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Company announces fourth quarter, year-end results.(Matria Healthcare Inc.)(Brief Article)(Statistical Data Included)
2002 APR 18 - (NewsRx.com & NewsRx.net) -- Matria Healthcare, Inc., (MATR) announced its financial results for the fourth quarter and year ended December 31, 2001.
For the year ended December 31, 2001, revenues increased by 17% to $264.0 million, compared with revenues of $225.8 million for the year 2000. Net earnings available to common shareholders from continuing operations for the 12 months ended December 31, 2001 were $6.8 million, or $0.76 per diluted common share, compared with $10.1 million, or $1.05 per diluted common share, for the year-ago period.
Excluding the effects of the repurchase of preferred stock in 2001, restructuring expense and executive severance in 2000 and other income or expense in all periods, earnings before interest, taxes depreciation and amortization ("EBITDA") from continuing operations for the 12 months ended December 31, 2001 were $40.0 million, or $4.44 per diluted common share, compared with $39.5 million, or $3.97 per diluted common share, for the year-ago 12-month period. Excluding the same items, net earnings available to common shareholders from continuing operations for the year 2001 were $6.5 million, or $0.72 per diluted common share, compared with $6.7 million, or $0.72 per diluted common share, reported for the year 2000. The net earnings for the year and fourth quarter 2001 were lower than the company's most recent forecast because the final, annual income tax provision was higher than previously estimated.
The increase is a noncash item that resulted from the finalization of the permanent differences between the company's accounting and statutory taxable income. Although the company's annual results include a tax provision for continuing operations of $6.1 million, the company expects its actual tax payments for the period to be approximately $1.2 million. For accounting purposes, the company estimates its 2002 effective income tax rate to be 40%.
Revenues for the fourth quarter of 2001 grew 24% to $69.7 million, compared with fourth quarter of 2000 revenues of $56.4 million. EBITDA from continuing operations for the fourth quarter of 2001 were $8.6 million, or $0.94 per diluted common share, ...
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