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8-K - FORM 8-K - ALLIED HEALTHCARE INTERNATIONAL INC | c12082e8vk.htm |
Exhibit 99.1
Allied Healthcare International Inc. Reports
Fiscal 2011 First Quarter Results
Fiscal 2011 First Quarter Results
NEW YORK February 9, 2011 Allied Healthcare International Inc. (NASDAQ: AHCI), a leading
provider of flexible healthcare staffing services in the United Kingdom, today issued financial
results for its fiscal 2011 first quarter ended December 31, 2010.
To provide investors with a better understanding of the Companys performance and because of
fluctuations in foreign exchange rates, Allied is discussing its revenues, gross profit, selling,
general & administrative (SG&A) expenses and operating income at constant exchange rates, which are
calculated using the comparable prior period weighted average exchange rates. In addition, as the
Companys revenues and gross profit from our principal operations are denominated in pounds
sterling but reported in United States dollars, an analysis, which is contained in the Historical
Revenues, Gross Profit, SG&A and Operating Income table at the end of this press release, is
included of the last five quarters revenues, gross profit, SG&A and operating income in pounds
sterling to enable investors to fully understand the underlying trends over these periods without
the effects of currency exchange rates.
Fiscal First Quarter Results
Three Months Ended December 31, | Three Months Ended December 31, | |||||||||||||||||||||||||||||||
% | % | |||||||||||||||||||||||||||||||
2010 | 2009 | Change | 2010 | % | 2009 | % | Change | |||||||||||||||||||||||||
(Amounts in thousands) | Revenue | Gross Profit | ||||||||||||||||||||||||||||||
Homecare |
$ | 63,263 | $ | 58,622 | 7.9 | % | $ | 19,749 | 31.2 | % | $ | 18,027 | 30.8 | % | 9.6 | % | ||||||||||||||||
Nursing Homes |
3,885 | 5,325 | -27.0 | % | 1,241 | 31.9 | % | 1,687 | 31.7 | % | -26.4 | % | ||||||||||||||||||||
Hospitals |
4,278 | 5,437 | -21.3 | % | 1,033 | 24.1 | % | 1,163 | 21.4 | % | -11.2 | % | ||||||||||||||||||||
Total, at constant exchange rates |
71,426 | 69,384 | 3.0 | % | 22,023 | 30.8 | % | 20,877 | 30.1 | % | 5.5 | % | ||||||||||||||||||||
Effect of foreign exchange |
(2,227 | ) | | -3.3 | % | (686 | ) | | -3.3 | % | ||||||||||||||||||||||
Total, as reported |
$ | 69,199 | $ | 69,384 | -0.3 | % | $ | 21,337 | $ | 20,877 | 2.2 | % | ||||||||||||||||||||
SG&A |
||||||||||||||||||||||||||||||||
SG&A, at constant exchange rates
& excluding US Corporate
Overhead Costs & Amortization
Costs |
$ | 17,492 | $ | 16,093 | 8.7 | % | ||||||||||||||||||||||||||
SG&A US Corporate Overhead
Costs |
1,071 | 663 | 61.5 | % | ||||||||||||||||||||||||||||
SG&A Amortization, at constant
exchange rates |
322 | 324 | -0.6 | % | ||||||||||||||||||||||||||||
SG&A, at constant exchange rates |
18,885 | 17,080 | 10.6 | % | ||||||||||||||||||||||||||||
Effect of foreign exchange |
(555 | ) | | -3.3 | % | |||||||||||||||||||||||||||
Total SG&A, as reported |
$ | 18,330 | $ | 17,080 | 7.3 | % | ||||||||||||||||||||||||||
Operating Income |
||||||||||||||||||||||||||||||||
Operating income, at constant
exchange rates & excluding US
Corporate Overhead Costs &
Amortization |
$ | 4,531 | $ | 4,784 | -5.3 | % | ||||||||||||||||||||||||||
Operating income US Corporate
Overhead Costs |
(1,071 | ) | (663 | ) | -61.5 | % | ||||||||||||||||||||||||||
Operating income amortization,
at constant exchange rates |
(322 | ) | (324 | ) | 0.6 | % | ||||||||||||||||||||||||||
Operating income, at constant
exchange rates |
3,138 | 3,797 | -17.5 | % | ||||||||||||||||||||||||||||
Effect of foreign exchange |
(131 | ) | | -3.3 | % | |||||||||||||||||||||||||||
Operating income, as reported |
$ | 3,007 | $ | 3,797 | -20.8 | % | ||||||||||||||||||||||||||
Net Income Attributable to Allied |
||||||||||||||||||||||||||||||||
Basic and |
Basic and |
|||||||||||||||||||||||||||||||
Diluted EPS |
Diluted EPS |
|||||||||||||||||||||||||||||||
Net income attributable to Allied |
$ | 1,838 | $ | 0.04 | $ | 2,854 | $ | 0.06 | ||||||||||||||||||||||||
For the first quarter of fiscal 2011, total revenue increased 3.0%, to $71.4 million, compared
with $69.4 million reported during the same period in fiscal 2010. Allieds Homecare revenue grew
7.9% to $63.2 million. The acquisition completed in the third quarter of fiscal 2010
contributed 8.0%, or $4.7 million, to the increase in homecare revenues. Nursing Homes
revenue declined 27.0% to $3.9 million and Hospitals revenue declined 21.3% to $4.3 million. After
the unfavorable impact of currency exchange of $2.2 million, revenue decreased 0.3% year over year
to the reported $69.2 million.
Total gross profit for the first fiscal quarter increased 5.5% to $22.0 million, from $20.9 million
for the comparable quarter in fiscal 2010. Homecare gross profit grew 9.6% to $19.8 million. The
acquisition completed in the third quarter of fiscal 2010 contributed $1.5 million, or 8.1%, to the
increase in homecare gross profit. Nursing Homes gross profit declined 26.4% to $1.2 million and
Hospitals gross profit declined 11.2% to $1.0 million. Gross profit as a percentage of revenue was
30.8%, compared with 30.1% for the comparable prior-year period. Foreign exchange decreased gross
profit by $0.7 million to the reported $21.3 million for the 2011 first fiscal quarter.
SG&A for the first fiscal quarter was $18.9 million (26.4% of revenues), an increase of 10.6%, from
$17.1 million (24.6% of revenues) reported last year. The acquisition completed in our third
fiscal quarter contributed 6.7%, or $1.1 million, to the 8.7% increase in SG&A, excluding US
corporate overhead costs and amortization costs. Foreign exchange decreased costs by $0.6 million
to the reported $18.3 million for the 2011 first fiscal quarter.
Operating income for the first quarter of fiscal 2011 decreased by 17.5% to $3.1 million from $3.8
million a year ago. Foreign exchange decreased operating income by $0.1 million to the reported
$3.0 million for the 2011 first fiscal quarter.
Net income attributable to Allied for the first quarter of fiscal 2011 was $1.8 million, or $0.04
per diluted share, compared with $2.9 million, or $0.06 per diluted share, reported during the 2010
first fiscal quarter.
Management Discussion
Sandy Young, Chief Executive Officer of Allied, commented, Allieds first quarter results were in
line with our expectations as we anticipated a reduction in public spending due to the U.K.
Governments budget tightening initiatives.
According to the Comprehensive Spending Review, local government budget cuts are anticipated
over the next four years. Local authorities are in the process of evaluating how to apply such
budget restrictions across their different areas of spending. In the meantime, the
health budget was slightly up, and an additional £2 billion of funding per year is expected to be
spent by 2014-2015 to support social care.
While we expect some negative impacts on our business as a result of the upcoming changes, we
believe that new opportunities will arise as well. For example, outsourcing by local authorities
should increase, the number of contracted providers can be reduced, and money can be potentially
relocated from residential to homecare.
Another of the U.K. governments goals is for primary and community care to provide high quality,
personal care and support, treating people when they are sick and helping them stay healthy, where
and when they need it most. Accordingly, the U.K. government has stated that it wants to build on
the services which are currently provided in the community to create one integrated sustainable
structure. We believe that all of these NHS changes ideally position Allied to leverage its
existing Primary Care Trust relationships and national footprint, as well as to move away from
hour-based contracts to managed service provision.
As we discussed earlier, we believe Allied is in a good position to benefit from joint
commissioning of health and social care. We are including the same facts, as noted in our fiscal
2010 earnings release, for your convenience:
| Within our homecare revenue, we have over $159 million (£104 million) in social care
revenue, $57.7 million (£37 million) in continuing care revenue and $13.3 million (£9 million)
in learning disability revenue; |
| We are introducing new PCT services this year. They will include our night roaming service,
our end of life services and other specialist health services; |
| We are winning extra care contracts, a potentially new revenue stream; |
| We are looking at new homecare solutions, including Telecare/Telehealth; and |
| We are extending the boundaries of the care and supported living we provide to include
childrens services and services for drug and alcohol abuse. Some of these require rental
housing to be part of the package. |
Although we anticipate that there will be continuing tension in spending, we believe that councils
and PCTs are likely to:
| Outsource more than they do at present, particularly in Scotland, Wales and Ireland; |
| Have the ability to get incremental savings by directing greater volumes to providers of
scale like Allied; |
| Keep individuals out of hospital and in their own homes; |
| Favor lower cost homecare over more expensive residential care; |
| Pursue new and quite entrepreneurial services around the end of life pathway; and |
| Still need to provide for the increasing numbers of elderly each year. |
In the fiscal year to date period, we have seen no change in the number of contracts coming up for
retender and have won a number of care contracts, including:
| As announced in December, Cardiff County Council Up to 2,000 hours per week for four
years, commencing April 2011. |
| Stafford County Council Up to 6,000 hours per week for four years, commencing April
2011. |
| Essex PCT Up to 4,000 hours per week of continuing care, commencing February 2011. |
| Westminster City Council Up to 1,500 hours per week for three years, which commenced
January 2011. |
Today Allied remains the largest provider of home care services in the UK, operating approximately
115 branches. Looking towards the remainder of the fiscal year, we continue to see growth
opportunities from continuing care, learning disabilities, and the U.K. governments focus on
personalization. We believe that Allied is positioned to benefit from the current industry trends
and to mitigate the challenging economy.
Paul Weston, Chief Financial Officer of Allied, commented, While Allieds top line during the
first quarter continued to be impacted by the economic challenges, we remained focused on
controllable aspects of our operations and proceeded with investments in our business to support
Allieds strategic long term objectives.
We are very pleased with our first quarter gross margins which remained very stable and within our
normal 30% range of expectations. The improvement from 30.1% to 30.8% is primarily due to the sales
mix within our hospital staffing business and also a reduction in some of our lower homecare margin
service lines arising from the Comprehensive Spending Review. We continue to focus on efforts to
maintain our target gross margin percentage despite ongoing pricing pressures and increased
national insurance charges, which will go into effect in April 2011, which will impact us.
SG&A, excluding US corporate costs and amortization increased 8.7% year over year. Although we
have incurred costs related to investments in specialized service lines, which include continuing
care and learning disabilities, over the last few quarters our U.K. overhead costs have remained
fairly flat and the increase of 8.7% is mainly due to the fiscal 2010 acquisition which contributed
6.7% to the increase. The increase in U.S. corporate overhead costs is mainly attributable to
amounts incurred in our continuous efforts to increase shareholder value over time.
As indicated in our prior SEC filings, effective for our fiscal year beginning October 1, 2010,
legislative changes have gone into effect that have disallowed the U.K. tax deduction on
intra-group interest expense. This legislative change has resulted in an increase to our tax
provision amount and an increase of approximately 9% to our effective tax rate for the quarter
ended December 31, 2010.
We ended the quarter with a very strong balance sheet. At December 31, 2010 and September 30,
2010, Allieds cash balance was $34.6 million (£22.4 million) and $39.0 million (£24.7 million),
respectively, which represents a decrease in the cash balance of $4.4 million (£2.3 million). This
decrease was mainly attributable to the timing of payments related to our payroll accruals and
estimated tax payments. Accrued payroll and related expenses was $15.2 million and $20.1
million, at December 31, 2010 and September 30, 2010, respectively. Taxes payable was $1.4 million
and $2.3 million at December 31, 2010 and September 30, 2010, respectively.
For the fiscal three months ended December 31, 2010, depreciation and amortization was $1.2
million (£0.8 million), and capital expenditures were $1.7 million (£1.1 million). Days Sales
Outstanding were 26 days at December 31, 2010 and September 30, 2010 (43 days including unbilled
account receivables).
Dr. Jeffrey Peris, Chairman of Allied, commented, The U.K. governments effort to reduce its
fiscal deficit is creating short term challenges for our business, however the Board believes that
Allied has the right focus, plans and sufficient financial resources to further execute its
business strategy and build value for its shareholders.
Conference Call Information: February 9, 2011 at 10:00 AM Eastern Time / 3:00 PM UK Time
Allied will host a call and webcast today at 10:00 AM Eastern Time / 3:00 PM UK Time, to discuss
its financial results. To join the call, please dial (877) 407-8031 for domestic participants and
(201) 689-8031 for international participants. Participants may also access a live webcast of the
conference call through the Investors section of Allied Healthcares Website:
www.alliedhealthcare.com. A telephone replay will be available for two weeks following the call by
dialing (877) 660-6853 for domestic participants and (201) 612-7415 for international
participants. When prompted, please enter account number 286 and conference ID number 366201. A
webcast replay will also be available and archived on the Companys website for ninety days.
Reconciliation of GAAP and Non-GAAP Data
In addition to disclosing results of operations that are determined in accordance with generally
accepted accounting principles (GAAP), this press release also discloses non-GAAP results of
operations that exclude or include certain charges. These non-GAAP measures adjust for foreign
exchange effects, US corporate overhead costs and amortization costs. Management believes that the
presentation of these non-GAAP measures provides useful information to investors regarding the
Companys results of operations, as these non-GAAP measures allow investors to better evaluate
ongoing business performance. Investors should consider non-GAAP measures in addition to, and not
as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the
non-GAAP measures disclosed in this press release with the most comparable GAAP measures are
included in the financial tables included in this press release.
ABOUT ALLIED HEALTHCARE INTERNATIONAL INC.
Allied Healthcare International Inc. is a leading provider of flexible healthcare staffing services
in the United Kingdom. Allied also provides these services in Ireland. Allied operates a
community-based network of approximately 115 branches with the capacity to provide carers (known as
home health aides in the U.S.), nurses, and specialized medical personnel to locations covering
approximately 90% of the U.K. population. Allied meets the
needs of private patients, community care, nursing and care homes, and hospitals. For more news
and information please visit: www.alliedhealthcare.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release may be forward-looking statements. These
forward-looking statements are based on current expectations and projections about future events.
Actual results could differ materially from those discussed in, or implied by, these
forward-looking statements. Factors that could cause actual results to differ from those implied by
the forward-looking statements include: general economic and market conditions; the effect of the
change in the U.K. government and the impact of proposed changes in recent policy making related to
health and social care that may reduce revenue and profitability; the impact of the HM Treasury
Comprehensive Spending Review 2010 setting out the U.K. governments plans to reduce spending; the
introduction by the U.K. government of individualized budgets and direct payments for service
users, which could lead our hospital, healthcare facility and other customers to bypass our
services and which might decrease our revenues and margins; Allieds ability to continue to recruit
and retain flexible healthcare staff; Allieds ability to enter into contracts with local
government social services departments, NHS Trusts, hospitals, other healthcare facility clients
and private clients on terms attractive to Allied; the general level of demand and spending for
healthcare and social care; dependence on the proper functioning of Allieds information systems;
the effect of existing or future government regulation of the healthcare and social care industry,
and Allieds ability to comply with these regulations; the impact of medical malpractice and other
claims asserted against Allied; the effect of regulatory change that may apply to Allied and that
may increase costs and reduce revenues and profitability; the effect of existing or future
government regulation in relation to employment and agency workers rights and benefits, including
changes to National Insurance rates and pension provision; Allieds ability to use net operating
loss carry forwards to offset net income; the effect that fluctuations in foreign currency exchange
rates may have on our dollar-denominated results of operations; and the impairment of goodwill, of
which Allied has a substantial amount on the balance sheet, may have the effect of decreasing
earnings or increasing losses. Other factors that could cause actual results to differ from those
implied by the forward-looking statements in this press release include those described in Allieds
most recently filed SEC documents, such as its most recent annual report on Form 10-K, all
quarterly reports on Form 10-Q and any current reports on Form 8-K filed since the date of the last
Form 10-K. Allied undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or otherwise.
CONTACT
Allied Healthcare International Inc.
Sandy Young
Chief Executive Officer
Paul Weston
Chief Financial Officer
+44 (0) 17 8581 0600
Chief Executive Officer
Paul Weston
Chief Financial Officer
+44 (0) 17 8581 0600
Or
ICR, LLC
Sherry Bertner
Managing Director
+1 646 277-1247
sherry.bertner@icrinc.com
Sherry Bertner
Managing Director
+1 646 277-1247
sherry.bertner@icrinc.com
ALLIED HEALTHCARE INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended | ||||||||
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Revenues: |
||||||||
Net patient services |
$ | 69,199 | $ | 69,384 | ||||
Cost of revenues: |
||||||||
Patient services |
47,862 | 48,507 | ||||||
Gross profit |
21,337 | 20,877 | ||||||
Selling, general and administrative expenses |
18,330 | 17,080 | ||||||
Operating income |
3,007 | 3,797 | ||||||
Interest income |
90 | 105 | ||||||
Interest expense |
(21 | ) | | |||||
Foreign exchange loss |
(5 | ) | (18 | ) | ||||
Income before income taxes |
3,071 | 3,884 | ||||||
Provision for income taxes |
1,106 | 1,030 | ||||||
Net income |
1,965 | 2,854 | ||||||
Less: Net income attributable to noncontrolling interest |
(127 | ) | | |||||
Net income attributable to Allied Healthcare International Inc. |
$ | 1,838 | $ | 2,854 | ||||
Basic net income per share attributable to Allied Healthcare International Inc. common shareholders |
$ | 0.04 | $ | 0.06 | ||||
Diluted net income per share attributable to Allied Healthcare International Inc. common shareholders |
$ | 0.04 | $ | 0.06 | ||||
Weighted average number of common shares outstanding: |
||||||||
Basic |
43,571 | 45,127 | ||||||
Diluted |
43,923 | 45,417 | ||||||
ALLIED HEALTHCARE INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31, | ||||||||
2010 | September 30, | |||||||
(Unaudited) | 2010 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 34,639 | $ | 39,031 | ||||
Accounts receivable, less allowance for doubtful
accounts of $734 and $732, respectively |
20,354 | 20,092 | ||||||
Unbilled accounts receivable |
12,561 | 13,393 | ||||||
Deferred income taxes |
480 | 552 | ||||||
Prepaid expenses and other assets |
2,339 | 1,943 | ||||||
Total current assets |
70,373 | 75,011 | ||||||
Property and equipment, net |
9,553 | 8,924 | ||||||
Goodwill |
100,793 | 102,945 | ||||||
Other intangible assets, net |
3,121 | 3,501 | ||||||
Total assets |
$ | 183,840 | $ | 190,381 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 2,286 | $ | 1,581 | ||||
Current maturities of debt and capital leases |
620 | 614 | ||||||
Accrued expenses, inclusive of payroll and related expenses |
20,879 | 25,897 | ||||||
Taxes payable |
1,395 | 2,310 | ||||||
Total current liabilities |
25,180 | 30,402 | ||||||
Long-term debt and capital leases, net of current maturities |
305 | 389 | ||||||
Deferred income taxes |
1,282 | 1,534 | ||||||
Other long-term liabilities |
302 | 308 | ||||||
Total liabilities |
27,069 | 32,633 | ||||||
Commitments and contingencies |
||||||||
Noncontrolling interest |
4,389 | 4,358 | ||||||
Shareholders equity: |
||||||||
Preferred stock, $.01 par value; authorized 10,000 shares,
issued and outstanding none |
| | ||||||
Common stock, $.01 par value; authorized 80,000 shares,
issued 45,721 and 45,721 shares, respectively |
457 | 457 | ||||||
Additional paid-in capital |
242,567 | 242,478 | ||||||
Accumulated other comprehensive loss |
(18,202 | ) | (15,267 | ) | ||||
Accumulated deficit |
(66,320 | ) | (68,158 | ) | ||||
158,502 | 159,510 | |||||||
Less cost of treasury stock (2,150 shares) |
(6,120 | ) | (6,120 | ) | ||||
Total shareholders equity |
152,382 | 153,390 | ||||||
Total liabilities and shareholders equity |
$ | 183,840 | $ | 190,381 | ||||
ALLIED HEALTHCARE INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended | ||||||||
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 1,965 | $ | 2,854 | ||||
Adjustments to reconcile net income to net
cash (used in) provided by operating activities: |
||||||||
Depreciation and amortization |
883 | 728 | ||||||
Amortization of intangible assets |
312 | 324 | ||||||
Foreign exchange loss |
1 | 15 | ||||||
Increase in provision for allowance for doubtful accounts |
47 | 130 | ||||||
Loss on sale of fixed assets |
| 2 | ||||||
Stock based compensation |
89 | 115 | ||||||
Deferred income taxes |
73 | (55 | ) | |||||
Changes in operating assets and liabilities, excluding
the effect of businesses acquired and sold: |
||||||||
Increase in accounts receivable |
(758 | ) | (209 | ) | ||||
Decrease (increase) in prepaid expenses and other assets |
114 | (1,983 | ) | |||||
Decrease in accounts payable and other liabilities |
(4,588 | ) | (859 | ) | ||||
Net cash (used in) provided by operating activities |
(1,862 | ) | 1,062 | |||||
Cash flows from investing activities: |
||||||||
Capital expenditures |
(1,729 | ) | (806 | ) | ||||
Proceeds from sale of property and equipment |
8 | | ||||||
Net cash used in investing activities |
(1,721 | ) | (806 | ) | ||||
Cash flows from financing activities: |
||||||||
Repayments of debt and capital lease obligations |
(357 | ) | | |||||
Borrowings under invoice discounting facility, net |
300 | | ||||||
Stock options exercised |
| 288 | ||||||
Net cash (used in) provided by financing activities |
(57 | ) | 288 | |||||
Effect of exchange rate on cash |
(752 | ) | (6 | ) | ||||
(Decrease) increase in cash |
(4,392 | ) | 538 | |||||
Cash and cash equivalents, beginning of year |
39,031 | 35,273 | ||||||
Cash and cash equivalents, end of year |
$ | 34,639 | $ | 35,811 | ||||
Supplemental cash flow information: |
||||||||
Cash paid for interest |
$ | 21 | $ | | ||||
Cash paid for income taxes, net |
$ | 1,792 | $ | | ||||
Supplemental disclosure of non-cash investing and financing activities: |
||||||||
Capital expenditures included in accrued expenses and other long-term liabilities |
$ | 603 | ||||||
ALLIED HEALTHCARE INTERNATIONAL INC.
HISTORICAL REVENUES, GROSS PROFIT, SG&A AND OPERATING INCOME
(In thousands, except foreign exchange rate)
(Unaudited)
HISTORICAL REVENUES, GROSS PROFIT, SG&A AND OPERATING INCOME
(In thousands, except foreign exchange rate)
(Unaudited)
Revenue | Gross Profit | |||||||||||||||||||||||||||||||||||||||
Q1 | Q4 | Q3 | Q2 | Q1 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | 2011 | 2010 | 2010 | 2010 | 2010 | |||||||||||||||||||||||||||||||
Homecare |
£ | 38,745 | £ | 39,255 | £ | 38,323 | £ | 35,860 | £ | 35,903 | £ | 12,095 | £ | 12,188 | £ | 11,651 | £ | 11,083 | £ | 11,041 | ||||||||||||||||||||
Nursing Homes |
2,379 | 3,048 | 2,731 | 2,864 | 3,261 | 760 | 1,002 | 882 | 931 | 1,033 | ||||||||||||||||||||||||||||||
Hospitals |
2,620 | 3,114 | 2,933 | 3,235 | 3,330 | 633 | 812 | 696 | 755 | 712 | ||||||||||||||||||||||||||||||
Total |
£ | 43,744 | £ | 45,417 | £ | 43,987 | £ | 41,959 | £ | 42,494 | £ | 13,488 | £ | 14,002 | £ | 13,229 | £ | 12,769 | £ | 12,786 | ||||||||||||||||||||
Foreign Exchange rate |
1.58 | 1.55 | 1.49 | 1.56 | 1.63 | 1.58 | 1.55 | 1.49 | 1.56 | 1.63 | ||||||||||||||||||||||||||||||
$ | 69,199 | $ | 70,417 | $ | 65,748 | $ | 65,530 | $ | 69,384 | $ | 21,337 | $ | 21,712 | $ | 19,768 | $ | 19,948 | $ | 20,877 | |||||||||||||||||||||
SG&A Foreign Operations |
£ | 10,713 | £ | 10,806 | £ | 10,588 | £ | 9,786 | £ | 9,856 | ||||||||||||||||||||||||||||||
SG&A US Corporate |
677 | 719 | 660 | 485 | 406 | |||||||||||||||||||||||||||||||||||
SG&A Amortization |
197 | 240 | 218 | 193 | 199 | |||||||||||||||||||||||||||||||||||
Total |
£ | 11,587 | £ | 11,765 | £ | 11,466 | £ | 10,464 | £ | 10,461 | ||||||||||||||||||||||||||||||
Foreign Exchange rate |
1.58 | 1.55 | 1.49 | 1.56 | 1.63 | |||||||||||||||||||||||||||||||||||
$ | 18,330 | $ | 18,244 | $ | 17,176 | $ | 16,346 | $ | 17,080 | |||||||||||||||||||||||||||||||
Operating Income
Foreign Operations |
£ | 2,775 | £ | 3,196 | £ | 2,641 | £ | 2,983 | £ | 2,930 | ||||||||||||||||||||||||||||||
Operating Loss
US Corporate |
(677 | ) | (719 | ) | (660 | ) | (485 | ) | (406 | ) | ||||||||||||||||||||||||||||||
Operating Loss
Amortization |
(197 | ) | (240 | ) | (218 | ) | (193 | ) | (199 | ) | ||||||||||||||||||||||||||||||
Total |
£ | 1,901 | £ | 2,237 | £ | 1,763 | £ | 2,305 | £ | 2,325 | ||||||||||||||||||||||||||||||
Foreign Exchange rate |
1.58 | 1.55 | 1.49 | 1.56 | 1.63 | |||||||||||||||||||||||||||||||||||
$ | 3,007 | $ | 3,468 | $ | 2,592 | $ | 3,602 | $ | 3,797 | |||||||||||||||||||||||||||||||
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