Almost Family, Inc. (AFAM) has reported a 7.25 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $3.63 million, or $0.28 a share in the quarter, compared with $3.92 million, or $0.38 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $7.09 million, or $0.55 a share compared with $5.47 million or $0.53 a share, a year ago.
Revenue during the quarter surged 30.98 percent to $201.31 million from $153.70 million in the previous year period. Gross margin for the quarter expanded 71 basis points over the previous year period to 47.21 percent. Total expenses were 96.49 percent of quarterly revenues, up from 94.97 percent for the same period last year. That has resulted in a contraction of 152 basis points in operating margin to 3.51 percent.
Operating income for the quarter was $7.06 million, compared with $7.74 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $16.60 million compared with $12.05 million in the prior year period. At the same time, adjusted EBITDA margin improved 41 basis points in the quarter to 8.24 percent from 7.84 percent in the last year period.
William Yarmuth, chairman and chief executive officer, commented: "We are exceptionally pleased to report strong operating results for our first quarter. Our transition efforts are well underway and we are seeing very nice performance in the JV operations. We're also demonstrating strong organic growth in our legacy home health operations, with 4.5% episodic admission growth overall, the best we've seen in some time. The earnings power of our business is especially evident when viewed in terms of adjusted net income which increased by almost one-third. While our personal care business presents some near-term opportunities for improvement, the JV’s hospice operations are contributing nicely."
Operating cash flow improves significantly
Almost Family, Inc. has generated cash of $7.03 million from operating activities during the quarter, up 25.37 percent or $1.42 million, when compared with the last year period. The company has spent $1.11 million cash to meet investing activities during the quarter as against cash outgo of $25.20 million in the last year period.
The company has spent $2.14 million cash to carry out financing activities during the quarter as against cash inflow of $19.20 million in the last year period.
Cash and cash equivalents stood at $13.89 million as on Mar. 31, 2017, up 94.69 percent or $6.76 million from $7.14 million on Apr. 01, 2016.
Working capital increases sharply
Almost Family, Inc. has recorded an increase in the working capital over the last year. It stood at $80.48 million as at Mar. 31, 2017, up 41.70 percent or $23.68 million from $56.80 million on Apr. 01, 2016. Current ratio was at 2.11 as on Mar. 31, 2017, up from 2.05 on Apr. 01, 2016.
Days sales outstanding went down to 49 days for the quarter compared with 55 days for the same period last year.
At the same time, days payable outstanding was almost stable at 12 days for the quarter, when compared with the previous year period.
Debt comes down
Almost Family, Inc. has recorded a decline in total debt over the last one year. It stood at $129.73 million as on Mar. 31, 2017, down 10.98 percent or $16 million from $145.73 million on Apr. 01, 2016. Almost Family, Inc. has recorded a decline in long-term debt over the last one year. It stood at $129.73 million as on Mar. 31, 2017, down 10.98 percent or $16 million from $145.73 million on Apr. 01, 2016. Total debt was 18.11 percent of total assets as on Mar. 31, 2017, compared with 28.76 percent on Apr. 01, 2016. Debt to equity ratio was at 0.27 as on Mar. 31, 2017, down from 0.51 as on Apr. 01, 2016.
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