American HomePatient Reports Financial Results for Third Quarter 1999.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)--Nov. 11, 1999-- 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 financial results for the third quarter ended September September: see month. 30, 1999. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Net revenue for the three months ended September 30, 1999 was $89.3 million, down from $90.4 million reported in the second quarter. The company's earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income was $2.2 million for the third quarter compared to $2.4 million for the second quarter and the pre-tax loss for the third quarter was $(5.0) million compared to $(4.7) million for the second quarter. Net patient accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying decreased to $90.0 million at September 30, 1999 compared to $91.6 million at June 30, 1999. Net days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ) was 96 days at the end of both the third and second quarters. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the third quarter and nine months ended September 30, 1999 was $9.5 million and $30.5 million, respectively. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Joseph F. Furlong furlong: see English units of measurement. , president and chief executive officer, revenue growth remains the company's biggest challenge. "We are certainly pleased with our ability to reduce and stabilize stabilize See peg. expenses, and we have made progress in collecting accounts receivable and in improving cash flow; however, our primary challenge continues to be our ability to grow revenue. "Revenue has been impacted adversely throughout the first nine months of 1999 by the businesses the company exited in late 1998. Management goals and incentive plans have been developed to support revenue growth objectives. Additionally, organizational changes in executive management have been made to provide increased focus on marketing and sales support initiatives." American HomePatient is one of the nation's largest home health care providers with over 300 centers in 38 states. Its product and service offerings include respiratory services, infusion therapy, parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition Enteral nutrition Nourishment given through a tube or stoma directly into the small intestine, thus bypassing the upper digestive tract. Mentioned in: Electrolyte Supplements, Enterostomy, Necrotizing Enterocolitis , and medical equipment for patients in their home. American HomePatient's common stock is currently traded over-the-counter under the symbol AHOM. 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's 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 by such forward-looking statement. These statements involve risks, uncertainties and other factors detailed from time to time in the company's filing 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, and the outcome of ongoing governmental investigations. The company cautions investors that any forward-looking statements made by the company are not necessarily indicative of the future performance. -0-
American HomePatient
Summary Financial Data
(In thousands, except per share data)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
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1999 1998 1999 1998
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Net Revenues $ 89,312 $ 101,345 $ 270,973 $ 307,739
Cost of sales and
related services 22,286 23,917 67,562 72,986
Operating expenses 51,326 72,251 156,077 180,583
General and
administrative expenses 3,319 9,219 10,742 16,269
Depreciation
and amortization 10,224 10,084 30,208 29,532
Restructuring (3,614) (3,614)
Earnings (loss) before
interest and taxes 2,157 (10,512) 6,384 11,983
Pre-tax loss (5,032) (16,443) (15,187) (4,912)
Net loss $ (5,182) $ (9,865) $ (15,635) $ (2,947)
Basic loss per share $ (0.34) $ (0.66) $ (1.03) $ (0.20)
Diluted loss per share $ (0.34) $ (0.66) $ (1.03) $ (0.20)
Weighted average shares
outstanding - Basic 15,246 14,981 15,221 15,002
Weighted average shares
outstanding - Diluted 15,246 14,981 15,221 15,002
Sept. 30, Dec. 31,
1999 1998
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Cash & Equivalents $ 26,091 $ 4,327
Net Patient Receivables 90,038 94,162
Other Receivables 2,444 5,412
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Total Receivables 92,482 99,574
Other Current Assets 37,908 44,175
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Total Current Assets 156,481 148,076
Property and Equipment, Net 66,131 77,778
Goodwill 244,503 249,173
Other Assets 46,048 56,865
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Total Assets $513,163 $531,892
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Accounts Payable $ 16,283 $ 10,629
Current Portion of Long Term Debt 11,038 7,024
Other Current Liabilities 25,341 31,308
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Total Current Liabilities 52,662 48,961
Long Term Debt, less current portion 314,077 316,918
Other Liabilities 5,210 9,514
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Total Liabilities 371,949 375,393
Total Stockholders' Equity 141,214 156,499
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Total Liabilities and Equity $513,163 $531,892
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