American Healthways Reports EPS of $1.12 for Fiscal 2003; Fourth-Quarter Earnings Total $0.30 Per Share; Expects Continued Profitable Growth For Fiscal 2004.Business Editors NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--Oct. 9, 2003 Ben R. Leedle, Jr., President and Chief Executive Officer of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Healthways Healthways can mean:
AMHC Aviation Structural Mechanic Hydraulics Chief ), today announced financial results for the fourth quarter and 12 months ended August 31, 2003. For the fourth quarter, revenues increased 20% to $46,010,000 from $38,279,000 for the fourth quarter of fiscal 2002. Net income rose 33% to $5,081,000 from $3,826,000. Earnings per 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. share for the fourth quarter were $0.30, up 25% from $0.24 for the fourth quarter of fiscal 2002. The Company's results include the effect of incentive bonus revenues of $0.03 per diluted share for the latest quarter and $0.05 per diluted share for the comparable prior-year period. Revenues increased 35% for fiscal 2003 to $165,471,000 from $122,762,000 for fiscal 2002. Net income for the year rose 78% to $18,474,000 from $10,355,000 for fiscal 2002, and earnings per diluted share increased 75% to $1.12 from $0.64. These results include the effect of incentive bonus revenues of $0.13 per diluted share for fiscal 2003 and $0.12 per diluted share for fiscal 2002. "American Healthways' fourth-quarter and fiscal 2003 financial and operating results continued to reflect the rapid expansion of our industry leading disease management and care enhancement business," remarked Leedle. "This expansion is readily apparent in the 49% growth in actual lives under management, to 838,000 at the fiscal year end from 563,000 at the end of fiscal 2002. As we announced on September September: see month. 30th, we are now reporting actual lives under management instead of diabetes equivalent lives. In addition to serving fully insured members of many of the country's largest and most innovative health plans, we have also produced significant growth in the actual lives under management from their ASO/PPO memberships and agreements with 70 large self-insured self-insured Self fund Health insurance adjective Referring to the practice of carrying an individual health insurance policy for oneself; self insurance is usually more expensive than group insurance employers. "Because of the successful expansion of our health plan business, the fourth quarter marked our 12th consecutive quarter of substantial profitable growth on a comparable-quarter basis. In fact, in the past two fiscal years alone, actual lives under management have more than tripled from 245,000 to 838,000, a compound annual growth rate of 85%. This increase has driven a two-year compound annual growth rate for the Company's net income of 142% and for earnings per diluted share of 126%. Based on both our growing contracting momentum and the continuing success of our programs, we are confident that American Healthways is well positioned to sustain substantial profitable growth for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future by helping our customers achieve improvement in the health and the health care cost of their members." Strong Contracting Growth "A number of recent announcements have highlighted our growing contracting momentum," Leedle said. "Yesterday, we announced: -- a new five-year contract with WellChoice WellChoice, Incorporated is the parent company of Empire Blue Cross-Blue Shield of New York, created when Empire became a publicly traded company in 2003. WellChoice is listed on the Fortune 500 with revenues of over US$5,000,000,000. Inc., parent company of Empire Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. , New York's largest health insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. , under which we will provide diabetes, heart failure, coronary artery disease coronary artery disease, condition that results when the coronary arteries are narrowed or occluded, most commonly by atherosclerotic deposits of fibrous and fatty tissue. , chronic obstructive pulmonary disease chronic obstructive pulmonary disease n. Abbr. COPD A chronic lung disease, such as asthma or emphysema, in which breathing becomes slowed or forced. (COPD COPD chronic obstructive pulmonary disease. COPD abbr. chronic obstructive pulmonary disease Chronic obstructive pulmonary disease (COPD) ) and asthma asthma (ăz`mə, ăs`–), chronic inflammatory respiratory disease characterized by periodic attacks of wheezing, shortness of breath, and a tight feeling in the chest. A cough producing sticky mucus is symptomatic. programs to a portion of their fully insured commercial managed care members, while offering these same programs and 11 other impact conditions to their ASO/PPO members; -- a new five-year contract with Oxford Health Plans to provide our diabetes, heart failure and coronary artery disease programs to Oxford members beginning January January: see month. 2004; -- a new three-year contract with Horizon Healthcare Services, Inc. and its subsidiary, Horizon Healthcare of New Jersey, Inc., the largest health insurer in New Jersey, under which we will provide our heart failure program to their fully insured and Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. +Choice members beginning January 2004. "Since the beginning of our fourth quarter, we have reported that the Company has: -- extended and expanded its relationship with CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) Healthcare through a new five-year contract that consolidates multiple existing arrangements into one contract, while including our program for COPD; -- extended and expanded our relationship with Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. Medical Service Association, the Blue Cross Blue Shield plan for Hawaii, through a new seven-year contract, which adds COPD, asthma and end stage renal disease Renal disease Kidney disease. Mentioned in: Glycogen Storage Diseases hypertension High blood pressure Cardiovascular disease An abnormal ↑ systemic arterial pressure, corresponding to a systolic BP of > 160 mm Hg to our existing diabetes and cardiac cardiac /car·di·ac/ (-ak) 1. pertaining to the heart. 2. pertaining to the cardia. car·di·ac adj. 1. Of, near, or relating to the heart. 2. programs; -- entered a new five-year contract with Blue Cross Blue Shield of Nebraska Nebraska (nəbrăs`kə), Great Plains state of the central United States. It is bordered by Iowa and Missouri, across the Missouri R. (E), Kansas (S), Colorado (SW), Wyoming (NW), and South Dakota (N). to provide our comprehensive suite of programs, including impact conditions, to its self-insured employer groups; -- extended and expanded our relationship with Community Health Plan through a new three-year contract, which adds our programs for COPD, asthma and back pain to our existing diabetes and cardiac programs; and -- entered a new three-year contract with QualChoice/QCA of Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. to provide our programs for diabetes and heart disease to its fully insured members beginning October October: see month. 2003 and to offer these programs to its self-insured employer groups. "Among other benefits resulting from these contracts, we now have contract terms of between five years and 10 years for our largest three customers, who accounted for approximately 70% of fiscal 2003 revenues, and these contracts are essentially risk-free Adj. 1. risk-free - thought to be devoid of risk riskless, unhazardous safe - free from danger or the risk of harm; "a safe trip"; "you will be safe here"; "a safe place"; "a safe bet" . In addition, we have expanded the opportunity with our current customers to help them sell our programs to their ASO/PPO customers representing approximately 10 million members, even as we have aggressively increased actual ASO/PPO lives under management to 132,000 at the end of fiscal 2003 from approximately 22,000 at the end of fiscal 2002. In short, we believe these contracts provide clear evidence of increasing demand among health plans and employers for our demonstrated disease management solutions, and they strengthen American Healthways' position as the industry leader." Landmark Outcomes Achieved "In recent weeks," Leedle continued, "two other seminal seminal /sem·i·nal/ (sem´i-n'l) pertaining to semen or to a seed. sem·i·nal adj. Of, relating to, containing, or conveying semen or seed. events have occurred that, from a strategic perspective, are easily as important for the Company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth prospects. First, one of our largest customers, Blue Cross Blue Shield of Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces ("Blue Cross"), just released the first year's results from our pioneering 10-year agreement to provide our comprehensive programs for 17 chronic conditions and diseases to more than 130,000 of its members. To quote Blue Cross's Chief Medical Officer, Dr. Bill Gold, on this report, 'Based on the results from the first year of this innovative program, the potential impact is staggering.' "We agree with this assessment on several levels. Blue Cross found that, at a time when employers across the nation are facing an expected 12% increase in their health care costs for 2004 - the fifth consecutive year of double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. increases - our programs reduced its projected percentage increase in spending for all of their fully insured members by 200 to 300 basis points. In other words Adv. 1. in other words - otherwise stated; "in other words, we are broke" put differently , our programs, which cover just 10% to 15% of Blue Cross's fully insured members, who typically account for 40% to 45% of its costs, produced a significant reduction in the cost inflation Blue Cross expects for 2004 across its entire fully insured membership. Not only do these savings represent an overall return on Blue Cross's investment ("ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). ") of at least $2.90 for every dollar spent, but they were also achieved in just the first year of a 10-year program that we expect will produce increasing savings in successive years. "It is also crucial to recognize, as Blue Cross reported, that these savings were produced because our programs substantially improved the quality and accessibility of health care for individual plan members, which improved their clinical outcomes, i.e. their health. We are confident that this combination of better individual outcomes and lower costs is a formula that will not be lost on those currently debating the potential of disease management and care enhancement to combat spiraling Medicare costs. "These findings are of further importance to American Healthways because they are also the first independent verification of the potential for our programs for impact conditions, which enable us to serve a much broader segment of our health plan customers' members than programs for individual chronic diseases, such as diabetes or COPD. While our chronic disease programs generated savings in line with expectations, the savings from our impact condition programs substantially exceeded expectations. We believe these results provide strong early-stage validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our strategy to reach a higher percentage of our customers' populations and thereby have the opportunity to have a greater impact on their overall heath heath, tract of open land heath, tract of open land characterized by a few scattered trees, abundant moss cover, and numerous low shrubs, principally of the heath family (see heath, in botany). care expenditures." Continued Program Enhancement Leedle added, "Consistent with this strategy to reach more of our customers' members, our second key strategic success in September was our acquisition of StatusOne Health Systems. By enhancing our ability to reach a segment of our customers' populations that accounts for substantial health care costs, this acquisition significantly broadens our capabilities to meet health plans' growing interest for single-source solutions for their disease management and care enhancement needs. Because of StatusOne's strong internal growth and the substantial cross-selling Cross-selling is the term used to describe the sale of additional products or services to a customer. Less frequently it is used to describe the sale of services to additional business units at an account or to different geographic units of a customer. opportunities within our respective customer bases, we expect this acquisition to be modestly accretive to earnings per diluted share for fiscal 2004 and significantly accretive for fiscal 2005. "Together, we believe the release of the Blue Cross findings and the StatusOne transaction will provide additional impetus Impetus is a stimulus or impulse, a moving force that sparks momentum. Impetus may also refer to:
Fiscal 2004 Guidance American Healthways' guidance for fiscal 2004 is based on its current health plan business under management, its current backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , which is expected to produce annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of approximately $35 million, and its pipeline of potential new contracts and contract extensions. As previously announced, the Company anticipates its earnings per diluted share for fiscal 2004 to be in the range of $1.40 to $1.44. Earnings per diluted share for first quarter of fiscal 2004 are expected to be in the range of $0.20 to $0.21, compared to $0.23 for first quarter of fiscal 2003 ($0.03 of which related to incentive bonuses), due both to the impact of initial StatusOne transaction and integration costs and the ramp-up of contract costs ahead of revenue recognition for American Healthways' new agreements that are expected to start in the first or second quarters of fiscal 2004. American Healthways also continues to expect fiscal 2004 revenues to be in a range of $245 million to $255 million. Company guidance does not include any impact of incentive bonuses. Summary Leedle concluded, "After many years of pioneering effort and investment, we are very pleased, although not surprised, with the recognition disease management and care enhancement is receiving today and with the opportunity its growth represents for American Healthways. Over the years, we have carefully structured this Company to be well positioned to leverage this opportunity to produce significant, sustainable and long-term profitable growth. Our proven business model is scalable and well financed, and we continue essential investments in the training and retention of high quality people throughout our organization. As a result of our long-term focus, demonstrated expertise and contracting momentum, we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the Company's prospects for building additional stockholder value." Conference Call American Healthways will hold a conference call to discuss this release today at 5:00 p.m. Eastern time. Investors will have the opportunity to listen to the conference call live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by going to www.americanhealthways.com and clicking Investor Relations Investor relations The process by which the corporation communicates with its investors. or by going to the following Web site - www.streetevents.com - at least 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available on the Company's Web site for the next 12 months. Any material information disclosed on the quarterly conference call that has not been previously disclosed publicly will be available on the Company's website at www.americanhealthways.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based upon current expectations and involve a number of risks and uncertainties. In order for the Company to utilize the "safe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, investors are hereby cautioned that these statements may be affected by the important factors, among others, set forth below, and consequently, actual operations and results may differ materially from those expressed in these forward-looking statements. The important factors include: the Company's ability to integrate the operations of StatusOne into the Company's business; the Company's ability to achieve the expected financial results for StatusOne; the Company's ability to sign and execute new contracts for health plan disease management services and care enhancement services and to sign and execute new contracts for hospital-based diabetes services; the risks associated with a significant concentration of the Company's revenues with a limited number of health plan customers; the Company's ability to effect cost savings and clinical outcomes improvements under health plan disease management and care enhancement contracts and reach mutual agreement with customers with respect to cost savings, or to effect such savings and improvements within the time frames contemplated by the Company; the Company's ability to accurately forecast performance under the terms of its health plan contracts ahead of data collection and reconciliation; the ability of the Company to collect contractually earned incentive performance bonuses; the ability of the Company's health plan customers to provide timely and accurate data that is essential to the operation and measurement of the Company's performance under the terms of its health plan contracts; the Company's ability to resolve favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. contract billing and interpretation issues with its health plan customers; the ability of the Company to effectively integrate new technologies such as those encompassed in its care enhancement initiatives into the Company's care management information technology platform; the Company's ability to renew and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. maintain contracts with its customers under existing terms or restructure these contracts on terms that would not have a material negative impact on the Company's results of operations; the ability of the Company to implement its care enhancement strategy within expected cost estimates; the ability of the Company to obtain adequate financing to provide the capital that may be needed to support the growth of the Company's health plan operations and to support or guarantee the Company's performance under new health plan contracts; unusual and unforeseen patterns of health care utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be by individuals with diabetes, cardiac, 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. and/or other diseases or conditions for which the Company provides services, in the health plans with which the Company has executed a disease management contract; the ability of the health plans to maintain the number of covered lives enrolled in the plans during the terms of the agreements between the health plans and the Company; the Company's ability to attract and/or retain and effectively manage the employees required to implement its agreements with hospitals and health plan organizations; the impact of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving the Company; the impact of future state and federal health care legislation and regulations on the ability of the Company to deliver its services and on the financial health of the Company's customers and their willingness to purchase the Company's services; and general economic conditions. The Company undertakes no obligation to update or revise any such forward-looking statements. American Healthways, Inc. is the nation's leading and largest provider of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. , comprehensive disease management and care enhancement services to health plans, physicians, medical management organizations and hospitals. The Company's programs have been reviewed and approved for clinical excellence by Johns Hopkins Noun 1. Johns Hopkins - United States financier and philanthropist who left money to found the university and hospital that bear his name in Baltimore (1795-1873) Hopkins 2. and remain the only disease management programs to have been certified See certification. or accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. by each of the National Committee on Quality Assurance (NCQA NCQA National Committee on Quality Assurance, see there ), the Joint Commission on Accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. of Health Care Organizations (JCAHO JCAHO Joint Commission on Accreditation of Healthcare Organizations, see there ), and the American Accreditation Healthcare Commission The Healthcare Commission is an independent body, set up to promote and drive improvement in the quality of healthcare and public health in England and Wales. It aims to achieve this by becoming an authoritative and trusted source of information and by ensuring that this (URAC URAC Utilization Review Accreditation Commission (health care accreditation & certification) URAC University Recreation & Aquatic Centre Ltd (Australia) URAC Union Regional de Apoyo Campesino ). At August 31, 2003, American Healthways disease and care management programs served 838,000 actual lives under management. The Company also operates diabetes management This article is about the management of diabetes mellitus. For more on the disease itself see diabetes mellitus. Diabetes is a chronic disease with no cure as of 2007. It is associated with an impaired glucose cycle, altering metabolism. programs in hospitals nationwide. For more information visit www.americanhealthways.com.
AMERICAN HEALTHWAYS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited, except for fiscal year 2002)
(Dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended
August 31, August 31,
----------------------- -----------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Revenues $46,010 $38,279 $165,471 $122,762
Cost of services 29,971 25,332 106,130 84,845
----------- ----------- ----------- -----------
Gross margin 16,039 12,947 59,341 37,917
Selling, general &
administrative expenses 4,270 4,038 16,511 12,726
Depreciation and
amortization 3,027 2,264 10,950 7,271
Interest 131 161 569 370
----------- ----------- ----------- -----------
Income before income
taxes 8,611 6,484 31,311 17,550
Income tax expense 3,530 2,658 12,837 7,195
----------- ----------- ----------- -----------
Net income $5,081 $3,826 $18,474 $10,355
=========== =========== =========== ===========
Basic income per share: $0.32 $0.25 $1.19 $0.69
=========== =========== =========== ===========
Diluted income per share: $0.30 $0.24 $1.12 $0.64
=========== =========== =========== ===========
Weighted average common shares and equivalents:
Basic 15,710,000 15,321,000 15,524,000 14,973,000
Diluted 16,844,000 16,260,000 16,505,000 16,094,000
American Healthways, Inc.
Segment and Statistical Information
(Unaudited, except for fiscal year 2002)
(Dollars in thousands)
Three Months Ended Twelve Months Ended
August 31, August 31,
-------------------- -------------------
2003 2002 2003 2002
----------- -------- --------- ---------
Segment Operating Information
Revenues:
Health plan contracts $42,468 $33,864 $150,085 $104,250
Hospital contracts 3,477 4,345 15,099 18,195
Other revenue 65 70 287 317
----------- -------- --------- ---------
$46,010 $38,279 $165,471 $122,762
=========== ======== ========= =========
Income before income taxes:
Health plan contracts $15,940 $12,241 $56,918 $32,837
Hospital contracts 696 554 3,069 3,636
Shared support services (6,365) (4,686) (22,610) (14,624)
----------- -------- --------- ---------
Total segments 10,271 8,109 37,377 21,849
General corporate (1,660) (1,625) (6,066) (4,299)
----------- -------- --------- ---------
$8,611 $6,484 $31,311 $17,550
=========== ======== ========= =========
Operating Statistics
Health Plan Segment
-------------------
Health plan actual lives
under management at end
of period 837,710 563,451 837,710 563,451
Annualized Revenue in
backlog $12,200 $27,600 $12,200 $27,600
Hospital Segment
----------------
Contracts at end of period 49 55 49 55
AMERICAN HEALTHWAYS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
August 31, August 31,
2003 2002
----------- ----------
Assets
Current assets:
Cash and cash equivalents $35,956 $23,924
Accounts receivable, net
Billed 18,526 15,146
Unbilled 7,971 5,543
Other current assets 4,267 3,495
Deferred tax asset 758 1,313
----------- ----------
Total current assets 67,478 49,421
Property and equipment
Leasehold improvements 5,045 3,459
Computer equipment, related software
and other equipment 47,772 35,148
----------- ----------
52,817 38,607
Less accumulated depreciation (25,166) (16,802)
----------- ----------
Net property and equipment 27,651 21,805
Long-term deferred tax asset - 942
Other assets, net 446 1,411
Goodwill, net 44,438 44,438
----------- ----------
Total assets $140,013 $118,017
----------- ----------
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $4,067 $4,268
Accrued salaries and benefits 9,162 11,726
Accrued liabilities 2,790 2,372
Contract billings in excess of
earned revenue 3,272 5,726
Income taxes payable 391 235
Current portion of other long-term
debt/liabilities 749 799
----------- ----------
Total current liabilities 20,431 25,126
Long-term debt 109 514
Long-term deferred tax liability 2,380 -
Other long-term liabilities 4,662 3,568
Commitments and contingencies
Stockholders' equity
Preferred stock
$.001 par value, 5,000,000 shares
authorized, none outstanding - -
Common stock
$.001 par value, 40,000,000 shares
authorized, 15,796,732 and 15,366,232
shares outstanding 16 15
Additional paid-in capital 74,086 68,939
Retained earnings 38,329 19,855
----------- ----------
Total stockholders' equity 112,431 88,809
----------- ----------
Total liabilities and stockholders' equity $140,013 $118,017
----------- ----------
AMERICAN HEALTHWAYS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Twelve Months Ended
August 31,
--------------------
2003 2002
----------- --------
(Unaudited)
Cash flows from operating activities:
Net income $18,474 $10,355
Income tax expense 12,837 7,195
----------- --------
Income before income taxes 31,311 17,550
Depreciation and amortization 10,950 7,271
Income taxes (net paid) (5,378) (336)
Decrease (increase) in working capital items (11,381) (1,430)
Other, net 1,432 1,042
----------- --------
Net cash flows provided by operating activities 26,934 24,097
Cash flows from investing activities:
Acquisition of property and equipment (16,168) (13,829)
Business acquisitions - (442)
----------- --------
Net cash flows used in investing activities (16,168) (14,271)
Cash flows from financing activities:
Exercise of stock options 1,649 1,998
Payments of long-term debt (383) (276)
----------- --------
Net cash flows (used in) provided by
financing activities 1,266 1,722
Net increase in cash and cash equivalents 12,032 11,548
Cash and cash equivalents, beginning of period 23,924 12,376
----------- --------
Cash and cash equivalents, end of period $35,956 $23,924
----------- --------
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