Addus HomeCare’s Q3 Profits Up 43%, Announces New Acquisitions
Home and community-based services provider Addus HomeCare Corporation (NASDAQ:ADUS) reported a 43% increase in net income in the third quarter ended Sept. 30, 2013 driven by increased average census.
Net income rose from nearly $1.8 million in 2012’s third quarter to nearly $2.6 million, while net income from continuing operations increased 25.7% to $2.8 million, or $0.25 per diluted share.
Revenues per billable hour for the Palatine, Ill.-based provider increased from $16.93 to $17.08. Net service revenue rose 10% to $67.3 million.
“We are pleased by the continued steady performance of our business including our growth in organic sales for which I especially want to acknowledge our Agency Directors who drive top line growth,” said Mark Heany, president and CEO of Addus HomeCare, in the earnings report. “In addition, we are excited to announce that we have entered into two definitive acquisition agreements which further position Addus to capitalize on the opportunities presented by managed care and the dual eligible demonstration projects.”
Addus has agreed to buy Medi Home Private Care Division from Medical Services of America, with presence in South Carolina, Tennessee, and Ohio, and will also purchase the assets of Coordinated Home Health Care in New Mexico.
Written by Alyssa Gerace