Business
Addus HomeCare Announces Fourth-Quarter Financial Results
Revenues of $196.0 Million Net Income of $8.4 Million, or $0.53 per Diluted Share Adjusted Earnings per Diluted Share up 12.3% to $0.82 Adjusted EBITDA
About this update from Addus Homecare Corporation
[{"type":"text","content":"Revenues of $196.0 Million\n Net Income of $8.4 Million, or $0.53 per Diluted Share\n Adjusted Earnings per Diluted Share up 12.3% to $0.82\n Adjusted EBITDA Increases 11.6% to $20.9 Million\n\n\nFRISCO, Texas, Feb. 25, 2021 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the fourth quarter and year ended December 31, 2020.\nNet service revenues increased 1.9% for the fourth quarter to $196.0 million from $192.4 million for the fourth quarter of 2019. Net income was $8.4 million for the fourth quarter of 2020, compared with $10.7 million for the fourth quarter last year, while net income per diluted share was $0.53 compared with $0.68 for the same period a year ago. Adjusted EBITDA increased 11.6% to $20.9 million for the fourth quarter of 2020 from $18.8 million for the fourth quarter of 2019. Adjusted net income per diluted share was $0.82 for the fourth quarter of 2020 compared with $0.73 for the fourth quarter of 2019. (See page 8 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.) \nAdjusted net income per diluted share for the fourth quarter of 2020 excludes COVID-19 expenses of $0.01, M&A expenses of $0.15, restructure and other non-recurring costs of $0.03, and stock-based compensation expense of $0.10. Adjusted net income per diluted share for the fourth quarter of 2019 excluded the favorable impact of the retroactive Illinois rate increase of $0.12, M&A expenses of $0.08, restructure and other non-recurring costs of $0.01 and stock-based compensation expense of $0.08. \nFor 2020, net service revenues increased 17.9% to $764.8 million from $648.8 million for 2019. Net income from continuing operations increased 28.4% to $33.1 million for 2020 compared with $25.8 million for the prior year, while net income from continuing operations per diluted share increased to $2.08 from $1.81. Adjusted EBITDA was $76.9 million for 2020, an increase of 31.0% compared with $58.7 million for 2019. Adjusted net income from continuing operations per diluted share grew 23.2% to $3.08 for 2020 from $2.50 for 2019.\nAdjusted net income per diluted share for the full year 2020 excludes loss on sale of assets of $0.01, COVID-19 expenses of $0.07, M&A expenses of $0.34, restructure and other non-recurring costs of $0.28, a...