American Medical Holdings reports 40% net income increase for Fiscal '95 first quarter.DALLAS--(BUSINESS WIRE)--Jan. 10, 1995--American Medical Holdings Inc. (NYSE NYSE See: New York Stock Exchange : AMI) today reported a 39.6 percent increase in consolidated net income for the first quarter of fiscal 1995 to $23.0 million, compared with $16.5 million in the same period of fiscal 1994. Earnings per share for the quarter, which ended Nov. 30, 1994, were $0.30 per share, compared with $0.21 per share in the year-ago period. Net revenues for the three months increased 13.3 percent to $632.2 million from $558.2 million in 1994. Earnings before depreciation, amortization, interest, taxes and minority equity interest (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) increased 12.6 percent for the quarter to $121.2 million from $107.6 million in the year-ago period. "The start of 1995 was marked by continued strong performance in cost management and the further development of ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services," said AMI Chairman and Chief Executive Officer Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. W. O'Leary O'Leary is a common Irish name, an anglicized version of the original spelling 'O Laoghaire' or 'O Laoire.' The first records of the name are from Tara where High-King Laoghaire became the first Christian king of Ireland in 432 AD. . "As we move forward with our plans to form a new healthcare company with National Medical Enterprises, these efforts will serve us well in preparing not only for this merger but for the new healthcare environment we foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. ." Equivalent admissions for the three months increased 11.6 percent, with inpatient inpatient /in·pa·tient/ (in´pa-shent) a patient who comes to a hospital or other health care facility for diagnosis or treatment that requires an overnight stay. in·pa·tient n. admissions increasing 9.1 percent and outpatient outpatient /out·pa·tient/ (-pa-shent) a patient who comes to the hospital, clinic, or dispensary for diagnosis and/or treatment but does not occupy a bed. out·pa·tient n. visits growing 26.9 percent, reflecting AMI's continuing emphasis on building its ancillary care services. On a same-hospital basis, net revenues and EBITDA increased 5.0 percent and 7.1 percent, respectively. Equivalent admissions increased 2.9 percent. 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 Medical International, Inc., the operating company operating company A business that engages in transactions with outsiders. of American Medical Holdings, Inc., is one of the nation's leading healthcare companies, with more than $2.2 billion in annual revenues. Founded in 1960 as the first investor-owned hospital company, AMI owns and operates 37 acute-care and one psychiatric hospital psychiatric hospital n. A hospital for the care and treatment of patients affected with acute or chronic mental illness. Also called mental hospital. across 13 states, providing its communities with a full range of quality inpatient and outpatient services outpatient services Hospital-based services Managed care Medical and other services provided, to a nonadmitted Pt, by a hospital or other qualified facility–eg, mental health clinic, rural health clinic, mobile X-ray unit, free-standing dialysis unit Examples including medical, surgical, obstetric ob·stet·ric or ob·stet·ri·cal adj. Of or relating to the profession of obstetrics or the care of women during and after pregnancy. obstetrical, obstetric pertaining to or emanating from obstetrics. , diagnostic, specialty and home health care. AMI announced last October October: see month. that it had agreed to merge with National Medical Enterprises (NYSE: NME NME Name NME Enemy NME New Musical Express NME Neisseria Meningitidis NME New Molecular Entities (US FDA New Drug Approval reports) NME Network Management Ethernet NME New Music Express ) in a transaction expected to close in the first quarter of 1995. -0-
AMERICAN MEDICAL HOLDINGS, INC.
HOSPITAL OPERATING STATISTICS
(Dollars in thousands)
Three Months Ended
-------------------------------
Nov. 30, 1994 Nov. 30, 1993
------------- -------------
Net Revenues $ 632,211 $ 558,217
Earnings Before Depreciation,
Amortization, Interest, Taxes
and Minority Equity Interest 121,173 107,631
Margin 19.2% 19.3%
Inpatient:
Admissions 62,567 57,355
ALOS 6.01 5.79
Patient Days 376,198 331,827
Occupancy Rate 45.9% 44.8%
Outpatient Visits 686,360 540,705
Equivalent Admissions (a) 88,028 78,852
Equivalent Patient Days (a) 518,036 449,966
(a) Equivalent admissions and patient days represent actual
admissions/patient days as adjusted to include outpatient and
emergency room services.
AMERICAN MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except EPS)
Three Months Ended
-------------------------------
Nov. 30, 1994 Nov. 30, 1993
------------- -------------
Net Revenues $ 632,211 $ 558,217
Operating Costs and Expenses:
Salaries and benefits 236,925 205,414
Supplies 91,791 79,482
Provision for uncollectible accounts 42,122 39,036
Depreciation and amortization 41,090 38,273
Other operating costs 140,200 126,654
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Total Operating Costs and Expenses 552,128 488,859
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Operating Income 80,083 69,358
Interest expense, net (39,275) (38,848)
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Income before taxes and minority
equity interest 40,808 30,510
Provision for income taxes (17,100) (12,900)
---------- ----------
Income before minority equity interest 23,708 17,610
Minority equity interest (662) (1,097)
---------- ----------
Net income $ 23,046 $ 16,513
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EPS $ 0.30 $ 0.21 Shares used for EPS 77,567,000 76,938,000 CONTACT: American Medical Holdings Inc., Dallas
(Analyst) Michael N. Murdock, 214/789-2457 or
(Media) Margo L. Barnes, 214/789-2431
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