Dec 19 2013
National Mentor Holdings, Inc. (the "Company") today announced its financial results for the fourth quarter and fiscal year ended September 30, 2013.
Fourth Quarter Results
Revenue for the quarter ended September 30, 2013 was $305.1 million, an increase of $15.6 million, or 5.4%, over revenue for the quarter ended September 30, 2012. Revenue increased $11.3 million from organic growth, including growth related to new programs and $4.8 million from acquisitions that closed during and after the three months ended September 30, 2012. The organic growth was partially offset by a reduction in revenue of $0.5 million from businesses we divested during the same period.
Income from operations for the quarter ended September 30, 2013 was $19.0 million, an increase of $5.9 million, as compared to income from operations for the quarter ended September 30, 2012. Net income for the quarter ended September 30, 2013 was $0.4 million compared to a net loss of $5.3 million for the quarter ended September 30, 2012.
Pro Forma Adjusted EBITDA for the quarter ended September 30, 2013 was $39.4 million, an increase of $6.6 million, or 20.0%, as compared to Pro Forma Adjusted EBITDA for the quarter ended September 30, 2012. Pro Forma Adjusted EBITDA increased due to organic growth and acquisitions closed since September 30, 2012 as well as cost containment efforts and expense leveraging. Pro Forma Adjusted EBITDA was also positively impacted by a decrease in expense related to professional and general liability claims and workers' compensation insurance as compared to the quarter ended September 30, 2012. In addition, the Company recorded a lower discretionary cash bonus to its direct care workers in the quarter ended September 30, 2013 as compared to the quarter ended September 30, 2012. The growth in Pro Forma Adjusted EBITDA was partially offset by increased expense for accounts receivable reserves and occupancy. Adjusted EBITDA margin increased to 12.9% for the quarter ended September 30, 2013 from 11.2% for the quarter ended September 30, 2012.
Year-to-Date Results
Revenue for the fiscal year ended September 30, 2013 was $1,198.7 million, an increase of $75.5 million, or 6.7%, over revenue for the fiscal year ended September 30, 2012. Revenue increased $55.6 million from organic growth, including growth related to new programs and a $2.1 million adjustment to our state provider tax reserve relating to pre-Merger periods, and $23.5 million from acquisitions that closed during and after the twelve months ended September 30, 2012. Revenue growth was partially offset by a reduction in revenue of $3.6 million from businesses we divested during the same period.
Income from operations for the fiscal year ended September 30, 2013 was $53.3 million, an increase of $5.7 million as compared to income from operations for the fiscal year ended September 30, 2012. Net loss for the fiscal year ended September 30, 2013 was $18.3 million compared to net loss of $14.4 million for the fiscal year ended September 30, 2012.
Pro Forma Adjusted EBITDA for the fiscal year ended September 30, 2013 was $133.9 million, an increase of $11.7 million, or 9.6%, as compared to Pro Forma Adjusted EBITDA for the fiscal year ended September 30, 2012. Pro Forma Adjusted EBITDA increased due to organic growth and acquisitions closed since September 30, 2012 as well as cost containment efforts and expense leveraging. In addition, Pro Forma Adjusted EBITDA was positively impacted by a decrease in professional and general liability expense. The growth in Pro Forma Adjusted EBITDA was partially offset by the increased expense for accounts receivable reserves and occupancy. Adjusted EBITDA margin increased to 11.1% for the fiscal year ended September 30, 2013 from 10.6% for the fiscal year ended September 30, 2012.
Source:
National Mentor Holdings, Inc.