AAC Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Affirms Earnings Guidance for the Year 2017
AAC Holdings, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported total revenue of $73,039,000 compared to $65,348,000 a year ago. Income from operations was $559,000 compared to $1,406,000 a year ago. Loss before income tax benefit was $2,209,000 compared to $289,000 a year ago. Net loss available to common shareholders was $603,000 or $0.03 per basic and diluted share compared to net income available to common shareholders of $586,000 or $0.03 per basic and diluted share a year ago. EPS was down From the prior year period primarily due to increased operating expenses and increased interest expense. Net cash provided by operating activities was $4,356,000 compared to $4,279,000 a year ago. Purchase of property and equipment was $10,687,000 compared to $7,017,000 a year ago. Adjusted EBITDA was $12,659,000 compared to $12,013,000 a year ago. Adjusted net income available to common stockholders was $2,767,000 or $0.12 per diluted share compared to $4,353,000 or $0.20 per diluted share a year ago.
The company updated earnings guidance for the year 2017. The company updated its full year 2017 guidance to include a breakdown of its components of revenue. Total revenue for 2017 is expected to be approximately $295 million to $305 million. The company affirmed its previously issued guidance for adjusted EBITDA in the range of $52 million to $54 million and adjusted earnings per diluted common share in the range of $0.50 to $0.58. The company also continues to expect an annual effective tax rate of 37% to 39%.