Acadia Healthcare Q4 Profit Surges, Meets View; But Outlook Disappoints

(RTTNews) - Acadia Healthcare Co., Inc. (ACHC) a provider of inpatient behavioral healthcare services, on Wednesday reported a profit for the fourth quarter that almost tripled from last year on strong revenue growth.

Adjusted earnings per share for the quarter matched analysts' expectations, while revenues beat their estimates. Looking ahead, the company forecast earnings for the first quarter and fiscal 2014 below analysts' expectations.

Joey Jacobs, Chairman and Chief Executive Officer of Acadia, said, "The fourth quarter was a strong finish to a great 2013 for Acadia. We added over 1,000 licensed beds to our operations in 2013, through the completion of seven acquisitions during the year, as well as by adding beds to existing facilities and opening two de novo facilities."

Franklin, Tennessee-based Acadia's net income for the fourth quarter was $12.28 million or $0.24 per share, up from $4.37 million or $0.10 per share in the year-ago period.

The latest quarter's results include transaction-related expenses of $3.3 million, compared to transaction-related expenses of $6.0 million for the year-ago period.

Adjusted income from continuing operations for the quarter was $14.48 million or $0.29 per share, compared to $8.09 million or $0.19 per share in the year-ago quarter. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter surged 66 percent to $190.00 million from $114.25 million in the prior-year period. Analysts had a consensus revenue estimate of $189.56 million for the quarter.

Same facility revenue for the quarter increased 8.5 percent compared with the prior-year periods. The increase was driven by a 7.3 percent rise in patient days and a 1.1 percent increase in revenue per patient day.

For fiscal 2013, Acadia's net income rose to $42.58 million or $0.85 per share from $20.40 million or $0.53 per share in the previous year. Adjusted income from continuing operations was $53.57 million or $1.07 per share, compared to $25.59 million or $0.66 per share in the prior-year period.

Revenue for the year grew 75 percent to $713.41 million from $407.46 million last year.

Street expected the company to report earnings of $1.06 per share for the year on revenues of $712.10 million.

Acadia said it completed 2013 with about 4,200 licensed beds in 51 facilities in 23 states and Puerto Rico, compared with more than 3,100 licensed beds in 42 facilities in 21 states at the end of 2012.

Looking ahead to the first quarter, Acadia forecast earnings in a range of $0.27 to $0.28. Analysts expect the company to report first-quarter earnings of $0.30 per share.

For fiscal 2014, Acadia forecast earnings per share in a range of $1.26 to $1.29. Street expects the company to report earnings of $1.41 per share for the year.

ACHC closed Wednesday's regular session at $51.45, down $1.92 or 3.60 percent on a volume of 469,311 shares. In after-hours, the stock further declined $2.70 or 5.25 percent to $48.75.