News Column

National Mentor Holdings, Inc. Announces Results for its Third Quarter Ended June 30, 2014

August 30, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- National Mentor Holdings, Inc. (the "Company") announced its financial results for the third quarter ended June 30, 2014.

The Company also announced that it is not holding a conference call to discuss third quarter results. The Company's indirect parent company, Civitas Solutions, Inc., has filed an S-1 Registration Statement and therefore is in an SEC-imposed quiet period. Third Quarter Results Revenue for the quarter ended June 30, 2014 was $321.6 million, an increase of $17.2 million, or 5.7%, over revenue for the quarter ended June 30, 2013. Revenue increased $8.6 million from organic growth, including growth related to new programs, and $8.6 million from acquisitions that closed during and after the three months ended June 30, 2013.

Income from operations for the quarter ended June 30, 2014 was $16.0 million, an increase of $0.2 million as compared to income from operations for the quarter ended June 30, 2013. Net loss for the quarter ended June 30, 2014 was $45 thousand compared to a net loss of $2.5 million for the quarter ended June 30, 2013.

Adjusted EBITDA1 for the quarter ended June 30, 2014 was $35.8 million, an increase of $4.1 million, or 12.8%, as compared to Adjusted EBITDA for the quarter ended June 30, 2013. Adjusted EBITDA increased due to organic growth and acquisitions closed since June 30, 2013 as well as expense leveraging and cost containment efforts. The growth in Adjusted EBITDA was partially offset by an increase in occupancy expense. Year-to-Date Results Revenue for the nine months ended June 30, 2014 was $938.9 million, an increase of $45.3 million, or 5.1%, over revenue for the nine months ended June 30, 2013. Revenue increased $26.8 million from organic growth, including growth related to new programs, and $18.5 million from acquisitions that closed during and after the nine months ended June 30, 2013.

Income from operations for the nine months ended June 30, 2014 was $44.2 million, an increase of $9.9 million as compared to income from operations for the nine months ended June 30, 2013. Net loss was $16.3 million and $18.7 million for the nine months ended June 30, 2014 and 2013, respectively.

Adjusted EBITDA for the nine months ended June 30, 2014 was $97.1 million, an increase of $14.7 million, or 17.9%, as compared to Adjusted EBITDA for the nine months ended June 30, 2013. Adjusted EBITDA increased due to organic growth and acquisitions closed since June 30, 2013 as well as expense leveraging and cost containment efforts. The growth in Adjusted EBITDA was partially offset by an increase in occupancy expense.

The reported results are available on the Company's investor relations web site at www.tmnfinancials.com. The password "results" is required in order to access this site. Non-GAAP Financial Measures This earnings release includes a presentation of EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. EBITDA and Adjusted EBITDA are presented because they are important measures used by management to assess financial performance, and management believes they provide a more transparent view of the Company's underlying operating performance and operating trends. Reconciliations of net loss to EBITDA and Adjusted EBITDA are presented within the tables below.

EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or cash flows from operations, as determined by accounting principles generally accepted in the United States, or GAAP. While EBITDA and Adjusted EBITDA are frequently used as measures of financial performance and the ability to meet debt service requirements, they are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. EBITDA and Adjusted EBITDA should be reviewed in conjunction with the Company's financial statements filed with the SEC.

Keywords for this news article include: Finance and Investment, Investment and Finance, National Mentor Holdings Inc.

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Source: Investment Weekly News


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