8-K

U.S. 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 4, 2004

AMEDISYS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware

(State or Other Jurisdiction of

Incorporation or Organization)

0-24260	11-3131700
(Commission File Number)	(I.R.S. Employer Identification No.)

11100 Mead Road, Suite 300, Baton Rouge, LA 70816

(Address of principal executive offices including zip code)

(225) 292-2031

(Registrant’s telephone number, including area code)

ITEM 7.         FINANCIAL STATEMENTS AND EXHIBITS

(a)	Financial Statements of Business Acquired.
	Not applicable.
(b)	Pro Forma Financial Information.
	Not applicable.
(c)	Exhibit No.
	99.1 (i)	Press Release dated May 4, 2004 announcing the Company’s first quarter 2004 operating results
		(i) Filed herewith.

Item 12. Results of Operations and Financial Condition.

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. The information in this Current Report shall not be incorporated by reference into any registration statement or document pursuant to the Securities Act of 1933, as amended.

On May 4, 2004, Amedisys, Inc. issued a press release attached hereto as Exhibit 99.1 announcing its financial results for the first quarter of fiscal year 2004, which ended March 31, 2004.

SIGNATURES

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 hereunto duly authorized.

AMEDISYS, INC.
By:	/s/    Gregory H. Browne
Gregory H. Browne
Chief Financial Officer

DATE: May 6, 2004

EX-99.1

Exhibit 99.1

Contact:	Amedisys, Inc.
	Gregory H. Browne, CFO
	(225) 292-2031
	gbrowne@amedisys.com
	Investor Relations: Euro RSCG Life NRP
	Brian Ritchie (212) 845-4269
	brian.ritchie@eurorscg.com

AMEDISYS REPORTS FIRST QUARTER 2004 RESULTS

Company Reports Record Quarterly Revenue and Provides Updated Guidance for 2004

AMEDISYS TO HOST CONFERENCE CALL

TODAY AT 10:00 AM EDT

BATON ROUGE, Louisiana (May 4, 2004) – Amedisys, Inc. (NasdaqNM: “AMED” or “the Company”), one of America’s leading home health nursing companies, today reported its financial results for the first quarter of 2004.

For the quarter ended March 31, 2004 the Company reported net income of $4.2 million, or $0.34 per diluted share, on record net service revenue of $47.3 million. For the same period the previous year, Amedisys reported net income of $1.1 million, or $0.12 per diluted share, on net service revenue of $31.1 million. The weighted average number of diluted shares outstanding approximated 12.5 million in the quarter ended March 31, 2004 and 9.5 million in the comparable period of 2003.

“Our record revenue and strong year-over-year increase in net income reflect our ongoing commitment to organic growth,” noted William F. Borne, Chief Executive Officer of Amedisys. “Clearly, we are extremely pleased with the results, which exceeded guidance previously communicated, and remain confident that Amedisys can continue to deliver satisfactory earnings for its shareholders. Therefore, based on currently available information, we are increasing our earnings guidance for fiscal 2004 to between $1.25 and $1.33 cents per diluted share.”

“Internal growth of Medicare patient admissions was approximately 22 percent in the first quarter when compared with the previous year, which is by far the strongest growth rate in several years, and significantly above the rate achieved in the fourth quarter of 2003. We are excited with this exceptional rate of growth, and the early indications for the second quarter suggest that our internal growth rate will be at least 14 percent, “ continued Borne.

“The transaction with Tenet Healthcare Corporation has now been completed, and significant progress has already been made in integrating these operations. However, the newly acquired locations did not make a material contribution to the first quarter financial results.”

“The Company’s financial position remains strong, with cash and cash equivalents of over $24 million at the end of March. Additionally, we are pleased to announce that Amedisys has finalized an agreement with GE Healthcare Financial Services for a working capital facility of up to $25 million.”

The Company will provide further information today on these results during a teleconference call that is scheduled for 10:00 a.m. EDT. To access this call, please dial 1-800-231-5571 (domestic) or 1-973-582-2703 (international).

A replay of the conference call will be available until May 11, 2004, by dialing 1-877-519-4471 (domestic) or 1-973-341-3080 (international). The replay pin number is 4696638.

Amedisys, Inc., a leading provider of home health nursing services, is headquartered in Baton Rouge, Louisiana. Its common stock trades on The Nasdaq Stock Market under the symbol “AMED”.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”, “project”, “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s services in the marketplace, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, and other risks discussed in the Company’s periodic filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Additional information on the Company can be found on the World Wide Web

http://www.amedisys.com

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the three months ended March 31, 2004 and 2003

(dollar amounts in 000’s, except per share data)

	For the three months ended March 31,
	2004			2003
	(unaudited)			(unaudited)
Income:
Net service revenue	$	47,339		$	31,132
Cost of service revenue (excluding depreciation and amortization)		19,480			12,909
Gross margin		27,859			18,223
General and administrative expenses:
Salaries and benefits		12,557			9,861
Other		8,397			6,178
Total general and administrative expenses		20,954			16,039
Operating income		6,905			2,184
Other income (expense):
Interest income		52			17
Interest expense		(124	)		(360	)
Miscellaneous		(4	)		10
Total other expense, net		(76	)		(333	)
Income before income taxes		6,829			1,851
Income tax expense		2,608			702
Net income	$	4,221		$	1,149
Diluted weighted average common shares outstanding		12,536,000			9,501,000
Diluted income per common share:
Net income	$	0.34		$	0.12

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of March 31, 2004 and December 31, 2003

(Dollar amounts in 000’s, except share data)

	March 31, 2004			December 31, 2003
	(unaudited)
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents	$	24,338		$	29,779
Patient accounts receivable, net of allowance for doubtful accounts of $3,554 at March 31 2004 and $3,008 at December 2003		14,893			15,185
Prepaid expenses		2,452			1,103
Deferred income taxes		831			1,650
Inventory and other current assets		1,269			1,879
Total current assets		43,783			49,596
Property and equipment, net		7,239			7,219
Goodwill and other assets, net		55,106			35,658
Total assets	$	106,128		$	92,473
LIABILITIES AND STOCKHOLDERS’ EQUITY:
CURRENT LIABILITIES:
Accounts payable	$	5,009		$	3,340
Accrued expenses:
Payroll and payroll taxes		10,639			9,163
Insurance		1,990			2,336
Income taxes		735			575
Legal settlements		1,337			1,248
Other		7,985			2,818
Current portion of long-term debt		4,175			3,974
Current portion of obligations under capital leases		653			1,217
Current portion of Medicare liabilities		9,350			9,347
Total current liabilities		41,873			34,018
Long-term debt		1,807			2,696
Obligations under capital leases		391			391
Deferred income taxes		3,264			2,756
Other long-term liabilities		1,213			1,213
Total liabilities		48,548			41,074
STOCKHOLDERS’ EQUITY:
Preferred stock, $.001 par value, 5,000,000 shares authorized; None issued and outstanding		—			—
Common stock, $.001 par value, 30,000,000 shares authorized; 12,146,898 and 11,908,146 shares issued at March 31, 2004 and December 31, 2003, respectively		12			12
Additional paid-in capital		57,425			55,465
Treasury stock at cost, 4,167 shares held		(25	)		(25	)
Retained earnings (deficit)		168			(4,053	)
Total stockholders’ equity		57,580			51,399
Total liabilities and stockholders’ equity	$	106,128		$	92,473