Full Press Release Details
Healthcare Third Quarter Adjusted EPS Increases to $0.30 from $0.17 as
Adjusted Income from Continuing Operations More Than Doubles
Facility Revenue Expands 9.9%
2013 Earnings Guidance to $1.06 to $1.07
FRANKLIN, Tenn.--(BUSINESS WIRE)--October 29, 2013--Acadia Healthcare
Company, Inc. (NASDAQ: ACHC) today announced financial results for the
third quarter ended September 30, 2013. Revenue increased 79.1% to
$184.7 million for the third quarter from $103.1 million for the third
quarter of 2012. Income from continuing operations was $14.5 million, or
$0.29 per diluted share, for the third quarter of 2013 compared with
$6.6 million, or $0.16 per diluted share, for the third quarter of 2012.
Adjusted income from continuing operations increased 115.3% to $15.2
million for the third quarter of 2013 from $7.1 million for the third
quarter of 2012 and increased 76.5% to $0.30 per diluted share from
$0.17 per diluted share, reflecting a 19.9% increase in weighted average
shares outstanding for the comparable quarters, primarily due to
Acadia's public equity offering in December 2012. The adjusted results
exclude transaction-related expenses of $1.0 million and $0.7 million
for the third quarter of 2013 and 2012, respectively. A reconciliation
of all GAAP and non-GAAP financial results in this release is on pages 7
For the first nine months of 2013, revenue was $523.4 million, up 78.5%
from $293.2 million for the first nine months of 2012. Income from
continuing operations was $30.9 million, or $0.61 per diluted share, for
the first nine months of 2013 compared with $16.0 million, or $0.43 per
diluted share, for the same period in 2012. Adjusted income from
continuing operations increased 125.7% to $39.1 million for the first
nine months of 2013 from $17.3 million for the first nine months of 2012
and increased 66.0% to $0.78 per diluted share from $0.47 per diluted
share, reflecting a 35.7% increase in weighted average shares
outstanding for the comparable periods, primarily due to Acadia's public
equity offerings in May 2012 and December 2012. The adjusted results for
the first nine months of 2013 exclude debt extinguishment costs of $9.4
million and transaction-related expenses of $3.8 million and, for the
first nine months of 2012, exclude transaction-related expenses of $2.1
Joey Jacobs, Chairman and Chief Executive Officer of Acadia, commented,
"We continue to be pleased with the execution of our proven business
model, which produced very strong profitable growth for the third
quarter of 2013. Our revenue growth primarily resulted from the
acquisition and integration of 15 inpatient psychiatric facilities since
the end of the third quarter last year, including the acquisition of an
87-bed facility that was consummated in the third quarter of 2013. These
acquisitions, combined with both the addition of 263 beds to existing
facilities and the opening of a 60-bed de novo facility in the past 12
months, increased our licensed beds to approximately 3,900 at the
quarter's end from more than 2,400 at the end of the third quarter last
"The increase in third-quarter revenue also reflected 9.9% growth in
same-facility revenue, driven by new beds added to the same facility
base and by our ongoing revenue-generating initiatives in each facility.
Same facility patient days increased 8.4% for the third quarter and
revenue per patient day rose 1.4%. Our same facility EBITDA margin was
25.3% for the latest quarter compared with 25.8% for the third quarter
of 2012. The Company's adjusted consolidated EBITDA increased 82.6% to
$38.5 million, or 20.8% of revenue, for the third quarter of 2013 from
$21.1 million, or 20.4% of revenue, for the third quarter of 2012.
"We continue to generate significant net cash from continuing
operations, with growth of 32.4% to $17.1 million for the quarter. At
September 30, 2013, we had approximately $81 million of availability
under our revolving credit facility and a ratio of total net debt to
trailing 12 months adjusted EBITDA, as calculated under our credit
Based on Acadia's performance for the first nine months of 2013 and its
outlook for the remainder of the year, the Company today raised its
guidance for 2013 adjusted earnings per diluted share to a new range of
$1.06 to $1.07 from the previous range of $1.01 to $1.03. The Company's
guidance does not include transaction-related expenses, debt
extinguishment costs and the impact of any future acquisitions.
Acadia will hold a conference call to discuss its second quarter
financial results at 9:00 a.m. Eastern Time on Wednesday, October 30,
2013. A live webcast of the conference call will be available at www.acadiahealthcare.com
in the "Investors" section of the website. The webcast of the conference
call will be available through November 12, 2013.
This news release contains forward-looking statements. Generally words
such as "may," "will," "should," "could," "anticipate," "expect,"
"intend," "estimate," "plan," "continue," and "believe" or the negative
of or other variation on these and other similar expressions identify
forward-looking statements. These forward-looking statements are made
only as of the date of this news release. We do not undertake to update
or revise the forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements are
based on current expectations and involve risks and uncertainties and
our future results could differ significantly from those expressed or
implied by our forward-looking statements. Factors that may cause actual
results to differ materially include, without limitation, (i) Acadia's
ability to complete acquisitions and successfully integrate the
operations of the acquired facilities; (ii) Acadia's ability to add
beds, expand services, enhance marketing programs and improve
efficiencies at its facilities; (iii) potential reductions in payments
received by Acadia from the government and third-party payors; (iv) the
risk that Acadia may not generate sufficient cash from operations to
service its debt and meet its working capital and capital expenditure
requirements; and (v) potential operating difficulties, client
preferences, changes in competition and general economic or industry
conditions that may prevent Acadia from realizing the expected benefits
of its business strategy. These factors and others are more fully
described in Acadia's periodic reports and other filings with the SEC.
Acadia is a provider of inpatient behavioral healthcare services. Acadia
operates a network of 50 behavioral healthcare facilities with
approximately 4,100 licensed beds in 22 states and Puerto Rico. Acadia
provides psychiatric and chemical dependency services to its patients in
a variety of settings, including inpatient psychiatric hospitals,
residential treatment centers, outpatient clinics and therapeutic