Almost Family Posts Record Sales, Net Profit Down in Q1
Home health nursing and care provider Almost Family today reported net income of $4.9 million, or $0.53 per diluted share in the quarter ended March. Profit fell from the previous year’s quarter, which posted a $5.7 million net gain.
The Louisville, Kentucky-based company also reported record sales during the quarter, totaling $90 million, a 9% increase from $82.6 million in the same quarter of 2011.
“In an environment of slowing health care expenditures, both broadly and specifically in home health care, we are pleased with our first quarter results,” said Almost Family CEO William Yarmuth. “In the first quarter, we turned our near-term focus, though not to the exclusion of organic growth, more toward managing costs in a world of lower reimbursement rates. Nonetheless, our enthusiasm for home health care over the long run remains extremely high and we continue our pursuit to be a leader in this very important sector of the health care delivery system.”
Almost Family’s visiting nurse segment saw revenues of $71 million during the quarter while its personal care net revenues grew to $19 million from a combination of its August acquisition of Cambridge Home Health Care Holdings, Inc. and organic growth.
Written by Elizabeth Ecker