Addus HomeCare reports 2Q growth

PRNewswire

PALATINE — Addus HomeCare reported total net service revenues grew 1.6 percent to $68.3 million during the second quarter of 2011, with comparable growth rates in both the Home & Community and Home Health Divisions.

The provider of home-based social and medical services reported a net income of $1.3 million, or $0.12 per share. Net income was $1.7 million, or $0.16 per share, in the prior year quarter.  

“In the second quarter, we continued to integrate our new senior management team, including our new Vice President for Home Health, who joined us in July,” said Mark Heaney, president and chief executive officer of Addus HomeCare, ”In addition, we are initiating a search for a Chief Sales and Marketing Officer to lead our sales team.  We are of course pleased that the state of Illinois made a significant payment in the quarter.”

Total net service revenues for the second quarter of 2011 were $68.3 million, a 1.6 percent increase compared to the prior year quarter.  The acquisition of CarePro contributed approximately $3.3 million in net service revenues in the second quarter of 2011.  

Home & Community segment net service revenues for the second quarter of 2011 were $55.0 million, a 1.6 percent increase from the prior year quarter.  Home & Community segment revenues included approximately $2.4 million from CarePro operations.  Excluding locations closed in late 2010 and program eliminations in select states totaling $1.8 million in revenue, same store sales increased by $0.2 million, or approximately 0.4 percent.  Home & Community operating income, including depreciation and amortization but excluding corporate expenses, was $6.0 million, or 10.9 percent of revenue in the second quarter, compared to $5.5 million, or 10.1 percent of revenue, in the prior year quarter.  

Home Health segment net service revenues for the second quarter of 2011 were $13.2 million, a 1.7 percent increase over the prior year quarter, despite a reduction in Medicare revenues estimated at $0.4 million as a result of the rate cut enacted in 2011.  Home Health segment revenues include approximately $0.9 million from CarePro operations. Home Health operating income, including depreciation and amortization but excluding corporate expenses, was $0.8 million, or 6.3% of revenues, compared to $1.7 million, or 13.0% of revenues in the prior year quarter.