Business
Addus HomeCare Announces Third-Quarter 2020 Financial Results
Revenues Grow 14.8% to $194.0 Million Net Income Increases 85.6% to $9.1 Million, or $0.57 per Diluted Share Adjusted Earnings per Diluted Share of $0.76
About this update from Addus Homecare Corporation
[{"type":"text","content":"Revenues Grow 14.8% to $194.0 Million\n Net Income Increases 85.6% to $9.1 Million, or $0.57 per Diluted Share\n Adjusted Earnings per Diluted Share of $0.76\n Adjusted EBITDA Increases 12.2% to $19.5 Million\n Completes Acquisition of County HomeMakers, Inc. in Pennsylvania\n\n\nFRISCO, Texas, Nov. 2, 2020 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the third quarter and nine months ended September 30, 2020. \nNet service revenues increased 14.8% for the third quarter to $194.0 million from $169.0 million for the third quarter of 2019. Net income increased 85.6% to $9.1 million for the third quarter of 2020 from $4.9 million for the third quarter last year, while net income from continuing operations per diluted share was $0.57 compared with $0.39 for the same period a year ago. Adjusted net income from continuing operations per diluted share was $0.76 for the third quarter of 2020 compared with $0.75 for the third quarter of 2019. \nAdjusted net income for the third quarter of 2020 excludes COVID-19 adjustment of $0.02, M&A expenses of $0.02, restructure and other costs of $0.08, which consisted primarily of the impairment of right of use assets from the Company's former corporate office space, and stock-based compensation expense of $0.07. Adjusted net income from continuing operations per diluted share for the third quarter of 2019 excludes interest income from the State of Illinois of $0.02, the impact of a retroactive Illinois rate increase of $0.12, M&A expenses of $0.10, restructure and other costs of $0.08, and stock-based compensation expense of $0.08. Adjusted EBITDA increased 12.2% to $19.5 million for the third quarter of 2020 from $17.4 million for the third quarter of 2019. (See page 8 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.)\nFor the first nine months of 2020, net service revenues increased 24.6% to $568.8 million from $456.4 million for the first nine months of 2019. Net income increased 70.2% to $24.7 million for the first nine months of 2020 from $14.5 million for the first nine months of last year, while net income from continuing operations per diluted share increased to $1.55 from $1.10. Adjusted net income from continuing operations per diluted share grew 28.4% to $2.26 ...