May 15 2014
National Mentor Holdings, Inc. (the "Company") today announced its financial results for the second quarter ended March 31, 2014.
Second Quarter Results
Revenue for the quarter ended March 31, 2014 was $309.8 million, an increase of $14.2 million, or 4.8%, over revenue for the quarter ended March 31, 2013. Revenue increased $7.0 million from organic growth, including growth related to new programs, and $7.2 million from acquisitions that closed during and after the three months ended March 31, 2013.
Income from operations for the quarter ended March 31, 2014 was $15.1 million, an increase of $4.4 million as compared to income from operations for the quarter ended March 31, 2013. Net loss for the quarter ended March 31, 2014 was $11.5 million compared to a net loss of $7.8 million for the quarter ended March 31, 2013.
Pro Forma Adjusted EBITDA for the quarter ended March 31, 2014 was $33.6 million, an increase of $3.6 million, or 12.1%, as compared to Pro Forma Adjusted EBITDA for the quarter ended March 31, 2013. Pro Forma Adjusted EBITDA increased due to organic growth and acquisitions closed since March 31, 2013 as well as expense leveraging and cost containment efforts. The growth in Pro Forma Adjusted EBITDA was partially offset by the increase in occupancy expense. Adjusted EBITDA margin1 increased to 10.9% for the quarter ended March 31, 2014 from 10.3% for the quarter ended March 31, 2013.
Year-to-Date Results
Revenue for the six months ended March 31, 2014 was $617.3 million, an increase of $28.1 million, or 4.8%, over revenue for the six months ended March 31, 2013. Revenue increased $18.1 million from organic growth, including growth related to new programs, and $10.0 million from acquisitions that closed during and after the six months ended March 31, 2013.
Income from operations for the six months ended March 31, 2014 was $28.2 million, an increase of $9.7 million as compared to income from operations for the six months ended March 31, 2013. Net loss was $16.2 million for the six months ended March 31, 2014 and 2013.
Pro Forma Adjusted EBITDA for the six months ended March 31, 2014 was $66.0 million, an increase of $6.7 million, or 11.3%, as compared to Pro Forma Adjusted EBITDA for the six months ended March 31, 2013. Pro Forma Adjusted EBITDA increased due to organic growth and acquisitions closed since March 31, 2013 as well as expense leveraging and cost containment efforts. The growth in Pro Forma Adjusted EBITDA was partially offset by the increase in occupancy expense. As a result, Adjusted EBITDA margin increased to 10.6% for the six months ended March 31, 2014 from 10.2% for the six months ended March 31, 2013.
Source:
National Mentor Holdings, Inc.