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Amedisys Reports Third Quarter Financial Results

Stocks in this article: AMED

Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the third quarter ended September 30, 2012.

Three-Month Periods Ended September 30, 2012 and 2011

• After adding back $574.1 million ($434.6 million, net of income tax) or $15.10 per diluted share for the goodwill and other intangibles impairment charge in 2011, the following would have been our adjusted results:

• Net service revenue of $375.6 million compared to $370.3 million in 2011, an increase of $5.3 million or 1.4%.

• Net income from continuing operations attributable to Amedisys, Inc., of $10.0 million compared to $12.3 million in 2011, a decrease of 19.2%.

• Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.33 compared to $0.42 per diluted share in 2011, a decrease of 21.4%.

• Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $24.9 million compared to $29.0 million in 2011, a decrease of 14.0%.

Nine-Month Periods Ended September 30, 2012 and 2011

• After adding back $574.1 million ($434.6 million, net of income tax) or $15.18 per diluted share for the goodwill and other intangibles impairment charge in 2011, the following would have been our adjusted results:

• Net service revenue of $1,124.9 million compared to $1,098.0 million in 2011, an increase of $26.9 million or 2.5%.

• Net income from continuing operations attributable to Amedisys, Inc., of $24.4 million compared to $52.2 million in 2011, a decrease of 53.2%.

• Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.81 compared to $1.80 per diluted share in 2011, a decrease of 55.0%.

• EBITDA of $73.8 million compared to $118.0 million in 2011, a decrease of 37.5%.

William F. Borne, Chief Executive Officer stated, “Overall, we were pleased with bottom line results for the quarter and remain on pace to meet our earnings plans for the year. Job and investment tax credits benefitted quarterly results. Operationally, we displayed our second consecutive quarter of positive year-over-year episodic admissions growth, continued to grow our managed care business and our hospice average census was up considerably. Our focus remains on providing excellent care to our patients, growing our business and achieving greater efficiencies as we navigate reimbursement pressures.”

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