Gentiva Health Services, Inc. (Nasdaq: GTIV), a leading provider of home health and hospice services, today reported fourth quarter and full year fiscal 2009 results.
Highlights for the three and twelve months ended January 3, 2010 are presented as results from continuing operations. This presentation reflects the sale of Gentiva's respiratory therapy and home medical equipment and infusion therapy businesses in February 2010, which are reported as discontinued operations for all periods presented in this press release.
Fourth quarter 2009 highlights, which reflect 14 weeks of activity compared to 13 weeks in 2008, include:
- Total net revenues from continuing operations of $310.0 million, an increase of 16% compared to $267.3 million for the quarter ended December 28, 2008. Total net revenues included home health episodic revenues of $235.6 million, up 23% compared to $191.1 million in the comparable 2008 period; and hospice revenues of $19.8 million, up 16% from $17.1 million in the 2008 fourth quarter.
- Income from continuing operations of $19.0 million, or $0.63 per diluted share compared to net income of $11.9 million or $0.40 per diluted share in the 2008 fourth quarter.
- Adjusted income from continuing operations of $18.8 million, up 54% compared with the prior year period. Adjusted income from continuing operations, which excludes non-recurring transaction gains and special charges related to restructuring and merger and acquisition activities, was $0.63 per diluted share in the 2009 fourth quarter compared with $0.41 per diluted share in the corresponding period of 2008.
- Earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to continuing operations increased 25% to $34.0 million in the fourth quarter of 2009 as compared to $27.1 million in the fourth quarter of 2008. EBITDA as a percentage of net revenues improved to 11.0% in the fourth quarter of 2009 versus 10.1% in the prior-year period. EBITDA in the 2008 period included restructuring and merger and acquisition costs of $0.6 million.
"Gentiva finished 2009 with strong fourth quarter results, and we have set the stage for solid growth in 2010 as well," said Gentiva CEO Tony Strange. "We have done that by executing on core strategic initiatives and narrowing our focus to our home health and hospice operations. We enter 2010 with a business that is performing well and a strong balance sheet that gives us the financial flexibility to invest both internally and externally in initiatives that will further solidify our industry leadership."
Gentiva reported these highlights from continuing operations for the twelve months ended January 3, 2010, reflecting 53-weeks of activity in 2009 compared to 52-weeks in 2008: