EX-99.1
2
g94092exv99w1.txt
EX-99.1 PRESS RELEASE DATED MARCH 22,2005




                                                                 EXHIBIT 99.1


(AMERICAN HOMEPATIENT LOGO)                                     NEWS RELEASE

--------------------------------------------------------------------------------


Contact: Joseph F. Furlong          or         Stephen L. Clanton
         President and CEO                     Executive VP & CFO
         (615) 221-8884                        (615) 221-8884
                                               PRIMARY CONTACT
FOR IMMEDIATE RELEASE

               AMERICAN HOMEPATIENT REPORTS FINANCIAL RESULTS FOR
               THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2004
--------------------------------------------------------------------------------

BRENTWOOD, Tenn. (March 22, 2004) - American HomePatient, Inc. (OTC: AHOM) today
reported net income of $8.2 million and revenues of $84.2 million for the fourth
quarter ended December 31, 2004. For the year ended December 31, 2004, the
Company reported net income of $13.2 million and revenues of $335.8 million.

The Company's revenues of $84.2 million for the fourth quarter of 2004 represent
a decrease of $2.7 million, or 3.1%, from the fourth quarter of 2003. The
Company's revenues of $335.8 million for the year ended December 31, 2004
represent a decrease of $0.4 million, or 0.1%, from the prior year. Revenues in
the current quarter and year were reduced by approximately $1.8 million, or
2.1%, and $7.4 million, or 2.2%, respectively, as a result of an approximate
15.8% reduction in the Medicare reimbursement rates for inhalation drugs
effective January 1, 2004. The sale of inhalation drugs comprised approximately
12% of the Company's total revenues for the fourth quarter and twelve months
ended December 31, 2004.

The Company's net income of $8.2 million, or $0.48 per share on a diluted basis,
for the fourth quarter of 2004 compares to net income of $4.7 million, or $0.25
per share, for the fourth quarter of 2003 representing an increase of $3.5
million, or 74%. This improvement is primarily attributable to reduced operating
expenses. Operating expenses decreased by approximately $5.5 million in the
fourth quarter of 2004 compared to the fourth quarter of 2003 and decreased by
approximately $9.9 million for the current year compared to the prior year.
These decreases are primarily the result of the Company's initiatives to improve
productivity and reduce personnel costs in its operating centers and billing
centers. Also contributing to lower operating expenses




in 2004 was the closure and consolidation of three of the Company's billing
centers in 2004 and the full year impact of the closure and consolidation of
eight billing centers in 2003.

The Company's net income of $13.2 million, or $0.78 per share on a diluted
basis, for the year ended December 31, 2004 compares to net income of $14.0
million, or $0.74 per share, for the same period of 2003. Net income for the
year ended December 31, 2003 excluded approximately $10.0 million in non-default
interest expense prior to the Company's emergence from bankruptcy protection on
July 1, 2003. Net income for the year ended December 31, 2003 included
approximately $4.1 million of reorganization items compared to $0.7 million for
the same period of 2004.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a
non-GAAP financial measurement that is calculated as net income excluding
interest, taxes, depreciation and amortization. EBITDA for the fourth quarter of
2004 and for the fourth quarter of 2003 was $19.3 million and $15.8 million,
respectively. For the fourth quarter of 2004, adjusted EBITDA (calculated as
EBITDA excluding reorganization items) was $19.4 million or 23.0% of revenues.
For the fourth quarter of 2003, adjusted EBITDA was $16.2 million or 18.6% of
revenues. EBITDA for year ended December 31, 2004 and for year ended December
31, 2003 was $58.5 million and $47.1 million, respectively. For the current
year, adjusted EBITDA was $59.2 million or 17.6% or revenues. For the prior
year, adjusted EBITDA was $51.2 million or 15.2% of revenues.

American HomePatient, Inc. is one of the nation's largest home health care
providers with 276 centers in 35 states. Its product and service offerings
include respiratory services, infusion therapy, parenteral and enteral
nutrition, and medical equipment for patients in their home. American
HomePatient, Inc.'s common stock is currently traded in the over-the-counter
market or, on application by broker-dealers, in the NASD's Electronic Bulletin
Board under the symbol AHOM or AHOM.OB.

American HomePatient, Inc. provides information related to non-GAAP financial
measurements such as, EBITDA, adjusted EBITDA and, from time to time, other
non-GAAP financial measurements that adjust for certain items outside of the
ordinary course of its business. To enable interested parties to reconcile
non-GAAP measures to the Company's GAAP financial




statements, the Company clearly defines EBITDA and adjusted EBITDA, and
quantifies all other adjustments to GAAP measurements (see Schedule B). The
Company provides EBITDA information, a widely used non-GAAP financial
measurement, as a performance measure to assist in analyzing the Company's
operations and in comparing the Company to its competitors. The Company provides
other non-GAAP financial measurements, such as adjusted EBITDA, that adjust for
certain items outside of the ordinary course of business in order to assist in
comparing the Company's current operating performance to its historical
performance. These adjustments typically reflect non-recurring items but
sometimes reflect items, such as dispositions of assets and restructuring
charges that are not technically non-recurring but are outside of the ordinary
course of operations. Investors should note that such measures may not be
comparable to similarly titled measures used by other companies, and investors
are encouraged to use this information only in connection with the information
contained in the Company's GAAP financial statements.

Certain statements made in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on management's current
expectations and include known and unknown risks, uncertainties and other
factors, many of which the Company is unable to predict or control, that may
cause the Company's actual results or performance to materially differ from any
future results or performance expressed or implied by such forward-looking
statements. These statements involve risks and uncertainties, including, without
limitation, risks and uncertainties regarding current and future reimbursement
rates, as well as reimbursement reductions and the Company's ability to mitigate
the impact of the reductions. These risks and uncertainties are in addition to
risks, uncertainties, and other factors detailed from time to time in the
Company's filings with the Securities and Exchange Commission. The Company
cautions investors that any forward-looking statements made by the Company are
not necessarily indicative of future performance. The Company is not responsible
for updating the information contained in this press release beyond the
published date, or for changes made to this document by wire services or
Internet services.




                                                                    SCHEDULE A
AMERICAN HOMEPATIENT, INC.
SUMMARY FINANCIAL DATA
(In thousands, except per share data)

THREE MONTHS ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, ------------------------------- ------------------------ 2004 2003 2004 2003 ------------------------ ------------------------ (UNAUDITED) Revenues, net $ 84,236 $ 86,917 $ 335,823 $ 336,181 Cost of sales and related services 18,015 17,410 71,934 69,494 Cost of rentals and other revenues, including rental equipment depreciation 9,695 9,307 38,779 36,265 Operating expenses 39,372 44,856 167,285 177,167 Bad debt expense 1,484 2,159 10,671 10,437 General and administrative expenses 3,887 4,203 16,597 17,212 Earnings from unconsolidated joint ventures (1,494) (1,393) (4,751) (4,778) Depreciation, excluding rental equipment, and amortization 989 927 3,423 3,640 Amortization of deferred financing costs -- 160 -- 160 Interest expense, net 4,396 4,566 18,290 8,785 Other income, net (222) (426) (344) (708) --------- --------- --------- --------- INCOME FROM OPERATIONS BEFORE REORGANIZATION ITEMS AND INCOME TAXES 8,114 5,148 13,939 18,507 Reorganization items 138 306 658 4,082 --------- --------- --------- --------- INCOME FROM OPERATIONS BEFORE INCOME TAXES 7,976 4,842 13,281 14,425 Provision for income taxes (250) 100 50 400 --------- --------- --------- --------- NET INCOME $ 8,226 $ 4,742 $ 13,231 $ 14,025 ========= ========= ========= ========= Basic income per common share $ 0.49 $ 0.29 $ 0.80 $ 0.86 Diluted income per common share $ 0.48 $ 0.25 $ 0.78 $ 0.74
--------------------------------------------------------------------------------
DECEMBER 31, DECEMBER 31, 2004 2003 ------------ ------------ Cash and equivalents $ 5,772 $ 2,571 Restricted cash 650 400 Net patient receivables 50,851 56,940 Other receivables 1,666 1,935 --------- --------- Total receivables 52,517 58,875 Other current assets 22,308 20,606 --------- --------- Total current assets 81,247 82,452 Property and equipment, net 58,005 56,831 Goodwill 121,834 121,834 Other assets 21,978 22,923 --------- --------- TOTAL ASSETS $ 283,064 $ 284,040 ========= ========= Accounts payable $ 17,842 $ 17,518 Current portion of long-term debt and capital leases 885 11,720 Other current liabilities 30,951 33,097 --------- --------- Total current liabilities 49,678 62,335 Long-term debt and capital leases, less current portion 251,033 251,194 Other noncurrent liabilities 2,548 4,262 --------- --------- Total liabilities 303,259 317,791 Minority interest 534 498 Total shareholders' deficit (20,729) (34,249) --------- --------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 283,064 $ 284,040 ========= =========
SCHEDULE B AMERICAN HOMEPATIENT, INC. Reconciliation of Non-GAAP Financial Measurements to GAAP Financial Statements (In thousands)
THREE MONTHS ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, ------------------------------- ----------------------------- 2004 2003 2004 2003 ------------------------------ ----------------------------- (UNAUDITED) (UNAUDITED) Net income $ 8,226 $ 4,742 $ 13,231 $ 14,025 Add: Provision for income taxes (250) 100 50 400 Interest expense, net 4,396 4,566 18,290 8,785 Rental equipment depreciation 5,902 5,513 23,502 20,241 Other depreciation and amortization 989 927 3,423 3,640 -------- -------- -------- -------- Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 19,263 $ 15,848 $ 58,496 $ 47,091 Add: Reorganization items 138 306 658 4,082 -------- -------- -------- -------- Adjusted EBITDA (EBITDA excluding reorganization items) $ 19,401 $ 16,154 $ 59,154 $ 51,173 ======== ======== ======== ========

The following information was filed by American Homepatient Inc on Thursday, March 24, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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