AAC Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year 2017
For the year, the company reported total revenue was $279,770,000 compared to $212,261,000 a year ago. Loss from operations was $636,000 compared to income from operations of $14,228,000 a year ago. Loss before income tax expense was $6,961,000 compared to income before income tax expense of $13,121,000 a year ago. Net loss was $5,741,000 compared to net income of $8,341,000 a year ago. Net loss attributable to company stockholders was $589,000 compared to net income of $11,174,000 a year ago. Diluted earnings per common share were $0.03 compared to $0.48 a year ago. Net cash provided by operating activities was $143,000 compared to $6,193,000 a year ago. Purchase of property and equipment was $37,304,000 compared to $51,525,000 a year ago. Adjusted EBITDA was $47,749,000 compared to $44,277,000 a year ago. Adjusted net income attributable to company stockholders was $16,203,000 compared to $20,918,000 a year ago. Adjusted diluted earnings per common share were $0.71 compared to $0.97 a year ago.
The company introduced its guidance for the full year 2017. Revenues are expected to be in the range of $295 million to $305 million. This estimate is based on average daily residential census of 890 to 900 and an average daily residential revenue of $725 to $750. Adjusted EBITDA is expected to be in the range of $52 million to $54 million and adjusted earnings per diluted common share is expected to be in the range of $0.50 to $0.58. Assumptions also include an annual effective tax rate of 37% to 39% and diluted weighted-average common shares outstanding of approximately 23 million for the year.