Business
Addus HomeCare Announces Second-Quarter 2020 Financial Results
Revenues Increase 23.9% to $184.6 million Net Income Increases 30.5% to $6.9 Million, or $0.43 per Diluted Share, and Adjusted Diluted Earnings per Share of
About this update from Addus Homecare Corporation
[{"type":"text","content":"Revenues Increase 23.9% to $184.6 million\n Net Income Increases 30.5% to $6.9 Million, or $0.43 per Diluted Share, and Adjusted Diluted Earnings per Share of $0.73\n Adjusted EBITDA Increases 49.9% to $18.7 Million\n Personal Care Services Same Store Revenue Increases 9.7%\n Company Completes Re-Audit and Files 2019 Form 10-K, Q1 2020 Form 10-Q and Q2 2020 Form 10-Q\n\n\nFRISCO, Texas, Aug. 10, 2020 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the second quarter and six months ended June 30, 2020. \nNet service revenues were $184.6 million for the second quarter of 2020, up 23.9% from $148.9 million for the second quarter of 2019. Net income was $6.9 million, up 30.5% compared with $5.3 million for the second quarter of 2019, while net income per diluted share was $0.43, compared with $0.39 per diluted share for the prior-year period. Adjusted net income per diluted share grew 35.2% to $0.73 for the second quarter of 2020 from $0.54 for the second quarter of 2019. \nAdjusted net income per diluted share for the second quarter of 2020 excludes loss on sale of assets of $0.02, COVID-19 expenses of $0.01, M&A expenses of $0.09, restructuring and other costs of $0.12, which consisted primarily of costs associated with the Company's re-audit process, and stock-based compensation expense of $0.06. Adjusted net income per diluted share for the second quarter of 2019 excludes M&A expenses of $0.04, restructuring and other costs of $0.02, and stock-based compensation expense of $0.09. Adjusted EBITDA increased 49.9% to $18.7 million for the second quarter of 2020 from $12.5 million for the second quarter of 2019. (See page 9 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.)\nFor the first six months of 2020, net service revenues increased 30.4% to $374.8 million from $287.4 million for the prior-year period. Net income increased 62.3% to $15.6 million for the first six months of 2020 compared with $9.6 million for the same period in 2019, and net income per diluted share was $0.98 compared with $0.71 per diluted share. Adjusted net income increased 77.3% to $24.0 million for the first six months of 2020 compared with $13.5 million for the prior-year period, while adjusted net income per diluted share grew 52.0%...