AAC Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Full Year 2018
AAC Holdings, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenue of $78,473,000 compared to $73,039,000 a year ago. This was due to increases in inpatient and outpatient facility revenues that's partially offset by a decrease in client-related diagnostic services revenue. Income from operations was $3,129,000 compared to $559,000 a year ago. Loss before income tax benefit was $3,589,000 compared to $2,209,000 a year ago. Net loss available to common shareholders was $202,000 or $0.01 per basic and diluted share compared to $603,000 or $0.03 per basic and diluted share a year ago. Net cash used in operating activities was $18,999,000 compared to net cash provided by operating activities of $4,356,000 a year ago. Purchase of property and equipment was $7,305,000 compared to $10,687,000 a year ago. Adjusted EBITDA was $15,144,000 compared to $12,659,000 a year ago. Adjusted net income available to common stockholders was $3,161,000 or $0.13 per diluted share compared to $2,767,000 or $0.12 per diluted share a year ago.
For the full year 2018, the company expects total revenues in range of $325-$340 million, Adjusted EBITDA in range of $68-$72 million and adjusted earnings per diluted common share in range of $0.75 - $0.80. The Company expects an annual effective tax rate of 24% to 26%.