American HomePatient reports record revenues and net income for second quarter and first six months of 1996.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)--Aug. 5, 1996--American HomePatient, Inc. (Nasdaq: AHOM), one of the nation's largest diversified diversified (di·verˑ·s providers of home health care services, today announced record revenues and net income for the second quarter and first six months ended June June: see month. 30, 1996. 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's net revenues increased 62 percent to a record high $62.4 million in the second quarter compared to $38.5 million in 1995. 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 rose 60 percent to $7.9 million from $4.9 million. Net income increased 50 percent to $3.5 million from $2.4 million last year. The company also recorded a 29 percent increase in earnings per share to $0.27 on 13.3 million average shares outstanding compared with $0.21 on 11.1 million average shares outstanding in the second quarter of 1995. Revenues for American HomePatient in the first half of 1996 increased 73 percent to $117.5 million compared with $67.7 million recorded in the prior-year period. Earnings before interest and taxes increased 69 percent to $14.5 million from $8.6 million. Net income for the first six months rose 58 percent to $6.5 million from $4.1 million. The earnings per share for the first six months rose 24 percent to $0.51 on 12.6 million average shares outstanding compared to $0.41 on 9.9 million average shares outstanding in 1995. Financial results reflect American HomePatient's three-for-two stock split effective June 28 and distributed to stockholders on July 12. Prior-year earnings per share have been adjusted for comparability. "We have had a very active and successful first six months of the year, focusing our efforts primarily on revenue growth, both through acquisitions and same store, and building a strong capital base for continued growth," said Edward K. Wissing, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Following is a summary of American HomePatient's highlights for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. : Continued rapid execution of strategic acquisition plan. Since the beginning of the year, American HomePatient has acquired 25 home health care companies with 69 centers and 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 $67 million. This includes the acquisition of the operations through merger of Miller Medical Service, Inc., announced last week. Miller, with annualized revenues of $19 million, provides the company a solid platform for continued growth in the upper mid-west through its 16 centers in four states. Strong same store revenue growth. Revenues for American HomePatient centers that have been with the company over 12 months (defined as same store), excluding start-up Start-up The earliest stage of a new business venture. operations, grew 10 percent for the quarter and 11 percent for the first six months. New managed care program development. Earlier this year, the company introduced its new case management referral line for case managers, HomeTown home·town n. The town or city of one's birth, rearing, or main residence. Noun 1. hometown - the town (or city) where you grew up or where you have your principal residence; "he never went back to his hometown again" Direct, based on state-of-the-art telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. . Development of joint ventures and strategic alliances with hospitals and integrated delivery systems integrated delivery system Integrated provider Medical practice A coordinated health care system formed by physician groups and hospitals which ↑ efficiency and ↓ redundancy in providing health care; IDSs coordinate delivery of a broad range of health . The company developed two new hospital joint venture partnership markets, one in Roanoke, Va., and the other in Gainesville, Fla. American HomePatient also signed strategic alliance contractual agreements with 14 hospitals in Florida List of hospitals in Florida (U.S. state), sorted by hospital name. A-F
San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , a six-hospital system. Securing additional capital for continued growth. In May, American HomePatient completed a public offering of common stock raising approximately $67 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). . The company also expanded its bank credit borrowing capacity from $150.0 million to $225.0 million. "We continue to grow the business for the 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. ," said Wissing. "We continue to make substantial investments, in people and infrastructure, to position us to take advantage of market opportunities -- from industry consolidation to strategic alliances to managed care." American HomePatient is one of the largest diversified providers of health care services in the country with 280 centers in 31 states. The company's primary product and service offerings include home respiratory services, home infusion services, and home medical equipment and supplies. American HomePatient's common stock is traded in the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol AHOM. -0-
AMERICAN HOMEPATIENT, INC.
(In thousands, except per share data)
Unaudited Results for Unaudited Results for
Three Months Ended Six Months Ended
June 30, June 30,
1995 1996 1995 1996
Revenues $ 38,457 $ 62,418 $ 67,734 $117,472
Cost of sales and
related services 8,299 12,717 13,998 25,015
Operating expenses 18,997 32,060 34,131 59,995
General and
administrative
expenses 2,989 4,131 5,432 7,380
Depreciation and
amortization 3,230 5,604 5,563 10,549
Earnings before
interest and taxes 4,942 7,906 8,610 14,533
Pre-tax income 3,934 5,767 6,824 10,539
Net Income 2,364 3,541 4,094 6,471
Net Income per share
Pre-split $0.32 $0.40 $0.62 $0.77
Post-split $0.21 $0.27 $0.41 $0.51
Weighted average shares
outstanding
Pre-split 7,397 8,871 6,630 8,406
Post-split 11,096 13,307 9,945 12,609
Dec. 31 June 30
1995 1996
Cash & Equivalents $ 4,599 $ 7,224
Accounts Receivable, Net 47,251 61,061
Other Current Assets 20,063 29,724
Total Current Assets 71,913 98,009
Property and Equipment, Net 40,661 51,069
Goodwill 107,234 162,666
Other Assets 12,708 18,107
Total Assets $232,516 $329,851
Trade Accounts Payable 4,815 5,863 Current Portion of Long Term Debt 8,999 11,297 Other Current Liabilities 11,827 12,939 Total Current Liabilities 25,641 30,099 LT Debt and Leases, less Current Portion 84,607 101,608 Other Liabilities 2,837 3,073 Total Liabilities 113,085 134,781 Total Stockholders' Equity 119,431 195,071 Total Liabilities and Equity $232,516 $329,851 CONTACT: American HomePatient, Brentwood Edward K. Wissing or Mary Ellen Rodgers or Kathey S. Palmer, 615/221-8884 |
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