-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ih6vywf3OZKnj2r3mi00HlBORCSSTVUJm5fI801qTh9CaywetOyMgXt/NEM2PR+7 7OWRQ5inQ0z9mqExCgzlsw== 0000950144-06-004511.txt : 20060505 0000950144-06-004511.hdr.sgml : 20060505 20060505172707 ACCESSION NUMBER: 0000950144-06-004511 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060504 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060505 DATE AS OF CHANGE: 20060505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN HOMEPATIENT INC CENTRAL INDEX KEY: 0000879181 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOME HEALTH CARE SERVICES [8082] IRS NUMBER: 621474680 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19532 FILM NUMBER: 06814181 BUSINESS ADDRESS: STREET 1: 5200 MARYLAND WAY STREET 2: MARYLAND FARMS OFFICE PARK CITY: BRENTWOOD STATE: TN ZIP: 37027 BUSINESS PHONE: 6152218884 MAIL ADDRESS: STREET 1: MARYLAND FARMS OFFICE PARK STREET 2: 5200 MARYLAND WAY CITY: BRENTWOOD STATE: TN ZIP: 37027 FORMER COMPANY: FORMER CONFORMED NAME: DIVERSICARE INC /DE DATE OF NAME CHANGE: 19930328 8-K 1 g01366e8vk.htm AMERICAN HOMEPATIENT, INC. American HomePatient, Inc.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2006 (May 4, 2006)
AMERICAN HOMEPATIENT, INC.
(Exact name of registrant as specified in its charter)
         
Delaware   0-19532   62-1474680
         
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
5200 Maryland Way, Suite 400, Brentwood, Tennessee 37027-5018
(Address of principal executive offices)
(615) 221-8884
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

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Item 8.01. Other Events.
Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Ex-99.1 Press Release

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Item 8.01. Other Events.
     On May 4, 2006, American HomePatient, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2006. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
     (d) Exhibits
     
Number   Exhibit
 
    
99.1
  Press Release dated May 4, 2006.

2

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SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
         
  AMERICAN HOMEPATIENT, INC.
 		  
  By:   /s/ Stephen L. Clanton    
    Name:   Stephen L. Clanton   
    Title:   Executive Vice President and Chief Financial
Officer 		  
 
Date: May 5, 2006

3

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EXHIBIT INDEX
     
Number   Exhibit
 
    
99.1
  Press Release dated May 4, 2006.

4

EX-99.1 2 g01366exv99w1.txt EX-99.1 PRESS RELEASE [AMERICAN HOMEPATIENT COMPANY LOGO] NEWS RELEASE Contact: Joseph F. Furlong or Stephen L. Clanton President and CEO Executive VP & CFO (615) 221-8884 (615) 221-8884 PRIMARY CONTACT FOR IMMEDIATE RELEASE AMERICAN HOMEPATIENT REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2006 BRENTWOOD, Tenn. (May 4, 2006) - American HomePatient, Inc. (OTC: AHOM or AHOM.OB), one of the nation's largest home health care providers, today announced its financial results for the first quarter ended March 31, 2006. Revenues for the first quarter of 2006 were $80.5 million compared to $81.5 million for the first quarter of 2005, representing a decrease of $1.0 million, or 1.2%. Compared to the first quarter of 2005, revenues in the current quarter were negatively impacted by Medicare reimbursement reductions totaling approximately $4.2 million associated with the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 ("MMA"). Without these reductions, revenues would have increased approximately $3.2 million, or 4.0%, for the quarter. Net loss for the first quarter of 2006 was $(0.7) million compared to $1.2 million net income for the first quarter of 2005, representing a decrease of $1.9 million, or 158%. Diluted (loss) income per share for the first quarter were $(0.04) compared to $0.07 for the same quarter last year. The Medicare reimbursement changes associated with the MMA decreased net income by approximately $4.6 million in the first quarter of 2006 compared to the same quarter of 2005. This $4.6 million net income impact is comprised of a decrease in net revenue of approximately $4.2 million and an increase in cost of sales of approximately $0.4 million. The reduced revenues of approximately $4.2 million include a reduction in inhalation drug reimbursement of approximately $2.6 million and a reduction in oxygen reimbursement of approximately $1.6 million. The oxygen reimbursement reduction went into effect in late March of 2005. Cost of sales increased approximately $0.4 million due to a shift in product mix related to changes in inhalation drug reimbursement. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a non-GAAP financial measurement that is calculated as net income excluding interest, taxes, depreciation and amortization. EBITDA for the first quarter of 2006 was $10.7 million compared to $12.1 million for the same period last year. Adjusted EBITDA (calculated as EBITDA excluding reorganization items) for the first quarter of 2006 was $10.8 million, or 13.4% of revenues, compared to $12.3 million, or 15.0% of revenues, for the first quarter of 2005. The MMA reimbursement reductions, as discussed above, reduced EBITDA and adjusted EBITDA by approximately $4.6 million in the first quarter of 2006. American HomePatient, Inc. is one of the nation's largest home health care providers with 263 centers in 34 states. Its product and service offerings include respiratory services, infusion therapy, parenteral and enteral nutrition, and medical equipment for patients in their home. American HomePatient, Inc.'s common stock is currently traded in the over-the-counter market or, on application by broker-dealers, in the NASD's Electronic Bulletin Board under the symbol AHOM or AHOM.OB. American HomePatient, Inc. prepares its financial statements in accordance with U.S. generally accepted accounting principles (GAAP). American HomePatient, Inc. also provides information related to non-GAAP financial measurements such as, EBITDA, adjusted EBITDA and, from time to time, other non-GAAP financial measurements that adjust for certain items outside of the ordinary course of its business. To enable interested parties to reconcile non-GAAP measures to the Company's GAAP financial statements, the Company clearly defines EBITDA and adjusted EBITDA, and quantifies all other adjustments to GAAP measurements (see Schedule B). The Company provides EBITDA information, a widely used non-GAAP financial measurement, as a performance measure to assist in analyzing the Company's operations and in comparing the Company to its competitors. The Company provides other non-GAAP financial measurements, such as adjusted EBITDA, that adjust for certain items outside of the ordinary course of business in order to assist in comparing the Company's current operating performance to its historical performance. These adjustments typically reflect non- recurring items but sometimes reflect items, such as dispositions of assets and restructuring charges that are not technically non-recurring but are outside of the ordinary course of operations. Investors should note that such measures may not be comparable to similarly titled measures used by other companies, and investors are encouraged to use this information only in connection with the information contained in the Company's GAAP financial statements. Certain statements made in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the Company is unable to predict or control, that may cause the Company's actual results or performance to materially differ from any future results or performance expressed or implied by such forward-looking statements. These statements involve risks and uncertainties, including, without limitation, risks and uncertainties regarding current and future reimbursement rates, as well as reimbursement reductions and the Company's ability to mitigate the impact of the reductions. These risks and uncertainties are in addition to risks, uncertainties, and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company cautions investors that any forward-looking statements made by the Company are not necessarily indicative of future performance. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services. SCHEDULE A AMERICAN HOMEPATIENT, INC. SUMMARY FINANCIAL DATA (In thousands, except per share data)
THREE MONTHS ENDED DECEMBER 31, ------------------------------- 2006 2005 (UNAUDITED) ------------------------------- Revenues, net $ 80,546 $ 81,488 Cost of sales and related services 20,875 19,776 Cost of rentals and other revenues, including rental 10,018 9,549 equipment depreciation Operating expenses 39,538 39,989 Bad debt expense 2,792 2,689 General and administrative expenses 4,101 4,199 Depreciation, excluding rental equipment, and amortization 922 813 Interest expense, net 4,202 4,290 Other income, net (140) (55) Earnings from unconsolidated joint ventures (1,226) (1,207) -------- -------- (LOSS) INCOME FROM OPERATIONS BEFORE REORGANIZATION ITEMS (536) 1,445 AND INCOME TAXES Reorganization items 116 106 -------- -------- (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES (652) 1,339 Provision for income taxes 87 96 -------- -------- NET (LOSS) INCOME $ (739) $ 1,243 ======== ======== Basic (loss) income per common share $ (0.04) $ 0.07 Diluted (loss) income per common share $ (0.04) $ 0.07
- --------------------------------------------------------------------------------
MARCH 31, DECEMBER 31, 2006 2005 --------- ------------- (UNAUDITED) Cash and cash equivalents $ 2,785 $ 4,444 Restricted cash 650 650 Net patient receivables 55,507 55,222 Other receivables 871 1,242 --------- --------- Total receivables 56,378 56,464 Other current assets 18,915 22,871 --------- --------- Total current assets 78,728 84,429 Property and equipment, net 56,958 56,981 Goodwill 121,834 121,834 Other assets 22,130 24,390 --------- --------- TOTAL ASSETS $ 279,650 $ 287,634 ========= ========= Accounts payable $ 20,256 $ 18,110 Current portion of long-term debt and capital leases 508 908 Other current liabilities 20,614 30,276 --------- --------- Total current liabilities 41,378 49,294 Long-term debt and capital leases, less current portion 250,308 250,111 Other noncurrent liabilities 43 50 --------- --------- Total liabilities 291,729 299,455 Minority interest 632 635 Total shareholders' deficit (12,711) (12,456) --------- --------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 279,650 $ 287,634 ========= =========
SCHEDULE B AMERICAN HOMEPATIENT, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS TO GAAP FINANCIAL STATEMENTS (In thousands)
THREE MONTHS ENDED MARCH 31, ---------------------------- 2006 2005 ---------------------------- (UNAUDITED) Net (loss) income (Note A) $ (739) $ 1,243 Add: Provision for income taxes 87 96 Interest expense, net 4,202 4,290 Rental equipment depreciation 6,217 5,705 Other depreciation and amortization 922 813 -------- ------- Earnings before interest, taxes, depreciation, and 10,689 12,147 amortization (EBITDA) Add: Reorganization items 116 106 -------- ------- Adjusted EBITDA (EBITDA excluding reorganization items) $ 10,805 $12,253 ======== =======
THREE MONTHS ENDED MARCH 31, --------------------------- 2006 2005 --------------------------- (UNAUDITED) Revenues, net 80,546 81,488 Add: Impact of 2005 MMA reimbursement reductions 4,212 -- Revenue, net, excluding impact of 2005 MMA reimbursement ------ ------ reductions 84,758 81,488 ====== ======
Note A: Net income in the first three months of 2006 was impacted by $140 of non-cash stock-based compensation expense associated with the required adoption of Statement of Financial Accounting Standards No. 123R, "Share-Based Payment". -----END PRIVACY-ENHANCED MESSAGE-----