AAC Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Maintains Earnings Guidance for the Full Year 2018
For six months, total revenues were $165,234,000 against $151,081,000 a year ago. Income from operations was $5,837,000 against $6,498,000 a year ago. Loss before income tax expense was $8,676,000 against $4,545,000 a year ago. Net loss was $7,098,000 against $4,542,000 a year ago. Net loss attributable to AAC Holdings, Inc. common stockholders was $3,215,000 against $2,519,000 a year ago. Basic and diluted loss per common share was $0.13 against $0.11 a year ago. Net cash used in operating activities was $15,709,000 against cash provided by operating activities of $8,389,000 a year ago. Purchase of property and equipment was $11,196,000 against $18,665,000 a year ago. Adjusted EBITDA was $29,919,000 against $27,132,000 a year ago. Adjusted net income attributable to AAC Holdings, Inc. common stockholders was $5,343,000 against $8,862,000 a year ago. Adjusted earnings per diluted common share were $0.22 against $0.38 a year ago.
For 2018, the company maintains its previously issued guidance as follows: total revenues of $325 million - $340 million; adjusted EBITDA of $68 million - $72 million; and adjusted earnings per diluted common share of $0.75 - $0.80. The company now expects an annual effective tax rate of 20% to 22%, down from 24% to 26%, and diluted weighted-average common shares outstanding of approximately 24.5 million for the year.