Business
Addus HomeCare To Postpone Fourth-Quarter and Year-End 2019 Earnings Release, Conference Call and Filing Of Form 10-K
FRISCO, Texas, Feb. 27, 2020 /PRNewswire/ -- Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, announced today that it will
About this update from Addus Homecare Corporation
[{"type":"text","content":"FRISCO, Texas, Feb. 27, 2020 /PRNewswire/ -- Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, announced today that it will postpone the release of earnings for the fourth quarter and year ended December 31, 2019, and will now host its accompanying conference call on Wednesday, March 18, 2020, beginning at 9:00 a.m. Eastern time. The Company filed a Form 12b-25 with the Securities Exchange Commission to extend its filing deadline for its Form 10-K for fifteen calendar days, until Tuesday, March 17, 2020. As long as the Company files the Form 10-K within the fifteen-day grace period, the report will be deemed to have been filed timely by the Securities and Exchange Commission. \nThese postponements allow additional time for the Company to complete the valuation of a non-cash implicit price concession related to revenue and accounts receivable, including the periods to which it relates, and to perform the related internal controls assessment.\nThe Company anticipates reporting that its net service revenues have increased by more than 20% for the twelve month period ending December 31, 2019, as compared to the twelve month period ending December 31, 2018, and that cash on hand as of December 31, 2019, was approximately $112 million as compared to approximately $70 million as of December 31, 2018. The results presented are preliminary, unaudited, and subject to change pending the filing of the Company's 2019 Form 10-K.\nDirk Allison, President and Chief Executive Officer of Addus HomeCare Corporation commented, \"Addus became a large accelerated filer and engaged new independent auditors during 2019, and we were not able to finalize our financial results to meet the fifteen-day earlier date required as a large accelerated filer. However, we look forward to reporting results shortly and hosting our regular earnings call.\"\nSpeakers on the call at its updated time will include Dirk Allison, President and CEO, and Brian Poff, Executive Vice President and CFO. The toll-free dial-in number is (877) 930-8289 (international dial-in number is (253) 336-8714), pass code 2070009. A telephonic replay of the conference call will be available through midnight on April 1, 2020, by dialing (855) 859-2056 (international dial-in number is (404) 537‑3406) and entering pass code 2070009.\nA live broadcast of Addus HomeCare'...