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Addus HomeCare income rises in 1st quarter

Thu, 05/13/2010 - 2:10pm
The Associated Press

Addus HomeCare Corp. said Thursday its first-quarter profit jumped from the same period a year ago, when it paid dividends on preferred shares of its stock.

The company provides home-based personal care, skilled nursing and rehabilitative therapy services. Its profit rose to $1.4 million, or 13 cents per share, from $223,000, or 20 cents per share. Per-share profit fell because the company had more shares on the market in the latest quarter.

Revenue rose 4 percent to $64.6 million from $61.8 million.

Analysts expected a profit of 16 cents per share and $66.4 million in revenue, according to a survey by Thomson Reuters.

Addus, which went public in October 2009, paid $1.1 million in preferred stock dividends in the first quarter of 2009. With its initial public offering complete, the company now has 10.5 million shares on the market, compared with 1.1 million a year ago.

The company's revenue from its home and community business rose 5 percent to $52.7 million, while home health revenue grew 3 percent to $11.9 million. Home health Medicare admissions rose 19.5 percent.

Shares of Addus rose 28 cents, or 5.1 percent, to close at $5.83. The stock has ranged from $4.64 to $9.72 over the past year.

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