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TheStreet Open House

InfuSystem Holdings, Inc. Reports Higher Fourth Quarter 2012 Revenues And Second Straight Quarterly Profit

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include general economic conditions, as well as other risks, detailed from time to time in the Company’s publicly filed documents.

Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com .

 

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

          December 31,       December 31,
(in thousands, except share data)       2012 2011
 
ASSETS
Current Assets:
Cash and cash equivalents $ 2,326 $ 799
Accounts receivable, less allowance for doubtful accounts of $3,136 and
$1,773 at December 31, 2012 and December 31, 2011, respectively 8,511 7,350
Accounts receivable - related party - 98
Inventory 1,339 1,309
Other current assets 684 934
Deferred income taxes   1,971     682  
 
Total Current Assets 14,831 11,172
Medical equipment held for sale or rental 2,626 2,013
Medical equipment in rental service, net of accumulated depreciation 13,071 14,732
Property & equipment, net of accumulated depreciation 867 927
Deferred debt issuance costs, net 2,362 421
Intangible assets, net 25,541 28,221
Deferred income taxes 17,806 18,187
Other assets   419     590  
 
Total Assets $ 77,523   $ 76,263  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $ 2,135 $ 4,004
Accounts payable - related party 9 59
Derivative liabilities - 258
Current portion of long-term debt 3,953 6,576
Other current liabilities   4,098     2,235  
 
Total Current Liabilities 10,195 13,132
Long-term debt, net of current portion 27,315 22,551
 
Other liabilities   -     415  
 
Total Liabilities $ 37,510   $ 36,098  
 
Stockholders’ Equity
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued - -

Common stock, $.0001 par value; authorized 200,000,000 shares; issued and outstanding

   21,990,000 and 21,802,515, as of December 31, 2012 and issued and outstanding

   21,330,235 and 21,132,545 as of December 31, 2011, respectively

 
2 2
Additional paid-in capital 88,742 87,541
Accumulated other comprehensive loss - (136 )
Retained deficit   (48,731 )   (47,242 )
 
Total Stockholders’ Equity   40,013     40,165  
 
Total Liabilities and Stockholders’ Equity $ 77,523   $ 76,263  
 
 

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 
          Three Months Ended       Twelve Months Ended
December 31, December 31,
(Unaudited)      
(in thousands, except share data)       2012       2011 2012 2011
 
Net revenues:
Rentals $ 14,568 $ 11,933 $ 53,471 $ 46,795
Product sales   1,665     2,109     5,357     7,842  
Net revenues 16,233 14,042 58,828 54,637
 
Cost of revenues:
Cost of revenues - Product, service and supply costs 2,405 2,465 9,165 9,128
Cost of revenues - Pump depreciation and loss on disposal   1,824     3,495     6,752     10,154  
Gross profit   12,004     8,082     42,911     35,355  
 
Selling, general and administrative expenses:
Provision for doubtful accounts 2,132 1,066 5,251 4,099
Amortization of intangibles 706 671 2,734 2,662
Asset impairment charges - - - 67,592
Selling and marketing 2,229 2,283 9,864 9,371
General and administrative   5,374     4,759     23,062     17,987  
 
Total selling, general and administrative:   10,441     8,779     40,911     101,711  
 
Operating income (loss) 1,563 (697 ) 2,000 (66,356 )
 
Other income (loss):
Gain on derivatives - - - 83
Interest expense (1,105 ) (547 ) (3,340 ) (2,193 )
Loss on extinguishment of long term debt (119 ) - (671 ) -
Other (expense) income   (7 )   8     (141 )   (111 )
 
Total other loss   (1,231 )   (539 )   (4,152 )   (2,221 )
 
Income (loss) before income taxes 332 (1,236 ) (2,152 ) (68,577 )
Income tax (expense) benefit   (111 )   473     663     23,134  
 
Net income (loss) $ 221   $ (763 ) $ (1,489 ) $ (45,443 )
 
Net income (loss) per share:
Basic $ 0.01 $ (0.04 ) $ (0.07 ) $ (2.16 )
Diluted $ 0.01 $ (0.04 ) $ (0.07 ) $ (2.16 )
Weighted average shares outstanding:
Basic 21,784,115 21,056,634 21,430,012 21,074,093
Diluted 22,019,393 21,056,634 21,430,012 21,074,093
 
 

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 
          Year Ended       Year Ended
December 31, December 31,
(in thousands) 2012 2011
OPERATING ACTIVITIES
Net loss $ (1,489 ) $ (45,443 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on derivative liabilities - (83 )
Loss on extinguishment of long-term debt 671 -
Provision for doubtful accounts 5,251 4,099
Depreciation 5,668 6,386
Loss on disposal of medical equipment 237 1,731
Gain on sale of medical equipment (1,964 ) (2,753 )
Amortization of intangible assets 2,734 2,662
Asset impairment charges - 67,592
Amortization of deferred debt issuance costs 228 238
Stock-based compensation 964 1,185
Deferred income taxes (906 ) (23,423 )
Changes in Assets - (Increase)/Decrease, exclusive of effects of acquisitions:
Accounts receivable (6,490 ) (4,419 )
Inventory (30 ) 33
Other current assets 249 (184 )
Other assets 664 657
Changes in Liabilities - Increase/(Decrease), exclusive of effects of acquisitions:
Accounts payable and other liabilities   (335 )   (1,532 )
NET CASH PROVIDED BY OPERATING ACTIVITIES   5,452     6,746  
INVESTING ACTIVITIES
Purchases of medical equipment and property (6,542 ) (8,211 )
Proceeds from sale of medical equipment and property 3,978 4,218
Acquisition of intangible assets - (625 )
Other asset acquisitions   6     (509 )
NET CASH USED IN INVESTING ACTIVITIES   (2,558 )   (5,127 )
FINANCING ACTIVITIES
Principal payments on term loans and capital lease obligations (9,631 ) (5,953 )
Payoff of bank loan and revolver (25,851 ) -
Cash proceeds from bank loans and revolving credit facility 37,101 2,334
Payments on revolving credit facility - (1,750 )
Payments for debt issuance costs (2,842 ) -
Common stock repurchased to satisfy taxes on stock based compensation (144 ) (102 )
Treasury shares repurchased   -     (363 )
NET CASH USED IN FINANCING ACTIVITIES   (1,367 )   (5,834 )
Net change in cash and cash equivalents 1,527 (4,215 )
Cash and cash equivalents, beginning of period   799     5,014  
Cash and cash equivalents, end of period $ 2,326   $ 799  
 
 

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

GAAP RECONCILIATION

(UNAUDITED)

 
        Three Months Ended       Twelve Months Ended
December 31, December 31,
(in thousands) 2012     2011 2012     2011
 
Net income (loss) $ 221 $ (763 ) $ (1,489 ) $ (45,443 )
Adjustments:
Interest expense 1,105 547 3,340 2,193
Income tax expense (benefit) 111 (473 ) (663 ) (23,134 )
Depreciation 1,325 1,496 5,668 6,386
Amortization   706       670     2,734         2,662  
EBITDA 3,468 1,477 9,590 (57,336 )
Asset impairment charges   -       -     -         67,592  
EBITDA - excluding impairment charges 3,468 1,477 9,590 10,256
 
Concerned Stockholder Group 17 - 2,220 -
Early Extinguishment of Debt 119 - 671 -
Strategic Alternatives   179       -     645         -  
EBITDA - Adjusted $ 3,783     $ 1,477   $ 13,126       $ 10,256  
 




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