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06 December, 2023 09:20 IST
Acadia Healthcare Co first-quarter profit jumps 36.09 percent on a YOY basis
Source: IRIS | 04 Jul, 2017, 04.28PM

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Acadia Healthcare Company (ACHC) has reported a 36.09 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $34.96 million, or $0.40 a share in the quarter, compared with $25.69 million, or $0.31 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $39.88 million, or $0.46 a share compared with $45.83 million or $0.55 a share, a year ago.

Revenue during the quarter grew 10.11 percent to $679.19 million from $616.81 million in the previous year period. Gross margin for the quarter expanded 25 basis points over the previous year period to 95.92 percent. Total expenses were 86.57 percent of quarterly revenues, down from 88.69 percent for the same period last year. This has led to an improvement of 212 basis points in operating margin to 13.43 percent.

Operating income for the quarter was $91.24 million, compared with $69.78 million in the previous year period.

Joey Jacobs, Chairman and Chief Executive Officer of Acadia, commented, ÔÇťAcadia produced financial results for the first quarter of 2017 that were largely consistent with our expectations for the quarter and financial guidance for the year. Our revenue growth primarily resulted from the acquisition of Priory Group on February 16, 2016, which added approximately 6,200 beds, net of the divestiture, to our operations in the United Kingdom. In the trailing 12 months ended March 31, 2017, we also acquired nearly 240 beds through three transactions and added 719 beds to existing facilities and de novo facilities, 82 of which were added to existing facilities in the first quarter of 2017.

For fiscal year 2017, Acadia Healthcare Company forecasts revenue to be in the range of $2,850 million to $2,900 million. The company expects diluted earnings per share to be in the range of $2.40 to $2.50 on adjusted basis.

Operating cash flow falls marginally Acadia Healthcare Company has generated cash of $57.01 million from operating activities during the quarter, down 2.81 percent or $ 1.65 million, when compared with the last year period.

The company has spent $58.10 million cash to meet investing activities during the quarter as against cash outgo of $685.45 million in the last year period.

The company has spent $13.74 million cash to carry out financing activities during the quarter as against cash inflow of $653.97 million in the last year period.

Cash and cash equivalents stood at $43.09 million as on Mar. 31, 2017, up 17.78 percent or $6.51 million from $36.58 million on Mar. 31, 2016.

Working capital turns positive Working capital of Acadia Healthcare Company has turned positive to $88.16 million on Mar. 31, 2017 from negative $15.55 million on Mar. 31, 2016. Current ratio was at 1.26 as on Mar. 31, 2017, up from 0.96 on Mar. 31, 2016.

Days sales outstanding went down to 33 days for the quarter compared with 36 days for the same period last year.

At the same time, days payable outstanding went down to 299 days for the quarter from 357 for the same period last year.

Debt comes down Acadia Healthcare Company has recorded a decline in total debt over the last one year. It stood at $3,281.38 million as on Mar. 31, 2017, down 8 percent or $285.41 million from $3,566.79 million on Mar. 31, 2016. Total debt was 54.10 percent of total assets as on Mar. 31, 2017, compared with 53.26 percent on Mar. 31, 2016. Debt to equity ratio was at 1.47 as on Mar. 31, 2017, up from 1.39 as on Mar. 31, 2016. Interest coverage ratio improved to 2.13 for the quarter from 1.85 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]



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