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Addus HomeCare Reports Third Quarter 2010 Results
Date:11/4/2010

luted share based on 5.2 million diluted shares outstanding, in the prior year period. Net income in the third quarter of 2009 before preferred stock dividends was $2.1 million.

Adjusted earnings before interest, taxes, depreciation, amortization, and stock-based compensation (“Adjusted EBITDA”) for the third quarter of 2010 was $3.9 million, compared to $5.4 million in the prior year quarter.  Contributing to the decrease in adjusted EBITDA in the current quarter was a decrease of $1.0 million in the Home Health segment due principally to lower starts of care in Integrated Services, $0.4 million in pre-tax separation costs related to the resignation of the Company’s CFO and executive recruitment costs, and $0.2 million in pre-tax class action litigation costs.  Additionally, the Company recorded a pre-tax reduction in management bonuses of approximately $1.0 million in the third quarter of 2010.  

Home & Community segment net service revenues for the third quarter of 2010 were $57.3 million, a 6.4% increase compared to $53.9 million in the prior year quarter. The total segment revenue growth of $3.4 million came from a 2.5% organic growth rate plus $2.0 million from CarePro operations. Organic revenue growth was driven by the Illinois rate increase and ongoing sales efforts.

Home & Community gross profit margin increased to 25.3% in the third quarter of 2010, compared to 24.9% in the third quarter of 2009.  Home & Community operating income, including depreciation and amortization but excluding corporate expenses, was $5.9 million, or 10.3% of revenue, compared to $5.4 million, or 10.1% of revenue, in the prior year quarter.  

Home Health segment net service revenues for the third quarter of 2010 were $12.5 million, a 3.0% decrease compared to $12.9 million in the prior year quarter.  Home Health segment revenues include approximately $0.5 million from CarePro operations.  
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SOURCE Addus HomeCare Corporation
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