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ADVANTAGEHEALTH SECOND QUARTER OPERATING EPS 24 CENTS VS. 10 CENTS

ADVANTAGEHEALTH SECOND QUARTER OPERATING EPS 24 CENTS VS. 10 CENTS
 WOBURN, Mass., March 26 /PRNewswire/ -- AdvantageHEALTH Corporation (NASDAQ: ADHC) reported today that it generated net revenue of $19,493,000 for its second quarter ended Feb. 29, 1992, up 20 percent from $16,272,000 in 1991. Income before a one time extraordinary charge was $940,000, up 124 percent from $421,000 in 1991. Operating earnings per share for the quarter were 24 cents, up 140 percent, as compared to 10 cents achieved in 1991. The company incurred a non- cash, one time extraordinary charge of 14 cents per share in connection with the extinguishment of approximately 50 percent of its outstanding debt and a restructuring of the balance of its debt in connection with the completion of its initial public offering.
 "We are pleased to report that for the first six months net revenues rose 17.2 percent above last year," said Raymond J. Dunn, chairman and CEO. "We generated income of $1,741,000, 95 percent higher than the same period in 1991. Earnings per share before the extraordinary debt extinguishment charge increased 110 percent to 44 cents per share."
 Dunn attributed these earnings gains to continued revenue growth at existing facilities, new out-patient facilities, additional leverage of fixed overhead costs and declining interest costs. During the quarter the company opened two out-patient facilities consisting of 11,685 aggregate square feet, and on a year to date basis in- patient days increased 15 percent from 67,800 days in 1991 to 77,975 days and out-patient treatments increased 40 percent from 145,361 treatments in 1991 to 202,900 in 1992.
 AdvantageHEALTH Corporation completed an initial public offering of 2,990,000 shares of its common stock in February of 1992 at an offering price of $17.50 per share. The company offered 2,370,000 of its shares, with the balance of 620,000 shares offered by Advantage's lender/shareholder. Of the $38,584,000 of net proceeds to the company, $26,180,000 was used to reduce debt and other obligations to Advantage's lenders and approximately $12.4 million is available for growth and expansion.
 AdvantageHEALTH Corporation operates the largest network of comprehensive medical rehabilitation facilities in New England. The company currently employs in excess of 2,500 employees with 32 locations in six states.
 AdvantageHEALTH Corporation and Subsidiaries
 Consolidated Statements of Operations
 (dollar amounts in thousands, except per share data)
 Quarter Ended Six Months Ended
 (Unaudited) (Unaudited)
 2/29/92 2/28/91 2/29/92 2/28/91
 Revenues:
 Net patient service
 revenue $16,971 $14,373 $33,340 $28,826
 Management service
 revenue 950 609 1,845 1,157
 Other operating
 revenue 1,572 1,290 2,907 2,525
 Total 19,493 16,272 38,092 32,508
 Expenses:
 Operating and
 administrative expenses 16,324 13,579 31,737 27,017
 Interest expense 938 1,367 2,106 2,813
 Depreciation and
 amortization 550 546 1,128 1,086
 Total 17,812 15,492 34,971 30,916
 Income from Operations 1,681 780 3,121 1,592
 Non-operating gains
 (losses):
 Income (loss) on
 investments in
 limited partnerships
 and other affiliates 65 (125) 142 (153)
 Minority interest in
 net loss (income)
 of subsidiary (6) 21 (15) 29
 Total 59 (104) 127 (124)
 Income before income taxes
 and extraordinary item 1,740 676 3,248 1,468
 Income taxes 800 255 1,507 576
 Income before extraordinary
 item 940 421 1,741 892
 Extraordinary item, net of tax
 benefit of $356 527 N/A 527 N/A
 Net income $413 $421 $1,214 $892
 Net income applicable to
 common stock, after
 deduction of preferred
 stock dividends $391 $368 $1,135 $787
 Income per share before
 extraordinary item 24 cents 10 cents 44 cents 21 cents
 Extraordinary
 item per share (14 cents) (14 cents)
 Net income per share 10 cents 10 cents 30 cents 21 cents
 Weighted avg. common
 shares and common share
 equivalents outstanding 3,803,365 3,673,147 3,738,255 3,673,147
 AdvantageHEALTH Corporation and Subsidiaries
 Consolidated Balance Sheets
 (in thousands)
 Feb. 29, 1992 Aug. 31, 1991
 (Unaudited) (Audited)
Current Assets: Cash and cash equivalents $15,272 $9,831


Accounts receivable, less allowances of $1,576 and $1,960 for uncollectible
 accounts, respectively 10,735 9,945
 Due from third party payors 2,806 1,972
 Supplies inventory 300 242
 Prepaid expenses and 1,919 1,199
 other current assets Total current assets 31,032
 23,189 Property, plant and equipment, net
 19,579 19,772


Other assets: Goodwill, less accumulated amortization of $1,876 and $1,405
respectively 25,785 26,256


Deferred financing costs, less accumulated amortization of $207 and $155,
respectively 618 670


Investments in limited partnerships
 and other affiliates 762 619
 Other 851 719
 Total 28,016 28,264
 $78,627 $71,225


Current liabilities: Accounts payable and accrued expenses
 $4,732 $5,549


Accrued compensation, amounts withheld and related payroll
 taxes 2,512 2,623
Income taxes payable 570 68


Amounts payable to third party
 payors 7,080 8,501


Current portion of long-term
 debt 3,129 3,866
Total current liabilities 18,023 20,607


Other liabilities: Long-term debt, less current
 portion 21,399 47,274
 Other 502 997
Total 21,901 48,271
Redeemable preferred stock 2,315
Stockholders equity: Preferred stock Common Stock 57
 28


Class B common stock
 Additional paid-in capital 40,074 2,567
Retained earnings (deficit) (1,428) (2,563)
Total stockholders equity 38,703 32
Total $78,627 $71,225
 -0- 3/26/92
 /CONTACT: Raymond J. Dunn, chairman and CEO of AdvantageHEALTH, 617-935-2500/
 (ADHC) CO: AdvantageHEALTH Corporation ST: Massachusetts IN: HEA SU: ERN


DD -- NE003 -- 1933 03/26/92 11:44 EST
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Date:Mar 26, 1992
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