March 12, 2012
/PRNewswire/ -- Gentiva Health Services, Inc. (Nasdaq: GTIV) announced today its 2012 outlook for adjusted income from continuing operations attributable to Gentiva shareholders. This outlook includes the financial impact of its recently announced credit agreement amendment which provides the Company significant covenant flexibility through the remaining term of the facility.
For 2012, Gentiva expects full-year adjusted income from continuing operations attributable to Gentiva shareholders to be in the range of
$1.00 to $1.20
on a diluted per share basis. The adjusted income from continuing operations outlook includes the impact of the higher interest expense associated with the recently announced amendment. Gentiva continues to expect full-year 2012 net revenues to be in the range of
$1.70 billion to $1.76 billion
and Adjusted EBITDA to be
$170 million to $190 million
Adjusted income from continuing operations attributable to Gentiva shareholders and Adjusted EBITDA exclude charges related to cost savings initiatives, restructuring, acquisition, integration activities, the cost of legal settlements and other special charges.
Additionally, the Company announced today that it entered into a stock repurchase plan under Rule 10b5-1 of the Securities and Exchange Commission (SEC) to repurchase its outstanding common stock under existing repurchase authorizations. The Company is permitted to buy back up to
of common stock each fiscal year based on the terms in its credit agreement.
A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it might otherwise be prevented from doing so because of self-imposed trading blackout periods and because it possesses material non-public information. A broker selected by the Company will have the authority under the terms and limitations specified in the plan to repurchase shares on the Company's behalf in accordance with the terms of the plan. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the plan.