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Article updated: 3/13/2013 12:32 PM

Addus HomeCare's 4Q revenues up 9 percent

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By PRNewswire

Palatine-based HomeCare Corp., a provider of home-based social and medical services, reported fourth quarter revenues increased 9.4 percent as demand in the home health care industry remained strong.

Net service revenues for the fourth quarter of 2012 were $63.8 million, up from $58.3 million in the prior year quarter, the company said in a release. Net income, including discontinued operations, was $3.7 million, a 50 percent increase over the prior year quarter. Net income from continuing operations was $3.5 million, or $0.33 per diluted share, up 20.2 percent compared to prior year quarter. Continuing operations includes the results of operations previously included in the Home & Community segment and three agencies previously included in the Home Health segment.

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"Our Home & Community segment continued to demonstrate positive growth during the fourth quarter and we are pleased with the sale of our Home Health business," said Mark Heaney, Addus HomeCare president and CEO,

For the year 2012, the company said net service revenues from continuing operations were $244.3 million, a 6.2 percent increase compared to $230.1 million for 2011. Net income for 2012, including discontinued operations, was $7.6 million, compared to a reported loss in 2011 of $2 million. Net income from continuing operations was $9.3 million, 10.4 percent increase over the prior year.

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