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 LHC Group Reports Fourth-Quarter 2016 EPS of $0.55 and Adjusted EPS of $0.58 on Revenue of $235.4 Million
   Wednesday, March 08, 2017 4:30:56 PM ET

PRODUCES FULL-YEAR 2016 EPS OF $2.07

Establishes Financial Guidance for 2017

LHC Group, Inc. (LHCG ) today announced its financial results for the three months and year ended December 31, 2016.

Financial Results for the Fourth Quarter of 2016 Compared with the Fourth Quarter of 2015

-- Net service revenue increased 7.5% to $235.4 million for the fourth quarter of 2016 compared with $219.0 million for the fourth quarter of 2015.

-- Net income attributable to LHC Group was $9.8 million, or $0.55 per diluted share, for the latest quarter, compared with $7.7 million, or $0.44 per diluted share, for the fourth quarter of 2015. Adjusted net income attributable to LHC Group for the fourth quarter of 2016 was $0.58 per diluted share compared with $0.53 per diluted share for the fourth quarter of 2015.

-- For the fourth quarter of 2016, net income attributable to LHC Group and adjusted net income attributed to LHC Group reflect the impact of estimated net Medicare reimbursement reductions of $0.11 per diluted share compared with the fourth quarter of 2015.

-- Total comparable-quarter growth in admissions for all service lines for the fourth quarter was 13.2%.

-- Total comparable-quarter organic growth in home health admissions for the fourth quarter was 10.8%.

See "Reconciliation of Non-GAAP Measures - Adjusted net income attributable to LHC Group" to GAAP results on page 10.

Financial Results for Full-Year 2016 Compared with Full-Year 2015

-- Net service revenue increased 12.1% to $914.8 million for 2016 compared with $816.4 million for 2015.

-- Net income attributable to LHC Group grew 13.1% to $36.6 million compared with $32.3 million and 12.5% to $2.07 per diluted share compared with $1.84 per diluted share. Results for 2016 include estimated net Medicare reimbursement reductions of $0.28 per diluted share compared with 2015.

-- Total comparable-annual growth in admissions for all service lines for 2016 was 12.9%.

-- Total comparable-annual organic growth in home health admissions for 2016 was 9.3%.

Commenting on the announcement, Keith G. Myers, LHC Group’s chairman and CEO, said, "We are pleased with our fourth-quarter financial results and with the operating momentum we built throughout 2016. A continuation of favorable admission trends drove double-digit growth in both total admissions and organic home health admissions for the second consecutive quarter. In addition, the acuity of our home health admissions further increased resulting in a 4.7% rise in average Medicare reimbursement. Reflecting the strength of these increases, our home health organic revenue increased 7.3% for the fourth quarter and 6.4% for the full year.

"We expect to continue our organic home health growth momentum in 2017. This growth, in part, reflects the expansion of our marketing efforts into our substantial secondary markets - those in which we are licensed but do not have an agency location - due to our enhanced capabilities resulting from the completion of our point of care system in 2014. We believe these markets represent a meaningful long-term growth opportunity.

"We also attribute much of our fourth quarter and full-year organic growth and increased patient acuity to our 72 hospital and health system joint venture partnerships. We believe our increasing volume from these partners - at a time when the healthcare industry’s shift to value-based care is intensifying - has resulted from our ability to provide high quality care for their post-acute and non-acute patients and, thereby, create significant costs savings for these partners. We are further favorably differentiated within our industry by the CMS Star ratings for quality and patient satisfaction, both of which LHC Group has now led for three consecutive quarters. The Company also continues to be the country’s only home health provider that is 100% accredited with the Joint Commission excluding recent acquisitions.

"These attributes provide very substantial support to our ongoing effort to be the leading partner of choice for hospitals and health systems that recognize the value in improving their patients’ non-acute care. We expect them to drive continued organic growth from our existing joint venture partnerships and, as the recent completion of our newest joint venture with LifePoint Health indicates, to drive further success in our strategy to develop new joint venture partnerships.

"In addition to the positive industry and Company dynamics that have created a strong corporate development pipeline of potential hospital and health system joint ventures, rising consolidation pressures in the home health industry have also produced a robust pipeline of potential transactions for freestanding home health and hospice providers. Combined, these pipelines generated announced transactions in 2016 for over $106 million in annualized revenue. We remain well-positioned to fund future acquisitions, with significant anticipated cash flow from operations, which totaled $67.5 million for 2016, and $130 million of availability under our credit agreement."

Mr. Myers concluded, "The strength of LHC Group’s differentiated quality of care, competitive positioning and market potential all reflect the character, experience, and work ethic, of our team, including both healthcare professionals and all those who support them throughout the Company. The commitment and compassion this team brings to their jobs every day make a vital difference in the lives of those we are privileged to care for and serve, every day. We thank them for their unceasing effort, while recognizing that this team of skilled and dedicated people provides the foundation of the Company’s prospects for long-term growth and increased shareholder value."

FY 2017 Guidance

Fiscal year 2017 net service revenue is expected to be in the range of $1 billion to $1.03 billion, and fully diluted earnings per share are expected to be in the range of $2.07 to $2.23. This guidance includes:

the negative impact from the Medicare Home Health Prospective Payment System for 2017, which is expected to have an approximate 2% impact, or $10 million reduction to Medicare Home Health revenue and $0.34 reduction in fully diluted earnings per share for 2017;

the negative impact from the Medicare Long-Term Care Hospital (LTCH) Prospective Payment System (PPS), which is expected to reduce Medicare LTCH revenue by $6 million or $0.12 net reduction in fully diluted earnings per share for 2017 after mitigation strategies;

the positive impact from the 2017 Medicare Hospice Wage Index and Payment Rate final rule, effective October 1, 2016, which is expected to increase our Medicare Hospice revenue for 2017 by 2.1%, or $2.7 million, and fully diluted earnings per share by $0.09; and

the Home Health and Hospice Joint Venture with LifePoint which was effective January 1, 2017 and is anticipated to achieve approximately $50 - $55 million in revenue and $0.02-$0.05 in EPS attributable to LHC Group in 2017.

The Company’s financial guidance does not take into account the impact of other future reimbursement changes, if any, future acquisitions, if made, de novo locations, if opened, or future legal expenses, if necessary.

Conference Call

LHC Group will host a conference call on Thursday, March 9, 2017, at 11:00 a.m. Eastern time to discuss its fourth quarter and year-end 2016 results. The toll-free number to call for this interactive teleconference is (866) 393??’1608 (international callers should call (973) 890-8327). A telephonic replay of the conference call will be available through midnight on Thursday, March 16, 2017, by dialing (855) 859??’2056 (international callers should call (404) 537-3406) and entering confirmation number 52252764. A live broadcast of LHC Group’s conference call will be available under the Investor Relations section of the Company’s website, www.LHCgroup.com. A one-year online replay will be available approximately an hour following the conclusion of the live broadcast.

About LHC Group, Inc.

LHC Group, Inc. is a national provider of non-acute healthcare services, providing quality, cost-effective healthcare to patients primarily within the comfort and privacy of their home or place of residence. LHC Group provides a comprehensive array of healthcare services through home health, hospice, community??’based services agencies and facility-based services. LHC Group operates 298 home health services locations, 72 hospice locations, 16 community-based service locations and six long-term acute care hospitals (LTACHs) with eight locations.

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company’s future financial performance and the strength of the Company’s operations. Such forward-looking statements may be identified by words such as "continue," "expect," and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes in reimbursement, changes in government regulations, changes in LHC Group’s relationships with referral sources, increased competition for LHC Group’s services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations and other risks set forth in Item 1A. Risk Factors in LHC Group’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission. LHC Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
(Unaudited)
                                                                                                                                     Dec. 31,        Dec. 31,
                                                                                                                                     2016            2015
ASSETS
Current assets:
Cash                                                                                                                                 $     3,264     $     6,139
Receivables:
Patient accounts receivable, less allowance for uncollectible accounts of $29,036 and $26,712, respectively                                124,803         110,350
Other receivables                                                                                                                          5,115           2,093
Amounts due from governmental entities                                                                                                     942             1,081
Total receivables, net                                                                                                                     130,860         113,524
Prepaid income taxes                                                                                                                       -               1,949
Prepaid expenses                                                                                                                           9,821           10,833
Other current assets                                                                                                                       5,796           5,835
Receivable due from insurance carrier                                                                                                      -               550
Total current assets                                                                                                                       149,741         138,830
Property, building and equipment, net of accumulated depreciation of $35,226 and $38,907, respectively                                     43,251          38,096
Goodwill                                                                                                                                   307,317         290,694
Intangible assets, net of accumulated amortization of $10,968 and $8,496, respectively                                                     102,006         96,405
Other assets                                                                                                                               11,756          2,029
Total assets                                                                                                                         $     614,071   $     566,054
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and other accrued liabilities                                                                                       $     26,805    $     24,586
Salaries, wages, and benefits payable                                                                                                      34,265          28,098
Self-insurance reserves                                                                                                                    10,691          9,636
Current portion of long-term debt                                                                                                          252             241
Amounts due to governmental entities                                                                                                       4,955           7,055
Income tax payable                                                                                                                         3,499           -
Legal settlement payable                                                                                                                   -               550
Total current liabilities                                                                                                                  80,467          70,166
Deferred income taxes                                                                                                                      31,941          23,729
Income tax payable                                                                                                                         -               3,415
Revolving credit facility                                                                                                                  87,000          98,000
Long-term debt, less current portion                                                                                                       544             543
Total liabilities                                                                                                                          199,952         195,853
Noncontrolling interest - redeemable                                                                                                       12,567          12,408
Stockholders’ equity:
LHC Group, Inc. stockholders’ equity:
Common stock - $0.01 par value; 40,000,000 shares authorized; 22,429,041 and 22,224,423 shares issued in 2016 and 2015, respectively       224             222
Treasury stock -  4,828,679 and 4,776,560 shares at cost, respectively                                                                     (39,135 )       (37,139 )
Additional paid-in capital                                                                                                                 119,748         113,793
Retained earnings                                                                                                                          314,289         277,706
Total LHC Group, Inc. stockholders’ equity                                                                                                 395,126         354,582
Noncontrolling interest - non-redeemable                                                                                                   6,426           3,211
Total equity                                                                                                                               401,552         357,793
Total liabilities and equity                                                                                                         $     614,071   $     566,054
LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except share and per share data)
(Unaudited)
                                                                 Three Months Ended                        Year Ended
                                                                 December 31,                              December 31,
                                                                      2016                 2015                 2016                 2015
Net service revenue                                              $    235,443         $    218,993         $    914,823         $    816,366
Cost of service revenue                                               144,089              128,940              557,650              480,878
Gross margin                                                          91,354               90,053               357,173              335,488
Provision for bad debts                                               3,131                4,370                14,790               19,243
General and administrative expenses                                   69,050               68,076               270,622              247,919
Impairment of intangibles and other                                   -                    1,025                -                    1,273
(Gain) loss on disposal of assets                                     (190       )         30                   1,199                710
Operating income                                                      19,363               16,552               70,562               66,343
Interest expense                                                      (768       )         (769       )         (2,936     )         (2,302     )
Non-operating income                                                  213                  100                  492                  457
Income before income taxes and noncontrolling interest                18,808               15,883               68,118               64,498
Income tax expense                                                    6,676                5,751                22,176               22,848
Net income                                                            12,132               10,132               45,942               41,650
Less net income attributable to noncontrolling interests              2,315                2,399                9,359                9,315
Net income attributable to LHC Group, Inc.’s common stockholders $    9,817           $    7,735           $    36,583          $    32,335
Earnings per share - basic:
Net income attributable to LHC Group, Inc.’s common stockholders $    0.56            $    0.44            $    2.08            $    1.86
Earnings per share - diluted:
Net income attributable to LHC Group, Inc.’s common stockholders $    0.55            $    0.44            $    2.07            $    1.84
Weighted average shares outstanding:
Basic                                                                 17,597,190           17,447,691           17,559,477           17,405,379
Diluted                                                               17,764,066           17,647,483           17,682,820           17,547,531
LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
                                                                                  Year Ended
                                                                                  December 31,
                                                                                         2016        2015
Operating activities:
Net income                                                                        $      45,942    $ 41,650
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense                                                    12,160      11,955
Provision for bad debts                                                                  14,790      19,243
Stock-based compensation expense                                                         4,872       4,225
Deferred income taxes                                                                    7,402       1,518
Loss on disposal of assets                                                               1,199       710
Impairment of intangibles and other                                                      -           1,280
Changes in operating assets and liabilities, net of acquisitions:
Receivables                                                                              (28,873 )   (27,951 )
Prepaid expenses and other assets                                                        1,034       (3,793  )
Prepaid income taxes                                                                     1,641       441
Accounts payable and accrued expenses                                                    9,182       10,526
Income tax payable                                                                       84          -
Net amounts due to/from governmental entities                                            (1,961  )   130
Net cash provided by operating activities                                                67,472      59,934
Investing activities:
Cash paid for acquisitions, primarily goodwill and intangible assets                     (23,156 )   (70,572 )
Purchases of property, building and equipment                                            (16,009 )   (13,283 )
Advanced payments on acquisitions                                                        (11,488 )   -
Other                                                                                    273         -
Net cash (used in) investing activities                                                  (50,380 )   (83,855 )
Financing activities:
Proceeds from line of credit                                                             38,000      83,000
Payments on line of credit                                                               (49,000 )   (45,000 )
Excess tax benefits from vesting of stock awards                                         1,303       914
Proceeds from employee stock purchase plan                                               912         782
Payments on debt                                                                         (238    )   (233    )
Noncontrolling interest distributions                                                    (9,413  )   (8,324  )
Purchase of additional controlling interest                                              -           (275    )
Sale of noncontrolling interest                                                          356         -
Withholding taxes paid on stock-based compensation                                       (1,996  )   (1,479  )
Proceeds from exercise of stock options                                                  109         144
Net cash (used in) provided by financing activities                                      (19,967 )   29,529
Change in cash                                                                           (2,875  )   5,608
Cash at beginning of period                                                              6,139       531
Cash at end of period                                                             $      3,264     $ 6,139
Supplemental disclosures of cash flow information
Interest paid                                                                     $      3,123     $ 1,870
Income taxes paid                                                                 $      11,533    $ 20,361
LHC GROUP, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)
                                                                                  Three Months Ended December 31, 2016
                                                                                  Home          Hospice       Community-     Facility-      Total
                                                                                  Health        Services      Based          Based
                                                                                  Services                    Services       Services
Net service revenue                                                               $  173,806    $  34,898     $   11,067     $   15,672     $  235,443
Cost of service revenue                                                              104,091       21,523         7,947          10,528        144,089
Provision for bad debts                                                              1,486         1,037          309            299           3,131
General and administrative expenses                                                  52,255        9,393          2,217          5,185         69,050
Gain (loss) on disposal of assets                                                    47            9              2              (248   )      (190    )
Operating income                                                                     15,927        2,936          592            (92    )      19,363
Interest expense                                                                     (576    )     (85     )      (38    )       (69    )      (768    )
Non-operating income (loss)                                                          208           (1      )      1              5             213
Income from continuing operations before income taxes and noncontrolling interest    15,559        2,850          555            (156   )      18,808
Income tax expense                                                                   5,480         1,001          237            (42    )      6,676
Net income                                                                           10,079        1,849          318            (114   )      12,132
Less net income attributable to noncontrolling interests                             1,875         499            (2     )       (57    )      2,315
Net income attributable to LHC Group, Inc.’s common stockholders                  $  8,204      $  1,350      $   320        $   (57    )   $  9,817
Total assets                                                                      $  427,782    $  116,090    $   33,520     $   36,679     $  614,071
                                                                 Three Months Ended December 31, 2015
                                                                 Home-         Hospice       Community-     Facility-      Total
                                                                 Health        Services      Based          Based
                                                                 Services                    Services       Services
Net service revenue                                              $  158,277    $  31,166     $   10,489     $   19,061     $  218,993
Cost of service revenue                                             92,146        18,272         7,444          11,078        128,940
Provision for bad debts                                             3,627         305            385            53            4,370
General and administrative expenses                                 49,327        11,091         2,155          5,501         68,228
Impairment of intangibles and other                                 1,025         -              -              -             1,025
Loss on sale of asset                                               25            4              -              -             29
Operating income                                                    12,127        1,494          505            2,429         16,555
Interest expense                                                    (608    )     (85     )      (6     )       (70    )      (769    )
Non-operating income (loss)                                         88            13             1              (3     )      99
Income before income taxes and noncontrolling interest              11,607        1,422          500            2,356         15,885
Income tax expense                                                  4,174         485            230            862           5,751
Net income                                                          7,433         937            270            1,494         10,134
Less net income attributable to noncontrolling interests            1,840         299            (43    )       303           2,399
Net income attributable to LHC Group, Inc.’s common stockholders $  5,593      $  638        $   313        $   1,191      $  7,735
Total assets                                                     $  394,392    $  101,641    $   31,235     $   38,786     $  566,054
LHC GROUP, INC. AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Amounts in thousands)
(Unaudited)
                                                                                  Year Ended December 31, 2016
                                                                                  Home          Hospice       Community-     Facility-      Total
                                                                                  Health        Services      Based          Based
                                                                                  Services                    Services       Services
Net service revenue                                                               $  665,896    $  134,948    $   43,891     $   70,088     $  914,823
Cost of service revenue                                                              398,450       83,359         32,603         43,238        557,650
Provision for bad debts                                                              9,609         3,401          797            983           14,790
General and administrative expenses                                                  203,418       37,207         8,785          21,212        270,622
Loss (gain) on disposal of assets                                                    857           338            49             (45    )      1,199
Operating income                                                                     53,562        10,643         1,657          4,700         70,562
Interest expense                                                                     (2,216  )     (317    )      (144   )       (259   )      (2,936  )
Non-operating income                                                                 422           25             14             31            492
Income from continuing operations before income taxes and noncontrolling interest    51,768        10,351         1,527          4,472         68,118
Income tax expense                                                                   16,505        3,485          651            1,535         22,176
Net income                                                                           35,263        6,866          876            2,937         45,942
Less net income attributable to noncontrolling interests                             6,876         1,867          (58    )       674           9,359
Net income attributable to LHC Group, Inc.’s common stockholders                  $  28,387     $  4,999      $   934        $   2,263      $  36,583
                                                                 Year Ended December 31, 2015
                                                                 Home-         Hospice      Community-     Facility-      Total
                                                                 Health        Services     Based          Based
                                                                 Services                   Services       Services
Net service revenue                                              $  613,188    $  85,854    $   41,202     $   76,122     $ 816,366
Cost of service revenue                                             354,750       50,906        29,076         46,146       480,878
Provision for bad debts                                             15,736        1,002         1,816          689          19,243
General and administrative expenses                                 190,591       26,437        8,465          22,426       247,919
Impairment of intangibles and other                                 1,245         -             28             -            1,273
Loss on sale of asset                                               544           80            41             45           710
Operating income                                                    50,322        7,429         1,776          6,816        66,343
Interest expense                                                    (1,819  )     (253   )      (23    )       (207   )     (2,302  )
Non-operating income                                                397           38            3              19           457
Income before income taxes and noncontrolling interest              48,900        7,214         1,756          6,628        64,498
Income tax expense                                                  17,173        2,541         787            2,347        22,848
Net income                                                          31,727        4,673         969            4,281        41,650
Less net income attributable to noncontrolling interests            7,424         1,077         (144   )       958          9,315
Net income attributable to LHC Group, Inc.’s common stockholders $  24,303     $  3,596     $   1,113      $   3,323      $ 32,335
LHC GROUP, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED KEY STATISTICAL AND FINANCIAL DATA
(Unaudited)
                                                                     Three Months Ended                      Year Ended
                                                                     December 31,                            December 31,
                                                                          2016                2015                2016                2015
Key Data:
Home-Health Services:
Home Health
Locations                                                                 281                 280                 281                 280
Acquired                                                                  3                   4                   12                  9
De novo                                                                   1                   -                   5                   -
Divested/Consolidated                                                     (9        )         (3        )         (16       )         (6        )
Total new admissions                                                      41,184              36,249              159,914             143,197
Medicare new admissions                                                   26,812              24,060              105,575             96,911
Average daily census                                                      39,407              37,060              38,587              36,752
Average Medicare daily census                                             28,381              27,432              28,146              27,297
Medicare completed and billed episodes                                    51,040              48,636              199,235             191,208
Average Medicare case mix for completed and billed Medicare episodes      1.09                1.05                1.06                1.03
Average reimbursement per completed and billed Medicare episodes     $    2,774          $    2,650          $    2,688          $    2,579
Total visits                                                              1,192,042           1,088,846           4,629,695           4,183,204
Total Medicare visits                                                     869,759             804,537             3,396,164           3,107,029
Average visits per completed and billed Medicare episodes                 17.0                16.5                17.0                16.2
Organic growth:
Net revenue                                                               7.3       %         5.9       %         6.4       %         4.5       %
Net Medicare revenue                                                      5.3       %         5.5       %         4.7       %         3.5       %
Total new admissions                                                      10.8      %         4.0       %         9.3       %         3.4       %
Medicare new admissions                                                   8.5       %         1.5       %         6.6       %         2.4       %
Average daily census                                                      3.5       %         0.9       %         2.3       %         0.1       %
Average Medicare daily census                                             0.8       %         0.9       %         0.4       %         -0.5      %
Medicare completed and billed episodes                                    2.5       %         3.2       %         2.2       %         1.4       %
Community-Based Services:
Locations                                                                 11                  13                  11                  13
Acquired                                                                  -                   -                   1                   2
De novo                                                                   -                   -                   -                   -
Divested/Consolidated                                                     -                   -                   (3        )         (1        )
Average daily census                                                      1,633               1,513               1,629               1,371
Billable hours                                                            349,053             307,781             1,339,182           1,213,870
Revenue per billable hour                                            $    31.71          $    34.08          $    32.77          $    33.94
Hospice-Based Services:
Locations                                                                 65                  56                  65                  56
Acquired                                                                  -                   16                  10                  17
De novo                                                                   1                   -                   1                   2
Divested/Consolidated                                                     -                   (2        )         (2        )         (1        )
Admissions                                                                2,607               2,225               10,147              6,787
Average daily census                                                      2,713               2,360               2,623               1,675
Patient days                                                              249,608             217,157             960,023             611,493
Average revenue per patient day                                      $    140            $    144            $    141            $    140
Facility-Based Services:
Long-term Acute Care
Locations                                                                 8                   8                   8                   8
Patient days                                                              13,257              14,450              56,224              61,427
Average revenue per patient day                                      $    1,060          $    1,249          $    1,159          $    1,183

Organic growth is calculated as the sum of same store plus de novo for the period divided by total from the same period in the prior year.

LHC GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO LHC GROUP, INC.
(Amounts in thousands)
(Unaudited)
                                                                          Three Months                Three Months
                                                                          Ended                       Ended
                                                                          Dec. 31, 2016               Dec. 31, 2015
Net income attributable to LHC Group, Inc.’s common stockholders          $             9,817         $             7,734
Add (net of tax):
Disposal costs on closures of underperforming locations                                 -                           657
Goodwill and intangible disposal costs                                                  -                           605
Acquisition costs                                                                       451                         341
Adjusted net income attributable to LHC Group, Inc.’s common stockholders $             10,268        $             9,337
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO LHC GROUP, INC. PER DILUTED SHARE
(Unaudited)
                                                                                            Three Months                        Three Months
                                                                                            Ended                               Ended
                                                                                            Dec. 31, 2016                       Dec. 31, 2015
Net income attributable to LHC Group, Inc.’s common stockholders per diluted share          $                 0.55              $                 0.44
Add:
Disposal costs on closures of underperforming locations                                                       -                                   0.04
Goodwill and intangible disposal costs                                                                        -                                   0.03
Acquisition costs                                                                                             0.03                                0.02
Adjusted net income attributable to LHC Group, Inc.’s common stockholders per diluted share $                 0.58              $                 0.53

Disposal costs related to the closures of underperforming locations

Goodwill and intangible disposal costs related to closures of underperforming locations and indefinite-lived intangible impairment related to write down of the assets.

2016 Cost associated with PHR and LifePoint and 2015 cost associated with Halcyon and Nurses Registry acquisitions.

Eric Elliott
Senior Vice President of Finance
(337) 233-1307
eric.elliott@lhcgroup.com

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<img src="http://www.globenewswire.com/newsroom/ti?ndecode=MTUwIzY3MDgyNTE=" alt="" width="1" height="1"/>



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