<PAGE> 1
EXHIBIT 99.1
For Immediate Release
AMEDISYS, INC. REPORTS
THIRD QUARTER OPERATING RESULTS
EARLY INDICATIONS SUGGEST COMPANY WILL RETURN TO PROFITABILITY IN THE FOURTH
QUARTER OF, 2000
BATON ROUGE, Louisiana (November 15, 2000) - Amedisys, Inc. (OTC BB: "AMED"),
one of America's leading home health nursing companies, today announced
operating results for the third quarter and first nine months of the year 2000.
Amedisys also announced that early indications of its operating performance,
following the implementation of Medicare's new Prospective Payment System (PPS)
on October 1, 2000, suggest that its operations will return to profitability in
the fourth quarter of 2000.
For the three months ended September 30, 2000, the Company reported a net loss
of ($762,000), or ($0.15) per share, on revenues of approximately $22.1 million.
These results compared with net income of $6,170,000, or $1.98 per share, and
revenues of $24.2 million, in the third quarter of 1999. The Company's net loss
before income taxes and discontinued operations totaled ($1,469,000) in the most
recent quarter, versus net loss before income taxes and discontinued operations
of ($2,727,000) in the quarter ended September 30, 1999. Financial results in
the third quarter of 1999 benefited from a gain of $6.2 million as a result of
the sale of discontinued operations. Results for the quarter ended September 30,
2000, benefited from a $1.1 million gain on the sale of discontinued operations.
The Company reported a net loss of ($3,386,000), or ($0.84) per share, on
revenues of $68.8 million, for the nine-month period ended September 30, 2000.
In the corresponding period of the prior year, revenues approximated $73.9
million with net income of $2,215,000, or $0.72 per share. The Company's net
loss before income taxes and discontinued operations totaled ($4,203,000) in the
first nine months of 2000, versus a net loss before income taxes and
discontinued operations of ($6,015,000) in the corresponding period of the prior
year. Results for the nine months ended September 30, 2000 included gains from
the sale of discontinued operations totaling $3.6 million, while gains from the
sale of discontinued operations totaled $6.2 million in the first nine months of
1999.
The decreases in revenues for the quarter and nine months ended September 30,
2000, primarily reflects a reduction in the number of patient visits during the
period.
"Our program of selling non-core assets, in order to focus exclusively on home
nursing and related activities, is almost complete," stated William F. Borne,
Chairman and Chief Executive Officer of Amedisys, Inc. "We still own two surgery
centers, which we expect to sell during the next few months. The sale of our
non-nursing assets generated significant cash proceeds during the first nine
months of 2000, which allowed us to fund operating losses prior to the
implementation of Medicare's Prospective Payment System."
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"As of the October 1, 2000 implementation date, nursing services provided to
our Medicare patients, which represent about 91% of Amedisys' business, are
being billed in accordance with PPS. By focusing upon operating efficiencies and
new technologies, we have positioned Amedisys as an outcome driven low-cost
provider in the home-nursing industry, and this should allow our Company to
return to profitability under PPS. We expect Amedisys to be profitable in the
fourth quarter and to build upon that profitability in the year 2001."
"Amedisys' financial condition has improved substantially during the first nine
months of 2000," observed John Joffrion, Chief Financial Officer of the Company.
"As of September 30, 2000, cash and cash equivalents on our balance sheet
totaled $4.6 million, compared with $1.4 million at the beginning of the year,
and we anticipate a positive cash flow from operations in the fourth quarter.
The sale of our remaining non-core assets should further bolster our balance
sheet in the coming months."
"Amedisys has successfully emerged from a very difficult period, during which
many home nursing companies failed or exited the industry, and the Company is
now positioned to prosper and grow as a leader in the largest segment of the
home healthcare industry," continued Borne. "One has only to review America's
demographic trends to realize that care for the elderly will be one of our
nation's highest priorities during the next two decades, and home nursing will
play a key role in providing quality health care at reasonable costs to the U.S.
economy. In addition, we are expecting a dynamic shift from facility-based to
non-facility-based care, driven by cost efficiency considerations. We believe
Amedisys can take advantage of both internal and external growth opportunities
in an improved industry environment, and management is committed to the pursuit
of strategies which will serve society and our shareholders well."
Amedisys, Inc. is a leading multi-regional provider of alternate-site health
care services, including home health nursing and outpatient surgery. The Company
is headquartered in Baton Rouge, Louisiana, and its common stock trades on the
OTC Bulletin Board under the symbol "AMED".
This press release includes statements that may constitute "forward-looking"
statements, usually containing the words "believe", "estimate", "project",
"expect" or similar expressions. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or contribute to
such differences include, but are not limited to, continued acceptance of the
Company's products and services in the marketplace, competitive factors, changes
in government payment procedures, dependence upon third-party vendors, and other
risks discussed in the Company's periodic filings with the Securities and
Exchange Commission. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions or changes
after the date of this release.
Additional information on this Company can be found on the World Wide Web.
http://www.amedisys.com
For further information, please contact:
John Joffrion, Senior Vice President at (225) 292-2031 or
RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893
or via e-mail at [email protected]
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AMEDISYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, DOLLAR AMOUNTS IN 000'S, EXCEPT PER SHARE AMOUNTS)
SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
For the three months ended For the nine months ended
September 30, September 30,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(Restated) (Restated)
<S> <C> <C> <C> <C>
Service revenue $ 22,091 $ 24,170 $ 68,779 $ 73,869
------------ ------------ ------------ ------------
Gross margin 11,725 13,016 36,199 38,612
Total general and administrative
expenses 12,584 13,631 38,695 41,240
------------ ------------ ------------ ------------
Operating loss (859) (615) (2,496) (2,628)
Total other income and expense (610) (2,112) (1,707) (3,387)
------------ ------------ ------------ ------------
Net income (loss) before income taxes and
discontinued operations (1,469) (2,727) (4,203) (6,015)
(Benefit) for estimated income taxes -- (3,123) -- (3,008)
------------ ------------ ------------ ------------
Net income (loss) before discontinued
operations (1,469) 396 (4,203) (3,007)
Discontinued operations:
(Loss) from discontinued operations,
net of income taxes (407) (391) (2,806) (943)
Gain on sale of discontinued
operations, net of income taxes 1,114 6,165 3,623 6,165
------------ ------------ ------------ ------------
Total discontinued operations 707 5,774 817 5,222
Net income (loss) $ (762) $ 6,170 $ (3,386) $ 2,215
============ ============ ============ ============
Weighted average common shares
outstanding: 4,955 3,117 4,006 3,075
Basic income (loss) per common share:
Net income (loss) before discontinued
operations $ (0.29) $ 0.13 $ (1.05) $ (0.98)
(Loss) from discontinued operations,
net of income taxes (0.08) (0.13) (0.69) (0.30)
Gain on sale of discontinued
operations, net of income taxes 0.22 1.98 0.90 2.00
------------ ------------ ------------ ------------
Net income (loss) $ (0.15) $ 1.98 $ (0.84) $ 0.72
============ ============ ============ ============
</TABLE>
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SELECTED CONSOLIDATED BALANCE SHEETS ($000)
<TABLE>
<CAPTION>
9/30/2000 12/31/1999
------------ ------------
(Unaudited) (Restated)
<S> <C> <C>
Current Assets $ 17,677 $ 17,357
Property, Plant & Equipment (net) 3,138 3,439
Other Assets 19,551 23,806
------------ ------------
Total Assets $ 40,366 $ 44,602
============ ============
Current Liabilities $ 23,799 $ 41,668
Deferred Revenue - Long-term 4,414 6,003
Other Long-term Liabilities 24,361 7,036
------------ ------------
Total Liabilities 52,574 54,707
Minority Interest 294 81
Shareholders' Equity (deficit) (12,502) (10,186)
------------ ------------
Total Liabilities & Shareholder's Equity $ 40,366 $ 44,602
============ ============
</TABLE>
