1,313     (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 784      $ 482      $ 0.02     $ 16,884      $ 10,400      $ 0.32  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     For the Three-Month Period
Ended June 30, 2013
    For the Six-Month Period
Ended June 30, 2013
 
     (Income)
Expense
    Net     Diluted
EPS
    (Income)
Expense
    Net     Diluted
EPS
 

Other intangibles impairment charge

   $ 2,286     $ 1,408     $ 0.05     $ 2,286     $ 1,408     $ 0.05  

Exit and restructuring activity costs

     1,569       966       0.03       1,569       966       0.03  

Relator fees

     —         —         —         —         —         —    

Legal fees

     1,606       989       0.03       3,637       2,240       0.07  

Loss on sale of care centers

     672       414       0.01       672       414       0.01  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 6,133     $ 3,777     $ 0.12     $ 8,164     $ 5,028     $ 0.16  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.

 

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