Afam had very good results so will move the stops up $2, however that is it, sold some of my calm on a stop, should have set it lower.
will look to buy some AGU for around $76, will write a covered call on them, will be a small position. everyone want to kill the ag plays and some are saying bubble, who know though agu is trading for around 10X this years earnings and less than 9X next year.
sold puts on MCD yesterday 50 various months, do not get much for these though like that price, and a smaller amount at $55.... do not mind mcd at 50, or 55.
thanks
selkirk
Almost Family Reports Record Second Quarter 2008 Results
2008-08-05 08:00 ET - News Release
LOUISVILLE, Ky., Aug. 5 /PRNewswire-FirstCall/ -- Almost Family, Inc. , a leading regional provider of home health nursing services, announced today its financial results for the three months and six months ended June 30, 2008.
William B. Yarmuth, Chairman and CEO, commented, "By all measures, 2008 has been a period of outstanding accomplishments by Almost Family. We're reporting record revenues and earnings, a continuation of our aggressive growth strategy and the achievement of numerous capital market milestones. I couldn't be more pleased with our financial report for the second quarter, in particular with our 33% organic revenue growth rate in our VN segment. Total revenue growth in the VN segment, where we focus most of our effort, was 66% over the same quarter last year and 30% over the first quarter of 2008. All of this serves as further validation that we are on the right track as we move forward into the second half of the year."
Second Quarter Financial Results
Almost Family reported second quarter 2008 net service revenues of $48.7 million, a 50% increase from $32.5 million in the second quarter of 2007. Operating income for the second quarter of 2008 increased to 14% of net service revenues versus 11% for the second quarter of 2007.
Net income for the second quarter of 2008 was $3.9 million, or $0.50 per diluted share, compared to $2.0 million, or $0.35 per diluted share, in the second quarter of 2007. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 39% between periods as the Company completed a common stock offering, of 2,512,500 shares in the second quarter of 2008.
The number of days sales outstanding in accounts receivable, or DSO, for the three months ended June 30, 2008, decreased to 47 days, compared to 51 days for the three months ended March 31, 2008. The decline in DSO was attributable to resolved billing issues related to Medicare claims, partially offset by rapid growth from acquisitions and organic initiatives.
Second Quarter Segment Results
Net revenues in the Visiting Nurse segment for the second quarter of 2008 were $38.9 million, a 66% increase from $23.5 million in the second quarter of 2007. The total revenue growth of $15.4 million came from a 33% organic growth rate plus $7.6 million from acquired operations. Operating income before corporate expense in the VN segment for the second quarter 2008 was $8.6 million, an 88% increase from $4.6 million in the second quarter 2007.
Net revenues in the Personal Care (PC) segment for the second quarter of 2008 were $9.8 million, a 9% increase from $9.0 million in the second quarter of 2007. Operating income before corporate expense in the PC segment for the second quarter of 2008 was $821,000.
Six Month Period Ended June 30, 2008
Almost Family reported net service revenues for the six month period ended June 30, 2008 of $87.7 million, a 37% increase from $64.3 million in the same period last year. Operating income for the six month period increased to 13% of net service revenues versus 11% for the prior year period.
Net income for the six month period was $6.4 million, or $0.95 per diluted share, compared to $3.6 million, or $0.65 per diluted share, in the prior year period. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 21% between periods.
Six Month Period Segment Results
Net revenues in the Visiting Nurse (VN) segment for the six month period of 2008 were $68.7 million, a 48% increase from $46.5 million in the same period last year. The total revenue growth of $22.2 million came from a 25% organic growth rate plus $10.6 million from acquired operations. The six month results included results from the Quality of Life acquisition completed in late October of 2007 and results from the Apex Home Healthcare acquisition completed in late March 2008. Operating income before corporate expense in the VN segment for the six month period was $14.0 million, a 58% increase from $8.9 million in the same period last year.
Net revenues in the Personal Care (PC) segment for the six month period were $19.0 million, a 7% increase from $17.8 million in the same period last year. Operating income before corporate expense in the PC segment for the six month period was $1.6 million, a 9% decrease from $1.7 million in the same period last year.
Recent Corporate Developments
On April 16, 2008, Almost Family completed a common stock offering of 2,250,000 shares at $17.75 per share, which generated net proceeds of $37.3 million.
On May 9, 2008, Almost Family announced that the underwriter of the public offering exercised its over-allotment option in part and purchased 262,500 additional shares of common stock at the public offering price of $17.75 per share.
On June 16, 2008, Almost Family was named one of Fortune Small Business' 100 fastest-growing small public companies.
On June 27, 2008, Almost Family was added to the Russell 2000(R) Index.
On July 15, 2008, Almost Family established a new $75.0 million senior secured multi-bank credit facility replacing its previous facility.
On August 1, 2008, Almost Family completed the acquisition of Patient Care for $45.2 million, subject to a working capital adjustment. The acquisition was previously under a definitive agreement signed on June 18, 2008. The acquisition added $47 million in annual revenues and eight locations in New Jersey, Connecticut, and Pennsylvania. Due to the transition, wind down costs and the timing of the close, the acquisition is not expected to contribute significantly to earnings in 2008 but is expected to be accretive to EPS in 2009.
Conference Call
A conference call to review the results will begin today at 11:00 a.m. ET and will be hosted by William B. Yarmuth, President and Chief Executive Officer, and Steve Guenthner, Senior Vice President and Chief Financial Officer. To participate in the conference call, please dial 1-877-407-0789 (USA) or 1-201-689-8562 (International). In addition, a dial-up replay of the conference call will be available beginning today at 12:00 p.m. ET and ending on August 19, 2008. The replay telephone number is 1-877-660-6853 (USA) or 1- 201-612-7415 (International) along with the account number 3055 and conference ID 291752.
A live webcast of the call will also be available from the Investor
Relations section on the corporate web site at
http://www.almostfamily.com. A
webcast replay can be accessed on the corporate web site beginning August 5,
2008 at approximately 12:00 p.m. ET and will remain available until September
5, 2008.
Almost Family, Inc. The Ruth Group
Steve Guenthner Investor Relations
(502) 891-1000 Stephanie Carrington / Jared Hoffman
(646) 536-7017 / 7013
scarrington@theruthgroup.com
jhoffman@theruthgroup.com
ALMOST FAMILY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months ended June 30,
2008 2007
Net service revenues $48,700,372 $32,509,503
Cost of service revenue 22,780,475 15,541,684
Gross margin 25,919,897 16,967,819
General and administrative expenses:
Salaries and benefits 12,988,447 8,835,801
Other 6,261,283 4,616,580
Total general and administrative
expenses 19,249,730 13,452,381
Operating income 6,670,167 3,515,438
Interest expense, net (170,756) (241,220)
Income from continuing operations
before income taxes 6,499,411 3,274,218
Income tax expense (2,600,457) (1,310,738)
Net income from continuing
operations 3,898,954 1,963,480
Discontinued operations, net of tax
of ($22,619) and $2,348 (34,936) 17,642
Net income $3,864,018 $1,981,122
Per share amounts-basic:
Average shares outstanding 7,642,806 5,433,679
Income from continued operations $0.51 $0.36
Loss from discontinued operations - -
Net income $0.51 $0.36
Per share amounts-diluted:
Average shares outstanding 7,809,475 5,638,665
Income from continued operations $0.50 $0.35
Loss from discontinued operations - -
Net income $0.50 $0.35
