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, 2013.
Three-Month Periods Ended December 31, 2013 and 2012
• After adding back for the 2013 period, $9.6 million ($5.9 million, net of income tax) or $0.19 per diluted share for certain items and after adding back for the 2012 period $151.0 million ($112.5 million, net of income tax) or $3.71 per diluted share for the goodwill and other intangibles impairment charge and certain other items, our adjusted results from continuing operations were as follows:
• Net service revenue of $303.5 million compared to $351.6 million in 2012, a decrease of $48.1 million or 13.7%.
• Net loss from continuing operations attributable to Amedisys, Inc. of $2.2 million compared to net income from continuing operations of $6.3 million in 2012, a decrease of 135.5%. (Net loss from continuing operations attributable to Amedisys, Inc. of $8.2 million compared to $106.2 million in 2012 on a GAAP basis.)
• Net loss from continuing operations attributable to Amedisys, Inc. per diluted share of $0.07 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.21 per diluted share in 2012, a decrease of 133.3%. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.26 compared to $3.50 per diluted share in 2012 on a GAAP basis.)
• Earnings before interest, taxes, depreciation and amortization attributable to continuing operations ("EBITDA") of $6.8 million compared to $21.6 million in 2012, a decrease of 68.7%.
Twelve-Month Periods Ended December 31, 2013 and 2012
• After adding back for the 2013 period $158.2 million ($98.3 million, net of income tax) or $3.14 per diluted share for the U.S. Department of Justice settlement, proceeds from our D&O insurance and certain other items and after adding back for the 2012 period $148.6 million ($110.1 million, net of income tax) or $3.67 per diluted share for the goodwill and other intangibles impairment charge and certain other items, our adjusted results from continuing operations were as follows:
• Net service revenue of $1,249.3 million compared to $1,440.8 million in 2012, a decrease of $191.5 million or 13.3%.
• Net income from continuing operations attributable to Amedisys, Inc., of $5.2 million compared to $29.8 million in 2012, a decrease of 82.5%. (Net loss from continuing operations attributable to Amedisys, Inc. of $93.1 million compared to $80.3 million in 2012 on a GAAP basis.)
• Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.16 compared to $0.99 per diluted share in 2012, a decrease of 83.8%. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $2.98 compared to $2.68 per diluted share in 2012 on a GAAP basis.)
• EBITDA of $48.9 million compared to $97.3 million in 2012, a decrease of 49.7%.
Ronald A. LaBorde, Interim Chief Executive Officer stated, "While volumes were flat sequentially, our results for the quarter were below the guidance previously shared by the Company. An unexpected increase in employee healthcare costs contributed to the lower results."