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

;The decrease in revenues was largely the result of lower starts of care in Integrated Services.  

Home Health gross profit margin was 45.0% in the third quarter of 2010, compared to 48.2% in the prior year period.  Home Health operating income, including depreciation and amortization but excluding corporate expenses, was $1.1 million, or 8.5% of revenues, compared to $2.1 million, or 15.9% of revenues, in the prior year quarter.  The decline in Home Health operating income was primarily due to lower starts of care in the Integrated Services program, a slight increase in visits per episode and investments related to the expansion of the sales force.  

Nine Month Review

Total net service revenues for the nine months ended September 30, 2010 were $201.6 million, a 4.1% increase compared to $193.6 million in the prior year period.  The acquisition of CarePro contributed approximately $2.5 million in revenues.  

Net income for the nine months ended September 30, 2010 of $4.5 million, or $0.43 per diluted share, including $0.02 per share in acquisition related expenses, was based on 10.6 million diluted shares outstanding.  This compares to net income after preferred stock dividends of $1.9 million, or $1.04 per diluted share based on 5.2 million diluted shares outstanding, for the nine months ended September 30, 2009. Net income for the first nine months of 2009 before preferred stock dividends was $5.4 million.

Adjusted EBITDA for the nine months ended September 30, 2010 was $11.9 million, compared to $14.9 million in the prior year period.

Home & Community segment net service revenues for the first nine months of 2010 were $164.2 million, a 5.0% increase compared to $156.4 million in the prior year period. The total segment revenue growth of $7.8 million was attributable to a 3.7% organic growth rate plus $2.0 million in revenue from CarePro operations.

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SOURCE Addus HomeCare Corporation
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