American HomePatient, Inc. Files Form 10-K for the Twelve Months Ended December 31, 2000.Business Editors, Health & Medical Writers BRENTWOOD Brentwood, city and district, England Brentwood, city (1991 pop. 51,212) and district, Essex, SE England. Brentwood is mainly residential but produces some agricultural equipment, film, and prefabricated concrete. , Tenn.--(BUSINESS WIRE)--April 18, 2001 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 HomePatient, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AHOM) today reported that it has filed its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. with the Securities and Exchange Commission for the twelve months ended December December: see month. 31, 2000. The Company previously reported on April 2, 2001 that it anticipated filing its Form 10-K after the scheduled due date as a result of ongoing negotiations with its lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. group. As previously reported, the Company is in default under its credit facility as a result of breaching several financial covenants contained in the credit agreement and failing to make a scheduled principal payment due March 15, 2001. The lenders have the right to demand the immediate payment of all indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. outstanding under the credit agreement as a result of the defaults. The Company is currently in negotiations with its lenders to cure these defaults. The Company has classified the related outstanding debt as a current liability as of December 31, 2000 since no final agreement with the lenders has been reached. Of this amount, $275.6 million had been classified as long term debt in the preliminary financial statements released by the Company on April 2, 2001. Should the lenders demand payment of the applicable debt, there is no commitment as to how any such demand would be satisfied by the Company. As such, the opinion of the Company's auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together on the Company's financial statements references the Company's ability to continue as a going concern. Negotiations between the Company and its lenders are continuing, and management is hopeful that an agreement will be reached in the near future which will cure the current defaults. As previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). , the Company has been under investigation by the Office of Inspector General Noun 1. Office of Inspector General - the investigative arm of the Federal Trade Commission OIG independent agency - an agency of the United States government that is created by an act of Congress and is independent of the executive departments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc claims for payment from 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. . The Company has been engaged in discussions with the government concerning the investigation and settlement of these matters. The Company previously has not recorded a reserve in its financial statements for this matter, and the preliminary financial statements released on April 2, 2001 did not reflect this reserve. However, based upon recent negotiations, the Company has recorded a reserve as of December 31, 2000 in the amount of $7.5 million in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of a settlement. There can be no assurances, however, that a settlement will be reached or regarding the amount, terms, scope, or timing of any such settlement. A settlement likely will result in a default under the credit facility. For more detail about the Company, please read our annual report on Form 10-K available at the Securities and Exchange Commission website at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Certain statements made in the press release may constitute 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. within the meaning 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. Such forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control, that may cause the company's actual results or performance to materially differ from any future results or performance expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. These statements involve risks, uncertainties and other factors detailed from time to time in the company's filings with the Securities and Exchange Commission. Such factors may include the increased cost of borrowing under the company's credit agreement, changes to the company's business strategy and operation, the effect of healthcare legislation and regulation, the ability to obtain business, the outcome of ongoing governmental investigations, and the outcome of the company's ongoing negotiations with its lenders. There can be no assurances that current negotiations between the company and its lenders will be successful in curing the current defaults. The company cautions investors that any forward-looking statements made by the company are not necessarily indicative indicative: see mood. of future performance.
American HomePatient
Summary Financial Data
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
-------------------- --------------------
2000 1999 2000 1999
-------------------- --------------------
Net Revenues $ 92,843 $ 86,607 $ 363,372 $ 357,580
Cost of sales and related
services 21,366 22,580 85,473 90,142
Operating expenses 52,421 67,941 214,075 224,018
General and administrative
expenses 4,682 3,153 15,823 13,895
Depreciation and
amortization 8,464 10,856 37,121 39,682
Restructuring -- (1,450) -- (1,450)
Goodwill impairment -- 40,271 -- 40,271
Provision for litigation
settlement 7,500 -- 7,500 --
Earnings (loss) before
interest and taxes (1,590) (56,744) 3,380 (48,978)
Pre-tax loss (11,703) (64,228) (31,066) (79,415)
Net loss $ (11,853) $ (84,225) $ (31,666) $ (99,860)
Basic loss per share $ (0.74) $ (5.52) $ (2.01) $ (6.55)
Diluted loss per share $ (0.74) $ (5.52) $ (2.01) $ (6.55)
Weighted average shares
outstanding - Basic 16,126 15,257 15,783 15,236
Weighted average shares
outstanding - Diluted 16,126 15,257 15,783 15,236
Dec. 31, Dec. 31,
2000 1999
-------- --------
Cash & Equivalents $ 12,081 $ 28,123
Restricted Cash 179 --
Net Patient Receivables 74,498 75,167
Other Receivables 967 789
-------- --------
Total Receivables 75,465 75,956
Other Current Assets 17,011 17,481
-------- --------
Total Current Assets 104,736 121,560
Property and Equipment, Net 52,998 61,093
Goodwill 197,491 202,622
Other Assets 23,289 38,725
-------- --------
Total Assets $378,514 $424,000
======== ========
Accounts Payable $ 16,449 $ 23,327
Current Portion of Long Term Debt 297,787 16,644
Other Current Liabilities 30,937 21,059
-------- --------
Total Current Liabilities 345,173 61,030
Long Term Debt, less current portion 1,365 298,778
Other Liabilities 5,737 7,204
-------- --------
Total Liabilities 352,275 367,012
Total Stockholders' Equity 26,239 56,988
-------- --------
Total Liabilities and Equity $378,514 $424,000
======== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion