Almost Family's fourth-quarter net service revenues up 18%

Fourth Quarter Highlights:

• Net service revenues increased 18% to $78.0 million
• Visiting Nurse (VN) segment net revenues rose 22% to $67.6 million
• Net income increased 31% to $6.8 million
• Diluted EPS increased 18% to $0.73 per share on 11% more shares outstanding
• One-time acquisition transaction costs lowered diluted EPS by $0.03
• Quarterly operating cash flow of $10.5 million – strongest in the Company's history
• Approximately $90 million in cash plus credit facility available to fund acquisitions

Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing services, announced today its financial results for the three months and full year ended December 31, 2009.

William Yarmuth, Chief Executive Officer, commented, "Our fourth quarter results serve to top off another milestone year in the development of our Company.  During 2009, we, along with other home health industry leaders, devoted substantial time and attention to national health care reform activities.  We feel we made great strides in improving the perception of home health care in the minds of legislators and other policy makers.  Against this backdrop, our management team and over 6,000 caregivers continued their uncompromising focus on providing high quality home care for our patients and quality returns for our shareholders.  Our fourth quarter and full year results demonstrate our continued ability to generate organic revenue and earnings growth.  With our strong balance sheet and our position as one of the nation's larger providers we believe we are well positioned for continued growth both organically and as a consolidator in our industry."

Fourth Quarter Financial Results

Almost Family reported fourth quarter 2009 net service revenues of $78.0 million, an 18.4% increase from $65.9 million in the fourth quarter of 2008.

Net income for the fourth quarter of 2009 was $6.8 million, or $0.73 per diluted share, compared to $5.2 million, or $0.62 per diluted share, in the fourth quarter of 2008.  The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 11% between periods.  Results for the quarter included costs of $238,000 or $0.03 per diluted share related to a terminated acquisition.  

Fourth Quarter Segment Results

Net revenues in the Visiting Nurse segment for the fourth quarter of 2009 were $67.6 million, a 22% increase from $55.7 million in the fourth quarter of 2008.  The total revenue growth of $12.0 million came from a 19% organic growth rate plus $1.3 million from acquired operations.  Organic Medicare admissions growth was 13% and organic Medicare Episodic growth was 18%.  Operating income before corporate expense in the VN segment for the fourth quarter of 2009 was $14.9 million, an 18% increase from $12.6 million in the fourth quarter of 2008.

Net revenues in the Personal Care (PC) segment for the fourth quarter of 2009 were $10.4 million, a 2% increase from $10.2 million in the fourth quarter of 2008.  Operating income before unallocated corporate expense in the PC segment for the fourth quarter of 2009 was $1.5 million, a 14% increase from $1.3 million in the fourth quarter of 2008.

Full Year Financial Results

Almost Family reported net service revenues for the twelve month period ended December 31, 2009 of $297.8 million, a 41% increase from $211.5 million in the same period of 2008.  

Net income for the twelve month period of 2009 was $24.6 million, or $2.86 per diluted share, compared to $16.3 million, or $2.16 per diluted share, in the twelve month period of 2008.  Results for the twelve month period of 2009 included acquisition transactions costs of $463,000 or $0.06 per diluted share.  

Full Year Segment Results

Net revenues in the Visiting Nurse segment for the twelve month period of 2009 were $256.1 million, a 48% increase from $173.0 million in the twelve month period of 2008.  The total revenue growth of $83.1 million came from a 29% organic growth rate plus $43.8 million from acquired operations.  Operating income before corporate expense in the VN segment for the twelve month period of 2009 was $53.8 million, a 47% increase from $36.6 million in the same period of 2008.

Net revenues in the Personal Care (PC) segment for the twelve month period of 2009 were $41.8 million, an 8% increase from $38.5 million in the twelve month period of 2008.  Operating income before unallocated corporate expense in the PC segment for the twelve month period of 2009 was $5.2 million, a 37% increase from $3.8 million in the twelve month period of 2008.

SOURCE Almost Family, Inc.