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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Odyssey Healthcare (MM) | NASDAQ:ODSY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.01 | 0 | 01:00:00 |
Filed by the Registrant
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Filed by a Party other than the Registrant
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Preliminary Proxy Statement
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Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to §240.14a-12
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No fee required.
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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(1)
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Title of each class of securities to which transaction applies:
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(2)
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Aggregate number of securities to which transaction applies:
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(3)
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11
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(set forth the amount on which the filing fee is calculated and state how it was determined):
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(4)
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Proposed maximum aggregate value of transaction:
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(5)
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Total fee paid:
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Fee paid previously with preliminary materials:
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
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(1)
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Amount previously paid:
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(2)
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Form, Schedule or Registration statement no.:
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(3)
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Filing Party:
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(4)
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Date Filed:
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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2010
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2009
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2010
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2009
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Continuing Operations:
(1)
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Admissions
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12,469 | 12,531 | 25,213 | 25,233 | ||||||||||||
Discharges
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12,245 | 12,159 | 24,937 | 24,884 | ||||||||||||
Average daily census
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12,588 | 12,268 | 12,456 | 12,227 | ||||||||||||
Discharge average length of stay
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80.4 | 78.8 | 83.5 | 81.0 | ||||||||||||
Gross revenue per patient day
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$ | 158.78 | $ | 155.56 | $ | 159.00 | $ | 156.78 | ||||||||
Medicare cap as % of gross revenue
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0.9 | % | (0.6 | %) | 0.8 | % | 0.1 | % | ||||||||
Net revenue per patient day
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$ | 153.84 | $ | 152.54 | $ | 154.23 | $ | 152.65 | ||||||||
Operating expense per patient day
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$ | 132.38 | $ | 138.59 | $ | 133.01 | $ | 138.42 | ||||||||
Adjusted operating expense per patient day
(2)
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$ | 130.89 | $ | 136.98 | $ | 131.45 | $ | 137.07 | ||||||||
Bad debt expense as % of net revenue
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0.5 | % | 1.5 | % | 0.7 | % | 1.4 | % | ||||||||
Same-Facility:
(3)
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Admissions
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12,446 | 12,531 | 25,156 | 25,233 | ||||||||||||
Average daily census
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12,538 | 12,268 | 12,404 | 12,227 | ||||||||||||
Average length of stay
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80.2 | 78.8 | 83.4 | 81.0 |
(1)
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Continuing operations excludes the operations of hospices that the Company classifies as discontinued operations.
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(2)
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Adjusted operating expense per patient day for the three months ended June 30, 2010, excludes depreciation and amortization expenses of $1.46 and $0.03 per patient day of care, respectively. Adjusted operating expense per patient day for the three months ended June 30, 2009, excludes depreciation and amortization expenses of $1.55 and $0.06 per patient day of care, respectively. Adjusted operating expense per patient day for the six months ended June 30, 2010, excludes depreciation and amortization expenses of $1.52 and $0.04 per patient day of care, respectively. Adjusted operating expense per patient day for the six months ended June 30, 2009, excludes depreciation and amortization expenses of $1.29 and $0.06 per patient day of care, respectively.
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(3)
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Same-facility information includes Odyssey hospice programs that have been in operation for the entire period of each period presented and Medicare certified for at least 12 months.
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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2010
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2009
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2010
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2009
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Net patient service revenue
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$ | 176,227 | $ | 170,295 | $ | 347,723 | $ | 337,827 | ||||||||
Operating expenses:
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Direct hospice care
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98,032 | 99,444 | 194,433 | 197,899 | ||||||||||||
General and administrative – hospice care
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31,913 | 34,131 | 64,607 | 67,931 | ||||||||||||
General and administrative – support center
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19,110 | 16,841 | 34,911 | 32,646 | ||||||||||||
Provision for uncollectible accounts
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877 | 2,506 | 2,410 | 4,869 | ||||||||||||
Depreciation
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1,673 | 1,731 | 3,418 | 2,860 | ||||||||||||
Amortization
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38 | 70 | 96 | 141 | ||||||||||||
Income from continuing operations before other income (expense)
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24,584 | 15,572 | 47,848 | 31,481 | ||||||||||||
Other income (expense):
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Interest income
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103 | 121 | 170 | 287 | ||||||||||||
Interest expense
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(1,434 | ) | (1,606 | ) | (2,872 | ) | (3,491 | ) | ||||||||
(1,331 | ) | (1,485 | ) | (2,702 | ) | (3,204 | ) | |||||||||
Income from continuing operations before provision for income taxes
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23,253 | 14,087 | 45,146 | 28,277 | ||||||||||||
Provision for income taxes
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8,975 | 5,065 | 17,090 | 10,347 | ||||||||||||
Income from continuing operations
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14,278 | 9,022 | 28,056 | 17,930 | ||||||||||||
Loss from discontinued operations,
net of income taxes
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(71 | ) | (422 | ) | (197 | ) | (475 | ) | ||||||||
Net income
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14,207 | 8,600 | 27,859 | 17,455 | ||||||||||||
Less: Net income attributable to noncontrolling interests
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229 | 81 | 482 | 217 | ||||||||||||
Net income attributable to Odyssey stockholders
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$ | 13,978 | $ | 8,519 | $ | 27,377 | $ | 17,238 | ||||||||
Income (loss) per common share:
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Basic:
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Continuing operations attributable to Odyssey stockholders
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$ | 0.42 | $ | 0.27 | $ | 0.82 | $ | 0.54 | ||||||||
Discontinued operations attributable to Odyssey stockholders
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– | (0.01 | ) | – | (0.02 | ) | ||||||||||
Net income attributable to Odyssey stockholders
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$ | 0.42 | $ | 0.26 | $ | 0.82 | $ | 0.52 | ||||||||
Diluted:
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Continuing operations attributable to Odyssey stockholders
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$ | 0.41 | $ | 0.27 | $ | 0.81 | $ | 0.54 | ||||||||
Discontinued operations attributable to Odyssey stockholders
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– | (0.01 | ) | (0.01 | ) | (0.02 | ) | |||||||||
Net income attributable to Odyssey stockholders
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$ | 0.41 | $ | 0.26 | $ | 0.80 | $ | 0.52 | ||||||||
Weighted average shares outstanding:
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Basic
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33,624 | 32,905 | 33,485 | 32,853 | ||||||||||||
Diluted
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34,465 | 33,059 | 34,114 | 33,020 | ||||||||||||
Amounts attributable to Odyssey stockholders:
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Income from continuing operations,
net of income taxes
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$ | 14,049 | $ | 8,941 | $ | 27,574 | $ | 17,713 | ||||||||
Loss from discontinued operations,
net of income taxes
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(71 | ) | (422 | ) | (197 | ) | (475 | ) | ||||||||
Net income
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$ | 13,978 | $ | 8,519 | $ | 27,377 | $ | 17,238 |
June 30,
2010
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Dec. 31,
2009
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 164,501 | $ | 128,632 | ||||
Accounts receivable from patient services, net of allowance for uncollectible accounts of $11,903 and $12,462 at June 30, 2010,
and December 31, 2009, respectively
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102,984 | 110,593 | ||||||
Income taxes receivable
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4,023 | 352 | ||||||
Deferred tax assets
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10,219 | 10,235 | ||||||
Prepaid expenses and other current assets
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5,770 | 6,017 | ||||||
Total current assets
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287,497 | 255,829 | ||||||
Property and equipment, net of accumulated depreciation
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19,064 | 20,700 | ||||||
Deferred loan costs, net
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2,669 | 3,033 | ||||||
Long-term investments
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– | 12,425 | ||||||
Intangibles, net of accumulated amortization
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19,155 | 19,251 | ||||||
Goodwill
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192,390 | 191,766 | ||||||
Total assets
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$ | 520,775 | $ | 503,004 | ||||
LIABILITIES AND EQUITY
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Current liabilities:
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Accounts payable
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$ | 3,586 | $ | 4,016 | ||||
Accrued compensation
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27,675 | 31,729 | ||||||
Accrued nursing home costs
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17,347 | 18,144 | ||||||
Accrued Medicare cap contractual adjustments
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13,690 | 18,798 | ||||||
Income taxes payable
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– | 1,504 | ||||||
Other accrued expenses
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44,681 | 42,683 | ||||||
Current maturities of long-term debt
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33,340 | 38,675 | ||||||
Total current liabilities
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140,319 | 155,549 | ||||||
Long-term debt, less current maturities
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77,128 | 76,527 | ||||||
Deferred tax liability
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15,261 | 15,171 | ||||||
Other liabilities
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2,687 | 4,597 | ||||||
Commitments and contingencies
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– | – | ||||||
Equity:
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Odyssey stockholders’ equity:
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Common stock, $0.001 par value: 75,000,000 shares authorized, 39,032,364 and 38,549,833 shares issued at June 30, 2010, and December 31, 2009, respectively
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39 | 39 | ||||||
Additional paid-in capital
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131,849 | 125,716 | ||||||
Retained earnings
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221,808 | 194,431 | ||||||
Accumulated other comprehensive loss, net of income taxes
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(763 | ) | (1,481 | ) | ||||
Treasury stock, at cost, 5,347,072 shares held at June 30, 2010 and December 31, 2009
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(69,954 | ) | (69,954 | ) | ||||
Total Odyssey stockholders’ equity
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282,979 | 248,751 | ||||||
Noncontrolling interests
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2,401 | 2,409 | ||||||
Total equity
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285,380 | 251,160 | ||||||
Total liabilities and equity
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$ | 520,775 | $ | 503,004 |
Six Months Ended
June 30,
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2010
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2009
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Operating Activities:
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Net income attributable to Odyssey stockholders
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$ | 27,377 | $ | 17,238 | ||||
Adjustments to reconcile net income to net cash provided by operating activities and discontinued operations:
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Loss from discontinued operations, net of income taxes
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197 | 475 | ||||||
Net income attributable to noncontrolling interests
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482 | 217 | ||||||
Loss on disposal of property and equipment
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3 | – | ||||||
Depreciation and amortization
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3,514 | 3,001 | ||||||
Amortization of deferred loan costs
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364 | 364 | ||||||
Share-based compensation expense
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3,357 | 2,455 | ||||||
Deferred income taxes
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(321 | ) | 3,624 | |||||
Provision for uncollectible accounts
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2,410 | 4,869 | ||||||
Changes in operating assets and liabilities, net of acquisitions:
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Accounts receivable from patient services
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5,193 | (3,414 | ) | |||||
Prepaid expenses and other current assets
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(3,590 | ) | 692 | |||||
Accounts payable, accrued nursing home costs, accrued Medicare cap contractual adjustments and other accrued expenses
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(13,421 | ) | (7,991 | ) | ||||
Net cash provided by operating activities and discontinued operations
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25,565 | 21,530 | ||||||
Investing Activities:
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Cash paid for acquisitions, net of cash acquired
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(566 | ) | (205 | ) | ||||
Sales of auction rate securities
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13,000 | – | ||||||
Purchases of property and equipment, net
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(1,804 | ) | (3,351 | ) | ||||
Net cash provided by (used in) investing activities
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10,630 | (3,556 | ) | |||||
Financing Activities:
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Proceeds from exercise of stock options
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2,460 | 43 | ||||||
Cash paid for partnership distributions
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(490 | ) | (148 | ) | ||||
Tax benefit (expense) from share-based compensation
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2,438 | (8 | ) | |||||
Payments on credit facility
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(4,734 | ) | (3,197 | ) | ||||
Net cash used in financing activities
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(326 | ) | (3,310 | ) | ||||
Net increase in cash and cash equivalents
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35,869 | 14,664 | ||||||
Cash and cash equivalents, beginning of period
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128,632 | 56,043 | ||||||
Cash and cash equivalents, end of period
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$ | 164,501 | $ | 70,707 |
Three Months Ended
June 30,
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Six Months Ended
June 30,
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2010
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2009
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2010
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2009
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Net income attributable to Odyssey stockholders
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$ | 13,978 | $ | 8,519 | $ | 27,377 | $ | 17,238 | ||||||||
Add:
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Net income attributable to
noncontrolling interests
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229 | 81 | 482 | 217 | ||||||||||||
Loss from discontinued operations,
net of income taxes
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71 | 422 | 197 | 475 | ||||||||||||
Provision for income taxes
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8,975 | 5,065 | 17,090 | 10,347 | ||||||||||||
Interest expense
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1,434 | 1,606 | 2,872 | 3,491 | ||||||||||||
Interest income
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(103 | ) | (121 | ) | (170 | ) | (287 | ) | ||||||||
Depreciation
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1,673 | 1,731 | 3,418 | 2,860 | ||||||||||||
Amortization
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38 | 70 | 96 | 141 | ||||||||||||
EBITDA
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$ | 26,295 | $ | 17,373 | $ | 51,362 | $ | 34,482 |
1 Year Odyssey Healthcare (MM) Chart |
1 Month Odyssey Healthcare (MM) Chart |
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