GENTIVA HEALTH SERVICES, INC. ATLANTA, Aug. 5, 2014 /PRNewswire/ -- Gentiva Health Services, Inc. (NASDAQ: GTIV), one of the largest providers of home health, hospice and community care services in the United States, today reported second quarter 2014 results that surpassed Gentiva's previous guidance for the quarter. The Company also adjusted fiscal year 2014 guidance to reflect the Company's strong year-to-date performance and now expects full-year 2014 adjusted EBITDA of $183 million to $195 million and adjusted income attributable to Gentiva shareholders of $0.95 to $1.15 on a diluted per share basis.
Quarterly highlights include:
-- Adjusted income attributable to Gentiva shareholders per diluted share
of $0.38.
-- Adjusted EBITDA of $54.3 million.
-- Free cash flow of $47.5 million.
-- Net revenues of $498.0 million.
Second quarter 2014 financial highlights include:
-- Net income attributable to Gentiva shareholders of $10.0 million, or
$0.27 per diluted share, compared to net income of $6.3 million, or
$0.20 per diluted share, for the second quarter of 2013.
-- Adjusted income attributable to Gentiva shareholders of $13.9 million,
compared with income of $6.8 million in the comparable 2013 period. On a
diluted per share basis, adjusted income attributable to Gentiva
shareholders was $0.38 for the second quarter of 2014 as compared to
adjusted income attributable to Gentiva shareholders of $0.22 for the
second quarter of 2013.
-- Adjusted earnings before interest, taxes, depreciation and amortization
(Adjusted EBITDA) was $54.3 million in the second quarter of 2014 as
compared to $39.0 million in the second quarter of 2013. Adjusted
EBITDA as a percentage of net revenues was 10.9% in the second quarter
of 2014 versus 9.4% in the prior year period.
-- Total net revenues of $498.0 million, an increase of 20% compared to
$414.4 million for the quarter ended June 30, 2013. Net revenues
included home health episodic revenues of $236.2 million, an increase of
14% compared to $206.7 million in the 2013 second quarter. Hospice
revenues were $172.3 million, a decrease of 4% compared to $179.2
million in the 2013 second quarter. Community Care revenues were $56.7
million for the second quarter of 2014.
Adjusted income attributable to Gentiva shareholders and Adjusted EBITDA exclude charges related to cost savings initiatives and acquisition and integration activities, losses on closed locations, merger related expenses and other special items.
"Gentiva's results this quarter were marked by significant revenue and margin growth across our business and speak to the continued success of our One Gentiva initiative and the strategic investments the Company has made over the past year," said Gentiva CEO Tony Strange. "Reflecting our confidence in our strategy to increase shareholder value, we have raised the lower end of our fiscal year 2014 guidance based on these results and the momentum we are seeing as we continue to execute our business strategies."
Highlights for the six months ended June 30, 2014 include:
-- Net income attributable to Gentiva shareholders of $10.3 million, or
$0.28 per diluted share, compared to a net loss of $200.8 million, or
$6.51 per diluted share, in the prior year period.
-- Adjusted income attributable to Gentiva shareholders of $18.7 million,
compared with $13.9 million in the 2013 period. On a diluted per share
basis, adjusted income attributable to Gentiva shareholders was $0.51
for 2014 as compared with $0.45 in the corresponding period of 2013.
-- Adjusted earnings before interest, taxes, depreciation and amortization
(Adjusted EBITDA) was $93.3 million as compared to $78.1 million in the
2013 period. Adjusted EBITDA as a percentage of net revenues was 9.5%
versus 9.4% in the prior year period.
-- Total net revenues of $985.5 million, an increase of 19% compared to
$830.0 million for the prior year period. Net revenues included home
health episodic revenues of $460.6 million, an increase of 11% as
compared to $414.1 million in the comparable 2013 period. Hospice
revenues were $346.7 million, a decrease of 3% compared to $358.7
million in the comparable 2013 period. Community Care revenues were
$113.8 million for the first six months of 2014.
Cash Flow and Balance Sheet Highlights
At June 30, 2014, the Company reported cash and cash equivalents of $106.2 million, up from $62.9 million at March 31, 2014. Total outstanding debt was $1.17 billion as of June 30, 2014 and March 31, 2014. Total Company days sales outstanding, or DSOs, was 48 days at June 30, 2014, down from 50 days at March 31, 2014.
For the second quarter of 2014, net cash provided by operating activities was $50.4 million, compared to $30.7 million in the prior year period. Free cash flow increased 83% to $47.5 million for the second quarter of 2014, compared to $25.9 million in the prior year period. Free cash flow is calculated as net cash provided by operating activities less capital expenditures.
Full-Year 2014 Outlook Comments
Based on the Company's strong year-to-date operating results, Gentiva now expects full year 2014 Adjusted EBITDA to be in the range of $183 million to $195 million and adjusted income attributable to Gentiva shareholders to be in the range of $0.95 to $1.15 on a diluted per share basis. Gentiva now expects full-year 2014 net revenues to be in the range of $1.96 billion to $2.0 billion.
Gentiva's 2014 outlook includes the full-year impact of its Harden acquisition and the final 2014 Medicare home health and hospice reimbursement rates issued by the Centers for Medicare and Medicaid Services (CMS). The 2014 outlook excludes any ongoing losses from closed locations as the operations are wound down.
Non-GAAP Financial Measures
The information provided in this press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. In accordance with SEC rules, the Company has provided, in the supplemental information and the footnotes to the tables, a reconciliation of those historical measures to the most directly comparable GAAP measures.
A reconciliation of Adjusted EBITDA and adjusted income attributable to Gentiva shareholders to net income, the most directly comparable GAAP measure, is not accessible on a forward-looking basis without unreasonable effort due to the inherent difficulties in predicting the charges for cost savings initiatives and acquisition and integration activities, the results of discontinued operations and the impact of any future acquisitions or divestitures, which can fluctuate significantly and may have a significant impact on net income.
Conference Call and Webcast Details
The Company will comment further on its second quarter 2014 results during its conference call and live webcast to be held today, Tuesday, August 5, 2014 at 9:00 a.m. Eastern Time. To participate in the call from the United States, Canada or an international location, dial (973) 935-2408 and reference call #72785046. The webcast is an audio-only, one-way event. Webcast listeners who wish to ask questions must participate in the conference call. Log onto http://investors.gentiva.com/events.cfm to hear the webcast. A replay of the call will be available on August 5 and will remain available continuously through August 12. To listen to a replay of the call from the United States, Canada or international locations dial (800) 585-8367 or (404) 537-3406 and enter the following PIN at the prompt: 72785046. Visit http://investors.gentiva.com/events.cfm to access the webcast archive. This press release is accessible at http://investors.gentiva.com/releases.cfm and a transcript of the conference call will be posted on the Company's website.
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is one of the nation's largest providers of home health, hospice and community care services, delivering innovative, high quality care to patients across the United States. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; and other therapies and services. GTIV-G
(unaudited tables and notes follow)
Gentiva Health Services, Inc. and Subsidiaries
Condensed Consolidated Financial Statements and Supplemental Information
(Unaudited)
(in 000's, except per share data) 2nd Quarter Six Months
----------- ----------
2014 2013 2014 2013
---- ---- ---- ----
Condensed Statements of Comprehensive Income (Loss)
--------------------------------------------------
Net revenues $498,040 $414,424 $985,545 $830,015
Cost of services sold 267,350 218,947 540,418 440,520
------- ------- ------- -------
Gross profit 230,690 195,477 445,127 389,495
Selling, general and administrative expenses (189,103) (161,937) (378,123) (321,814)
Goodwill and other long-lived asset impairment - - - (224,320)
Interest income 633 642 1,266 1,427
Interest expense and other (25,322) (22,790) (50,453) (45,868)
------- ------- ------- -------
Income (loss) before income taxes 16,898 11,392 17,817 (201,080)
Income tax (expense) benefit (6,899) (4,829) (7,320) 587
------ ------ ------ ---
Net income (loss) 9,999 6,563 10,497 (200,493)
Less: Net loss (income) attributable to noncontrolling interests 12 (216) (172) (337)
--- ---- ---- ----
Net income (loss) attributable to Gentiva shareholders $10,011 $6,347 $10,325 $(200,830)
======= ====== ======= =========
Total comprehensive income (loss) $9,999 $6,563 $10,497 $(200,493)
====== ====== ======= =========
Earnings per Share
------------------
Net income (loss) attributable to Gentiva shareholders:
Basic $0.28 $0.21 $0.28 $(6.51)
===== ===== ===== ======
Diluted $0.27 $0.20 $0.28 $(6.51)
===== ===== ===== ======
Weighted average shares outstanding:
Basic 36,298 30,941 36,243 30,863
====== ====== ====== ======
Diluted 36,927 31,239 36,790 30,863
====== ====== ====== ======
(in 000's)
Condensed Balance Sheets
------------------------
ASSETS Jun 30, 2014 Dec 31, 2013
------ ------------ ------------
Cash and cash equivalents $106,155 $86,957
Accounts receivable, net (A) 280,731 289,905
Deferred tax assets 24,287 28,153
Prepaid expenses and other current
assets 54,773 64,746
------ ------
Total current assets 465,946 469,761
Notes receivable from CareCentrix 28,471 28,471
Fixed assets, net 44,948 49,375
Intangible assets, net 253,178 256,282
Goodwill 390,081 390,081
Other assets 67,927 68,647
------ ------
Total assets $1,250,551 $1,262,617
========== ==========
LIABILITIES AND
EQUITY
----------------
Current portion of long-term debt $49,200 $45,325
Accounts payable 14,585 15,659
Payroll and related taxes 55,239 64,857
Deferred revenue 48,936 43,864
Medicare liabilities 17,360 23,894
Obligations under insurance
programs 76,605 82,634
Accrued nursing home costs 20,554 22,219
Accrued interest expense 17,010 17,239
Other accrued expenses 54,295 59,779
------ ------
Total current liabilities 353,784 375,470
Long-term debt 1,111,972 1,124,432
Deferred tax liabilities, net 15,701 9,825
Other liabilities 54,822 53,084
Total deficit (285,728) (300,194)
-------- --------
Total liabilities and deficit $1,250,551 $1,262,617
========== ==========
Common shares outstanding 36,846 36,375
====== ======
(A) Accounts receivable, net
included an allowance for doubtful
accounts of $12.0 million and $10.7
million at June 30, 2014 and
December 31, 2013, respectively.
(in 000's)
Six Months
----------
Condensed Statements of Cash Flows 2014 2013
---------------------------------- ---- ----
OPERATING
ACTIVITIES:
Net income (loss) $10,497 $(200,493)
Adjustments to
reconcile net
income (loss) to
net cash
provided by
operating
activities:
Depreciation and amortization 12,815 9,511
Amortization of debt issuance
costs 3,181 6,463
Provision for doubtful accounts 3,800 2,680
Equity-based compensation expense 4,387 3,969
Windfall tax benefits associated
with equity-based compensation (21) (82)
Goodwill and other long-lived
asset impairment - 224,320
Deferred income tax expense
(benefit) 6,192 (7,983)
Changes in assets
and liabilities,
net of effects
from
acquisitions and
dispositions:
Accounts receivable 5,374 (3,919)
Prepaid expenses and other current
assets 9,973 1,727
Current liabilities (24,242) (27,705)
Other, net 678 1,678
---
Net cash provided
by operating
activities 32,634 10,166
------
INVESTING
ACTIVITIES:
Purchase of fixed
assets (6,032) (7,521)
Proceeds from the
sale of
businesses, net
of cash
transferred - 508
---
Net cash used in
investing
activities (6,032) (7,013)
-------
FINANCING
ACTIVITIES:
Proceeds from
issuance of
common stock 1,276 1,852
Windfall tax
benefits
associated with
equity-based
compensation 21 82
Payment of
contingent
consideration
accrued at
acquisition date - (1,500)
Repayment of
long-term debt (9,163) (25,000)
Minority interest
capital
contribution 1,160 -
Distribution to
minority
interests (231) (356)
Other (467) (161)
-----
Net cash used in
financing
activities (7,404) (25,083)
-------
Net change in
cash and cash
equivalents 19,198 (21,930)
Cash and cash
equivalents at
beginning of
period 86,957 207,052
------
Cash and cash
equivalents at
end of period $106,155 $185,122
===
SUPPLEMENTAL
DISCLOSURES OF
CASH FLOW
INFORMATION:
Interest paid $47,224 $39,069
Income taxes paid $341 $522
Six Months
----------
A reconciliation of Free cash flow to
Net cash provided by operating
activities follows: 2014 2013
---- ----
Net cash provided by operating
activities $32,634 $10,166
Less: Purchase of fixed assets (6,032) (7,521)
Free cash flow $26,602 $2,645
======= ======
(in 000's)
Supplemental Information 2nd Quarter Six Months
------------------------ ----------- ----------
2014 2013 2014 2013
---- ---- ---- ----
Segment Information (2)
Net revenues
Home Health $269,068 $235,216 $525,044 $471,277
Hospice 172,322 179,208 346,724 358,738
Community Care 56,650 - 113,777 -
------ --- ------- ---
Total net revenues $498,040 $414,424 $985,545 $830,015
============
Operating contribution (4)
Home Health $41,027 $29,917 $70,630 $60,105
Hospice 22,087 26,437 39,631 53,858
Community Care 8,507 - 17,786 -
----- --- ------ ---
Total operating contribution 71,621 56,354 128,047 113,963
Corporate administrative expenses (23,666) (18,084) (48,228) (36,771)
Goodwill, intangibles and other long-lived asset
impairment (5) - - - (224,320)
Depreciation and amortization (6,368) (4,730) (12,815) (9,511)
Interest expense and other, net (24,689) (22,148) (49,187) (44,441)
---------------
Income (loss) before income taxes $16,898 $11,392 $17,817 $(201,080)
============
Home Health operating contribution margin % 15.2% 12.7% 13.5% 12.8%
Hospice operating contribution margin % 12.8% 14.8% 11.4% 15.0%
Community Care operating contribution margin % 15.0% -% 15.6% -%
2nd Quarter Six Months
----------- ----------
Net Revenues by Major Payer Source: 2014 2013 2014 2013
---------------
Medicare
Home Health $218,365 $192,733 $427,132 $385,853
Hospice 161,514 167,788 324,723 335,061
------- ------- ------- -------
Total Medicare 379,879 360,521 751,855 720,914
Medicaid and local government 70,733 18,664 141,859 36,934
Commercial insurance and other:
Paid at episodic rates 17,870 13,974 33,469 28,229
Other 29,558 21,265 58,362 43,938
------ ------ ------ ------
Total commercial insurance and other 47,428 35,239 91,831 72,167
Total net revenues $498,040 $414,424 $985,545 $830,015
======== ======== ======== ========
2nd Quarter Six Months
----------- ----------
A reconciliation of Adjusted EBITDA to Net income (loss) attributable to Gentiva shareholders follows: (3) 2014 2013 2014 2013
---- ---- ---- ----
Adjusted EBITDA (3) $54,301 $39,014 $93,278 $78,077
Cost savings initiatives and acquisition and integration activities (4) (4,659) (744) (10,000) (885)
Impact of closed locations (942) - (2,714) -
Impact of merger related expenses (745) - (745) -
Goodwill and other long-lived asset impairment (5) - - - (224,320)
--- --- --- --------
EBITDA (4) 47,955 38,270 79,819 (147,128)
Depreciation and amortization (6,368) (4,730) (12,815) (9,511)
Interest expense and other, net (24,689) (22,148) (49,187) (44,441)
------- ------- ------- -------
Income (loss) before income taxes 16,898 11,392 17,817 (201,080)
Income tax (expense) benefit (6) (6,899) (4,829) (7,320) 587
------ ------ ------ ---
Net income (loss) 9,999 6,563 10,497 (200,493)
Less: Net loss (income) attributable to noncontrolling interests 12 (216) (172) (337)
--- ---- ---- ----
Net income (loss) attributable to Gentiva shareholders $10,011 $6,347 $10,325 $(200,830)
======= ====== ======= =========
A reconciliation of Adjusted income attributable to Gentiva shareholders to Net income (loss) (all items presented are net of tax): (3)
2nd Quarter Six Months
----------- ----------
2014 2013 2014 2013
---- ---- ---- ----
Adjusted income attributable to Gentiva shareholders $13,934 $6,799 $18,733 $13,906
Cost savings initiatives and acquisition and integration activities (4) (2,880) (452) (6,182) (538)
Goodwill and other long-lived asset impairment (5) - - - (214,198)
Impact of closed locations (595) - (1,778) -
Impact of merger related expenses (448) - (448) -
---- --- ---- ---
Income (loss) attributable to Gentiva shareholders 10,011 6,347 10,325 (200,830)
Add back: Net (loss) income attributable to noncontrolling interests (12) 216 172 337
Net income (loss) $9,999 $6,563 $10,497 $(200,493)
====== ====== ======= =========
Adjusted income attributable to Gentiva shareholders per diluted share $0.38 $0.22 $0.51 $0.45
Cost savings initiatives and acquisition and integration activities (4) (0.08) (0.02) (0.17) (0.02)
Goodwill and other long-lived asset impairment (5) - - - (6.94)
Impact of closed locations (0.02) - (0.05) -
Impact of merger related expenses (0.01) - (0.01) -
----- --- ----- ---
Income (loss) attributable to Gentiva shareholders per diluted share 0.27 0.20 0.28 (6.51)
Add back: Net income attributable to noncontrolling interests - 0.01 0.01 0.01
Net income (loss) per diluted share $0.27 $0.21 $0.29 $(6.50)
===== ===== ===== ======
Operating Metrics 2nd Quarter Six Months
----------- ----------
2014 2013 2014 2013
---- ---- ---- ----
Home Health
-----------
Episodic admissions 53,800 48,300 108,200 98,700
Total episodes 83,000 71,000 165,600 143,200
Episodes per admission 1.54 1.47 1.53 1.45
Revenue per episode $2,850 $2,910 $2,780 $2,890
Hospice
-------
Admissions 11,900 12,100 24,800 25,700
Average daily census 12,900 12,800 12,900 12,800
Patient days (in thousands) 1,170 1,164 2,339 2,310
Revenue per patient day $147 $154 $148 $155
Length of stay at discharge (in days) 107 97 106 98
Services by patient type:
Routine 99% 98% 99% 98%
General Inpatient & Other 1% 2% 1% 2%
Community Care
--------------
Billed hours (in thousands) 4,200 - 8,500 -
Revenue per hour $13 $ - $13 $ -
Notes:
1. The comparability between reporting periods has been affected by the following items:
a. The Company completed the Harden transaction on October 18, 2013, affecting the reporting periods presented. Annualized net revenues of Harden at acquisition date approximated $145 million of Home Health, $110 million of Hospice and $221 million of Community Care. Net revenues specific to Harden for the second quarter and first six months of 2014 are not available as, subsequent to the acquisition date, the Company consolidated or closed a significant number of Harden branches in overlapping and smaller markets for which reporting of separate results is no longer available. As a result of this transaction, the Company's net revenues comparisons were positively impacted for both the second quarter and first six months of 2014 as compared to the corresponding periods of 2013.
b. The Company closed a significant number of branch operations relating to the branch rationalization initiative which began in 2013, affecting the reporting periods presented. As a result of these activities, the Company's net revenues comparisons were negatively impacted for the second quarter and first six months of 2014 by approximately $10 million and $18 million, respectively, as compared to the corresponding periods of 2013.
c. During the second quarter of 2013, the Company completed the acquisition of Hope Hospice, Inc.
2. The Company's senior management evaluates performance and allocates resources based on operating contributions of the operating segments, which exclude corporate expenses, depreciation, amortization, interest income, and interest expense and other, but include revenue and all other costs directly attributable to the specific segment.
3. Adjusted EBITDA, a non-GAAP financial measure, is defined as income before interest expense and other (net of interest income), income taxes, depreciation and amortization and excluding charges relating to (i) cost savings initiatives and acquisition and integration activities, (ii) impact of closed locations, (iii) impact of merger related expenses and (iv) goodwill and other long-lived asset impairment. Management uses Adjusted EBITDA to evaluate overall performance and compare current operating results with other companies in the healthcare industry. Adjusted EBITDA should not be considered in isolation or as a substitute for income from continuing operations, net income, operating income or cash flow statement data determined in accordance with accounting principles generally accepted in the United States. Because Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States and is susceptible to varying calculations, it may not be comparable to similarly titled measures in other companies.
Adjusted income attributable to Gentiva shareholders is defined as income attributable to Gentiva shareholders, excluding (i) charges relating to cost savings initiatives and acquisition and integration activities, (ii) impact of closed locations, (iii) impact of merger related expenses and (iv) goodwill and other long-lived asset impairment.
4. Operating contribution and EBITDA included charges relating to cost savings and acquisition and integration activities of $4.7 million and $10.0 million for the second quarter and first six months of 2014, respectively. For the second quarter and first six months 2013, the Company recorded charges of $0.8 million and $0.9 million, respectively, relating to cost savings and acquisition and integration activities.
For the second quarter and first six months of 2014, the Company recorded charges associated with cost savings initiatives of $1.4 million and $4.1 million, respectively. For the second quarter and first six months 2014, acquisition and integration activities of $3.3 million and $5.9 million, respectively, primarily related to the Company's acquisition of Harden. These costs consisted of legal, accounting and other professional fees and expenses.
For both the second quarter and first six months of 2013, the Company recorded restructuring costs of $0.2 million. For the second quarter and first six months of 2013, the Company recorded charges for acquisition and integration activities of $0.6 million and $0.7 million, respectively, primarily related to the Company's acquisition of Hope Hospice, Inc.
These charges were reflected as follows for segment reporting purposes (dollars in millions):
2nd Quarter Six Months
----------- ----------
2014 2013 2014 2013
---- ---- ---- ----
Home Health $ - $ - $0.6 $ -
Hospice 2.5 0.7 5.4 0.7
Community
Care 0.1 - 0.1 -
Corporate
expenses 2.1 0.1 3.9 0.2
--- ---
Total $4.7 $0.8 $10.0 $0.9
==== ==== ===== ====
5. During the first six months of 2013, the Company recorded non-cash charges of $224.3 million related to goodwill and other long-lived assets.
At March 31, 2013, the Company performed an interim impairment test of its Hospice reporting unit due to lower than expected average daily census and higher than expected discharge rates during the first quarter. Based on the results of the interim impairment test, the Company recorded a non-cash impairment charge relating to goodwill of approximately $220.8 million. As part of that analysis, the Company reviewed the valuation of its owned real estate utilized in the Hospice business. The analysis indicated that two of the Company's hospice inpatient units had estimated fair values lower than their carrying values and, as such, the Company recorded a non-cash impairment charge of approximately $1.9 million.
In addition, the Company conducted an evaluation of the various systems used to support its field operations. In connection with that review, the Company made a strategic decision to replace its business intelligence software platform and, as such, recorded a non-cash impairment charge, related to developed software, of approximately $1.6 million.
6. The Company's effective tax rate was a tax provision of 40.8% and 41.1% for the second quarter and first six months of 2014, respectively, as compared to a tax provision of 42.4% and a tax benefit of 0.3% for the second quarter and first six months of 2013, respectively.
During the first six months of 2013, the Company recorded non-cash impairment charges of $224.3 million related to goodwill and other long-lived assets (see note 5). Excluding the impact of the impairment charges, the Company's effective tax rate would have been 40.6% for the first six months of 2013.
Forward-Looking Statements
Certain statements contained in this news release, including, without limitation, statements containing the words "believes," "anticipates," "intends," "expects," "assumes," "trends" and similar expressions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon the Company's current plans, expectations and projections about future events. However, such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the following: general economic and business conditions; demographic changes; changes in, or failure to comply with, existing governmental regulations; the impact on our Company of healthcare reform legislation and its implementation through governmental regulations; legislative proposals for healthcare reform; changes in Medicare, Medicaid and commercial payer reimbursement levels; the outcome of any inquiries into the Company's operations and business practices by governmental authorities; compliance with any corporate integrity agreement affecting the Company's operations; effects of competition in the markets in which the Company operates; liability and other claims asserted against the Company; ability to attract and retain qualified personnel; ability to access capital markets; availability and terms of capital; loss of significant contracts or reduction in revenues associated with major payer sources; ability of customers to pay for services; business disruption due to severe weather conditions, natural disasters, pandemic outbreaks, terrorist acts or cyber-attacks; availability, effectiveness, stability and security of the Company's information technology systems; ability to successfully integrate the operations of acquisitions the Company may make and achieve expected synergies and operational efficiencies within expected time-frames; ability to maintain compliance with its financial covenants under the Company's credit agreement; effect on liquidity of the Company's debt service requirements; and changes in estimates and judgments associated with critical accounting policies and estimates. For a detailed discussion of certain of these and other factors that could cause actual results to differ from those contained in this news release, please refer to the Company's various filings with the Securities and Exchange Commission, including the "Risk Factors" section contained in the Company's annual report on Form 10-K for the year ended December 31, 2013.
Financial and Investor Contact:
Eric Slusser
770-951-6101
eric.slusser@gentiva.com
or John Mongelli
770-951-6496
john.mongelli@gentiva.com
Media Contact:
Scott Cianciulli
Brainerd Communicators
212-986-6667
cianciulli@braincomm.com
SOURCE Gentiva Health Services, Inc.
