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updated: 5/3/2013 9:54 AM

Addus HomeCare sees 7 pecent 1Q revenue increase

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PRNewswire

PALATINE -- Addus HomeCare Corp. reported a 7 percent increase in revenues during the first quarter demand for home health care services continued to grow.

Total net service revenues from continuing operations for the first quarter of 2013 were $63 million, compared to $58.9 million in the prior year quarter, the company said in a release.  Net income from continuing operations was $2.7 million, or 25 cent per diluted share, a 56.3 percent increase compared to the same period last year. Net income, including the gain on the sale of the Home Health business and a loss from discontinued operations, was $13.3 million, or $1.23 per diluted share.

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"We feel good about our first quarter performance," said Mark Heaney, Addus HomeCare president and chief executive officer. "Our Home & Community business has continued to demonstrate positive growth and we are pleased with the sale and transition of our Home Health business."

The company received a one-time $500,00 benefit from Workers Opportunity Tax Credits earned in 2012 and realized in the first quarter with the enactment of federal tax changes in early 2013.

"We continue our efforts to expand our relationships with managed care plans and have established offices in Detroit, Mich. and San Diego, Calif. in anticipation of the transition of state sponsored long term care programs to managed care in these markets," Heany said. There were no revenues and minimal expenses incurred related to these office openings in the quarter.

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