Almost Family, Inc. (AFAM) has reported a 31.20 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $5.37 million, or $0.52 a share in the quarter, compared with $7.80 million, or $0.79 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.78 million, or $0.66 a share compared with $5.10 million or $0.52 a share, a year ago.
Revenue during the quarter grew 22.24 percent to $160.42 million from $131.23 million in the previous year period. Gross margin for the quarter contracted 71 basis points over the previous year period to 46.34 percent. Total expenses were 93.16 percent of quarterly revenues, up from 91.85 percent for the same period last year. That has resulted in a contraction of 131 basis points in operating margin to 6.84 percent.
Operating income for the quarter was $10.97 million, compared with $10.70 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $14.80 million compared with $10.62 million in the prior year period. At the same time, adjusted EBITDA margin improved 113 basis points in the quarter to 9.23 percent from 8.09 percent in the last year period.
William Yarmuth, chairman and chief executive officer, commented: "We're very pleased with the progress in our core home health business in the quarter where we continue to generate meaningful organic growth, while also working through the integration of our 2015 and 2016 acquisitions. In addition, we're especially pleased to report outstanding record results in our healthcare innovations segment which is drawing increased attention as it makes significant strides in its earnings and developments. At the same time all of this has been accomplished, we also just recently announced entering into the nation's largest public company hospital-home health joint venture, enabling us, in a very strategic way, to continue our strong growth trajectory."
Operating cash flow improves
Almost Family, Inc. has generated cash of $15.28 million from operating activities during the nine month period, up 14.75 percent or $1.96 million, when compared with the last year period.
The company has spent $35.62 million cash to meet investing activities during the nine month period as against cash outgo of $58.45 million in the last year period.
Cash flow from financing activities was $19.64 million for the nine month period, down 55.98 percent or $24.98 million, when compared with the last year period.
Cash and cash equivalents stood at $6.83 million as on Sep. 30, 2016, up 7.21 percent or $0.46 million from $6.37 million on Oct. 02, 2015.
Working capital increases
Almost Family, Inc. has recorded an increase in the working capital over the last year. It stood at $66.47 million as at Sep. 30, 2016, up 7.80 percent or $4.81 million from $61.66 million on Oct. 02, 2015. Current ratio was at 2.33 as on Sep. 30, 2016, up from 2.17 on Oct. 02, 2015.
Days sales outstanding went down to 51 days for the quarter compared with 58 days for the same period last year.
At the same time, days payable outstanding went down to 13 days for the quarter from 16 for the same period last year.
Debt increases substantially
Almost Family, Inc. has witnessed an increase in total debt over the last one year. It stood at $146.32 million as on Sep. 30, 2016, up 58.54 percent or $54.03 million from $92.30 million on Oct. 02, 2015. Almost Family, Inc. has witnessed an increase in long-term debt over the last one year. It stood at $146.32 million as on Sep. 30, 2016, up 58.54 percent or $54.03 million from $92.30 million on Oct. 02, 2015. Total debt was 28.08 percent of total assets as on Sep. 30, 2016, compared with 21.67 percent on Oct. 02, 2015. Debt to equity ratio was at 0.49 as on Sep. 30, 2016, up from 0.36 as on Oct. 02, 2015.
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