Dec 23 2009
National Mentor Holdings, Inc. (the “Company”) today announced its
financial results for the fourth quarter and fiscal year ended September
30, 2009.
Fourth Quarter Results
Revenue for the quarter ended September 30, 2009 was $250.3 million, an
increase of $13.3 million, or 5.6%, over revenue for the quarter ended
September 30, 2008. The increase in revenue was primarily related to
organic growth of $5.4 million, including growth related to new programs
that began operations during the last quarter of the fiscal year ended
September 30, 2008 (“fiscal 2008”) and the fiscal year ended September
30, 2009 (“fiscal 2009”). In addition, revenue increased approximately
$10.0 million as a result of acquisitions that closed during the last
quarter of fiscal 2008 and fiscal 2009. Revenue growth was partially
offset by a reduction in revenue of approximately $2.1 million from
businesses we divested during the last quarter of fiscal 2008 and fiscal
2009.
Income from operations for the quarter ended September 30, 2009 was $9.3
million, an increase of $0.4 million as compared to income from
operations for the quarter ended September 30, 2008. The operating
margin remained constant at 3.7% for the quarter ended September 30,
2009 and 2008.
Net loss for the quarter ended September 30, 2009 was $1.4 million
compared to net loss of $3.6 million for the quarter ended September 30,
2008.
Adjusted EBITDA for the quarter ended September 30, 2009
was $24.9 million, an increase of $2.5 million, or 11.3%, as compared to
Adjusted EBITDA for the quarter ended September 30, 2008. The increase
in Adjusted EBITDA was the result of our on-going cost containment
efforts, as well as the increase in revenue noted above. Adjusted EBITDA
was negatively impacted by an increase in workers’ compensation
insurance costs.
Fiscal Year Results
Revenue for fiscal 2009 was $979.4 million, an increase of $38.0
million, or 4.0%, over revenue for fiscal 2008. The increase in revenue
was primarily related to organic growth of $25.4 million, including
growth related to new programs that began operations during fiscal 2008
and fiscal 2009. In addition, revenue increased approximately $22.0
million as a result of acquisitions that closed during fiscal 2008 and
fiscal 2009. Revenue growth was partially offset by a reduction in
revenue of approximately $9.4 million from businesses we divested in
fiscal 2008 and 2009.
Income from operations for fiscal 2009 was $42.5 million, a decrease of
$1.7 million as compared to income from operations for fiscal 2008. The
operating margin was 4.3% for fiscal 2009, a decrease from 4.7% for
fiscal 2008.
Net loss for fiscal 2009 was $5.5 million compared to net loss of $7.2
million for fiscal 2008.
Adjusted EBITDA for fiscal 2009 was $102.9 million, an
increase of $5.3 million, or 5.4%, as compared to Adjusted EBITDA for
fiscal 2008. The increase in Adjusted EBITDA was the result of our
on-going cost containment efforts, as well as the increase in revenue
noted above. Adjusted EBITDA was negatively impacted by an increase in
workers’ compensation insurance costs.
The reported results are available on the Company's investor relations
web site at www.tmnfinancials.com.
The user name “mentor” and the password “results” are required in order
to access this site. In addition, National Mentor Holdings, Inc. will
hold a conference call Friday, January 8, 2010 at 11:00 a.m. EST to
discuss its financial results. The call will be broadcast live on the
web at www.tmnfinancials.com
and at www.fulldisclosure.com.
A rebroadcast of the call will be available on both web sites until 5:00
p.m. EST on Friday, January 15, 2010. Those wishing to participate in
the January 8 conference call by telephone are required to email their
name and affiliation to [email protected]
for dial-in information.
National Mentor Holdings, Inc., which markets its services under the
name The MENTOR Network, is a leading provider of home and
community-based human services to adults and children with intellectual
and/or developmental disabilities, acquired brain injury and other
catastrophic injuries and illnesses; and to youth with emotional,
behavioral and medically complex challenges. The MENTOR Network’s
customized services offer its clients, as well as the payors of these
services, an attractive, cost-effective alternative to human services
provided in large, institutional settings. The MENTOR Network provides
services to clients in 35 states.
Source: National Mentor Holdings, Inc.