Abbey Healthcare Group reports 1994 fourth quarter results.COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif.--(BUSINESS WIRE)--Feb. 21, 1995--Abbey Healthcare Group Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABBY) Tuesday Tuesday: see week. announced record revenue and earnings for the fourth quarter and year ended Dec. 31, 1994. Net income for the fourth quarter 1994 increased 174% to $7.7 million or $0.51 per share, based on 16,548,000 fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. shares outstanding. This compares to fourth quarter 1993 net income of $2.8 million, or $0.26 per share, on 13,923,000 fully diluted shares outstanding. Earnings per share on a primary share basis were $0.59 and $0.29, respectively. Revenue for the fourth quarter 1994 was $121.4 million, up 40% from $86.7 million, for the comparable period a year ago. Net income for fiscal 1994 increased 50% to $19.2 million, or $1.38 per share, based on 16,037,000 fully diluted shares outstanding, compared with 1993 net income of $12.8 million, or $1.30 per share, on 12,450,000 fully diluted shares outstanding. On a primary share basis, earnings per share were $1.55 and $1.53, respectively. Revenue for the year increased to $439.2 million, a 58% increase over 1993 revenue of $278.5 million. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose to a record $55.0 million or 12.5% of revenue for 1994, and $18.1 million or 14.9% of revenue for the fourth quarter. Contributing factors to the higher margins were expansion of the company's high growth markets including home infusion INFUSION, med. jur. A pharmaceutical operation, which consists in pouring a hot or cold fluid upon a substance, whose medical properties it is desired to extract. Infusion is also used for the product of this operation. Although infusion differs from decoction, (q.v. and respiratory respiratory /res·pi·ra·to·ry/ (res´pi-rah-tor?e) pertaining to respiration. res·pi·ra·to·ry adj. Of, relating to, used in, or affecting respiration. services, as well as higher operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. produced from its national branch system. The results from current and prior periods exclude the effect of operations and sale of the company's 51% ownership in Abbey abbey, monastic house, especially among Benedictines and Cistercians, consisting of not less than 12 monks or nuns ruled by an abbot or abbess. Many abbeys were originally self-supporting. In the Benedictine expansion after the 8th cent. Pharmaceutical Services, and non-recurring charges of $10.4 million reported in the first quarter. Timothy Timothy, epistles in the New Testament Timothy, two letters of the New Testament. With Titus they comprise the Pastoral Epistles, in which St. Paul addresses his coworkers as the guardians and transmitters of his teaching. M. Aitken Aitken may refer to:
v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. marketing of our core businesses, and significant cost reductions, we set a new exciting and realistic goal for the company. As a result, the company's performance in the second half of the year has exceeded our expectations. The key to our continued success in 1995 is to sustain the momentum clearly reflected in the fourth quarter results. "Abbey is dedicated to quality patient care and service while remaining committed to cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. . As managed care grows, Abbey continues to focus on managing patients in the home. The intervention A procedure used in a lawsuit by which the court allows a third person who was not originally a party to the suit to become a party, by joining with either the plaintiff or the defendant. of home care will increasingly be at the point of diagnosis. During 1994, the company added 668 new contracts bringing the total to 1,400. These contracts generated revenue of $18 million in 1992, $40 million in 1993, and $115 million in 1994." Aitken added, "Based on our strong position in the marketplace, our healthy financial condition, our commitment to managed care, and changing market dynamics which continue to favor home care, we are confident the company will continue to experience improvements in financial results throughout 1995." Abbey Healthcare Group Incorporated provides a broad range of respiratory therapy respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, , infusion services, and home medical, clinical and rehabilitation rehabilitation: see physical therapy. equipment through the nation's largest national network of more than 230 branches servicing patients in 48 states. -0-
ABBEY HEALTHCARE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except for per share data)
Three Months Ended
Dec. 31, Jan. 1,
1994 1994
Net Revenues $121,369 $86,668 Cost of Net Revenues 35,241 27,176 Gross Profit 86,128 59,492
Operating Expenses:
Selling, Distribution and
general and administrative
expenses 59,953 46,573
Provision for doubtful accounts 6,311 4,436
Amortization of intangible
assets 1,736 828
Total Operating Expenses 68,000 51,837
Operating Profit 18,128 7,655
Other (Income) Expenses: Interest Expense, Net 6,673 4,270 Other (income) expense, Net 526 (65) Income from continuing operations before income taxes 10,929 3,450 Income Taxes 3,270 651 Income from continuing operations 7,659 2,799 Discontinued operations: Income from discontinued operations, net of income taxes --- 365 Net income $ 7,659 $ 3,164 Weighted Average Common Shares and Common Share equivalents outstanding: Primary 13,002 9,740 Fully Diluted 16,548 13,923 Net income per common share and common share equivalent:
Primary: Continuing operations 59 cents 29 cents
Net income 59 cents 32 cents
Fully diluted: Continuing operations 51 cents 26 cents
Net income 51 cents 29 cents
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ABBEY HEALTHCARE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except for per share data)
Twelve Months Ended
Dec. 31, 1994
Consolidated Restructure
Operating And Merger
Results Related Charges
Net Revenues $439,175 $ --- Cost of Net Revenues 133,644 (2,094) Gross Profit 305,531 2,094
Operating Expenses:
Selling, Distribution and
general and administrative
expenses 225,032 ---
Provision for doubtful accounts 22,669 ---
Amortization of intangible
assets 6,468 (1,589)
Restructuring and merger
related costs 7,776 (7,776)
Total Operating Expenses 261,945 (9,365)
Operating Profit 43,586 11,459
Other Expenses: Interest Expense, Net 27,168 (1,135) Other expense, Net 1,624 --- Income from continuing operations before income taxes 14,894 (12,594) Income Taxes 6,002 2,239 Income from continuing operations 8,892 (10,355) Discontinued operations: Income from discontinued operations, net of income taxes 344 --- Gain on disposal of discontinued operations, net of income taxes 3,071 --- Net income 12,307 10,355 Weighted Average Common Shares and Common Share equivalents outstanding: Primary 12,396 Fully Diluted 16,037 Net income per common share and common share equivalent:
Primary: Continuing operations 72 cents
Net income 99 cents
Fully diluted: Continuing operations 72 cents
Net income 95 cents
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ABBEY HEALTHCARE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except for per share data)
Twelve Months Ended
Dec. 31, 1994
Results Net Of
Restructure Twelve Months
and Merger Ended
Related Charges Jan. 1, 1994
Net Revenues $439,175 $278,457 Cost of Net Revenues 131,550 90,359 Gross Profit 307,625 188,098
Operating Expenses:
Selling, Distribution and
general and administrative
expenses 225,032 146,833
Provision for doubtful accounts 22,669 12,685
Amortization of intangible
assets 4,879 1,144
Restructuring and merger
related costs --- ---
Total Operating Expenses 252,580 160,662
Operating Profit 55,045 27,436
Other Expenses: Interest Expense, Net 26,033 8,939 Other expense, Net 1,524 480 Income from continuing operations before income taxes 27,488 18,017 Income Taxes 8,241 5,171 Income from continuing operations 19,247 12,846 Discontinued operations: Income from discontinued operations, net of income taxes 344 1,466 Gain on disposal of discontinued operations, net of income taxes 3,071 --- Net income 22,662 14,312 Weighted Average Common Shares and Common Share equivalents outstanding: Primary 12,396 8,376 Fully Diluted 16,037 12,450 Net income per common share and common share equivalent:
Primary: Continuing operations $1.55 $1.53
Net income $1.83 $1.71
Fully diluted: Continuing operations $1.38 $1.30
Net income $1.59 $1.42
CONTACT: Abbey Healthcare Group Incorporated, Costa Mesa Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a J. Rapp RAPP Relatives As Parents Program RAPP Rajasthan Atomic Power Project (Canadian-designed nuclear reactor built in Rajasthan state in India in 1960s) RAPP ROI Analysis of Pharmaceutical Promotion RAPP Registered Air Parcel Post , 714/957-2000 Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE J. Turkell Lewis, 714/957-2416 or 719/520-1313 or Coffin Communications Group William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack F. Coffin, 818/578-0500 |
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