Horizon Health (NASDAQ:HORC)
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Horizon Health Corporation (NASDAQ/NM:HORC) today
announced financial results for the quarter ended November 30, 2005.
Revenues increased 24.6% to $58.9 million compared with revenues of
$47.3 million for the same quarter in the previous year. Excluding a
$6.5 million decrease in revenue attributable to the cancellation of
at-risk managed care contracts during fiscal 2005, revenues grew 44.9%
from the prior fiscal year quarter. Income from continuing operations
increased 18.0% to $3.2 million, or $0.21 per diluted share, compared
with income from continuing operations of $2.7 million, or $0.24 per
diluted share, for the same quarter in the previous year. Net income
increased 7.1% between the periods. Diluted shares used in computing
earnings per share increased 35.2% between the periods, a result of
the secondary stock offering completed in March 2005.
Mr. Ken Newman, chairman and chief executive officer of Horizon
Health, said, "The Company continued its strategic growth program by
acquiring Copper Hills Youth Center, a 126-bed adolescent residential
treatment center, and by signing definitive agreements to acquire
eight freestanding behavioral health facilities from Focus Healthcare,
LLC and Lighthouse Care Centers, LLC. Copper Hills Youth Center was
acquired January 1, 2006. The Company expects to complete the
transaction with Focus Healthcare, LLC and Lighthouse Care Centers,
LLC effective January 31, 2006. These transactions demonstrate the
strength of our acquisition and development team in locating and
bringing to closure quality opportunities within our core
competencies."
A listen-only simulcast and a 30-day replay of Horizon's first
quarter results call will be available online on January 9, 2006,
beginning at 10:00 a.m. Central Time through the Company's website at
www.horizonhealth.com or at www.earnings.com.
Horizon Health is a leading contract manager of clinical services
for acute hospitals and employers and an owner of behavioral
healthcare facilities.
The statements contained herein based on future expectations
rather than on historical facts are forward-looking statements as
defined under the Private Securities Litigation Reform Act of 1995
that involve a number of risks and uncertainties. Numerous factors as
outlined in the SEC Report filed by the Company could cause actual
results to differ materially from those in any such forward-looking
statements. There can be no assurance that statements made in this
press release relating to future events will be achieved. The Company
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over time.
-0-
*T
HORIZON HEALTH
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months
Ended November 30,
------------------
2005 2004
-------- --------
Revenues $58,911 $47,286
Cost of Services 45,650 35,014
Selling, general and administrative 7,045 5,546
(Recovery of) provision for doubtful accounts (179) 818
Depreciation and amortization 1,144 857
-------- --------
Operating income 5,251 5,051
Interest expense (net of interest and other income) (18) (565)
-------- --------
Income before income taxes, minority interest
and discontinued operations 5,233 4,486
Income tax provision 2,041 1,739
Minority interest, net (49) --
-------- --------
Income from continuing operations 3,241 2,747
(Loss) income from discontinued operations, net (47) 235
-------- --------
Net income $3,194 $2,982
======== ========
Basic earnings per common share (1)
Continuing operations $0.21 $0.25
Discontinued operations 0.00 0.02
-------- --------
$0.21 $0.27
Diluted earnings per common share (1)
Continuing operations $0.21 $0.24
Discontinued operations 0.00 0.02
-------- --------
$0.21 $0.26
======== ========
Weighted average shares outstanding (1)
Basic 14,913 11,006
======== ========
Diluted 15,414 11,405
======== ========
(1) The number of shares and per share amounts have been restated to
reflect the impact of the June 15, 2005 stock split. In addition,
the number of shares and per share amounts for the three months
ended November 30, 2005 include approximately 3.5 million shares
issued in a follow-on stock offering completed March 16, 2005.
HORIZON HEALTH
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share and statistical data)
(Unaudited)
Nov. 30, Aug. 31,
2005 2005
-------- --------
Cash $2,463 $8,098
Accounts receivable (net) 33,462 28,876
Other current assets 14,621 15,710
-------- --------
Total current assets 50,546 52,684
Property and equipment (net) 52,368 51,698
Goodwill and other intangible assets (net) 80,988 81,084
Other long-term assets 1,564 1,752
-------- --------
Total assets $185,466 $187,218
======== ========
Current liabilities $26,854 $33,194
Other liabilities 3,961 4,002
Long-term debt -- --
Deferred taxes 3,470 3,036
-------- --------
Total liabilities 34,285 40,232
Minority interest 3,816 3,865
Stockholders' equity 147,365 143,121
-------- --------
Total liabilities and stockholders' equity $185,466 $187,218
======== ========
SUMMARY STATISTICAL DATA
Quarter Fiscal Years Ended
Ended August 31,
Nov. 30, ------------------
2005 2005 (1) 2004 (2)
-------- -------- --------
Owned/Leased Freestanding
Behavioral Health Hospitals:
Total net revenues (000's) $28,039 $60,578 $10,069
Number of facilities at period end 5 5 2
Licensed Beds 833 833 267
Weighted average available beds 688 363 177
Patient days 45,114 100,396 19,639
Admissions 3,437 6,745 1,041
Average length of stay 13.1 14.9 18.9
Revenue per patient day $622 $603 $513
Occupancy based on weighted average 72.0% 75.8% 72.5%
available beds
EAP Covered lives (000's) 3,991 4,246 3,569
Number of contract locations:
Contract locations in operation 119 123 132
Contract locations signed & unopened 11 12 8
-------- - ------- --------
Total contract locations 130 135 140
======== = ======= ========
Services Covered by Contracts:
Inpatient 118 121 129
Partial Hospitalization 10 10 17
Outpatient 22 21 24
Home Health 1 1 2
CQI+ 109 110 105
Types of Treatment Programs:
Geropsychiatric 76 79 85
Adult psychiatric 44 43 49
Substance abuse 2 2 4
Physical rehabilitation 28 28 33
Other behavioral health 3 4 4
Fiscal Years Ended
August 31,
----------------------------
2003 2002 2001
-------- -------- --------
Owned/Leased Freestanding
Behavioral Health Hospitals:
Total net revenues (000's) $ -- $ -- $ --
Number of facilities at period end -- -- --
Licensed Beds -- -- --
Weighted average available beds -- -- --
Patient days -- -- --
Admissions -- -- --
Average length of stay -- -- --
Revenue per patient day $ -- $ -- $ --
Occupancy based on weighted average -- -- --
available beds
EAP Covered lives (000's) 3,217 2,350 2,209
Number of contract locations:
Contract locations in operation 127 131 124
Contract locations signed & unopened 15 11 14
-------- -------- --------
Total contract locations 142 142 138
======== ======== ========
Services Covered by Contracts:
Inpatient 126 127 123
Partial Hospitalization 25 31 40
Outpatient 21 21 17
Home Health 3 3 3
CQI+ 109 108 120
Types of Treatment Programs:
Geropsychiatric 87 106 109
Adult psychiatric 48 44 45
Substance abuse 4 2 1
Physical rehabilitation 32 28 24
Other behavioral health 8 2 4
(1) In fiscal year 2005, the Company operated Michiana Behavioral
Health Center and Poplar Springs Hospital for the full year,
Laurelwood Hospital for eight months, Friends Hospital for two
months and River Park Hospital for one month.
(2) In fiscal year 2004, the Company operated Michiana Behavioral
Health Center for five months and Poplar Springs Hospital for
three months.
*T