Business
Addus HomeCare Announces Preliminary First-Quarter 2020 Financial Results
Revenue Increases to $190.2 million Net Income Increases to $8.7 Million, or $0.54 per Diluted Share, and Adjusted Diluted Earnings per Share of $0.77
About this update from Addus Homecare Corporation
[{"type":"text","content":"Revenue Increases to $190.2 million\n Net Income Increases to $8.7 Million, or $0.54 per Diluted Share, and Adjusted Diluted Earnings per Share of $0.77\n Adjusted EBITDA Increases to $17.7 Million\n\n\nFRISCO, Texas, May 4, 2020 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced preliminary financial results for the first quarter ended March 31, 2020. \nNet service revenues were $190.2 million for the first quarter of 2020, an increase from the first quarter of 2019. Net income increased to $8.7 million and net income per diluted share increased to $0.54, in comparison with the prior‑year period. Adjusted net income per diluted share grew to $0.77 from the first quarter of 2019. \nAdjusted net income per diluted share for the first quarter of 2020 excludes COVID-19 expenses of $0.01, M&A expenses of $0.09, restructuring and severance costs of $0.05, and stock-based compensation expense of $0.08. Adjusted EBITDA increased to $17.7 million for the first quarter of 2020 from the first quarter of 2019. (See page 5 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.)\nAt March 31, 2020, the Company had cash of $130.5 million and bank debt of $60.1 million, while availability under its revolving credit facility was $218.5 million. Net cash provided by operating activities was $20.4 million for the first quarter of 2020.\nDirk Allison, President and Chief Executive Officer of Addus HomeCare, commented, \"Overall, for the first quarter we experienced substantial revenue growth across all our service segments, reflecting favorable demand trends and strong operational discipline. Even as most of the states where we operate have been under \"shelter in place\" orders since mid-March, we have continued to provide the critical and essential home care services that allow individuals to remain in their homes. We are proud of our financial results for the first quarter that we achieved while enduring significant operational challenges related to the COVID-19 pandemic that we began to see in March.\" \nAllison noted further, \"Obviously, much has changed in our operating environment since the end of the first quarter. But our primary focus has remained on the health and safety of our caregivers and other employees and the patients and customers we serve...