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UPDATE 1-Addus HomeCare posts lower-than-expected Q4 profit
March 18, 2010 / 9:52 PM / 8 years ago

UPDATE 1-Addus HomeCare posts lower-than-expected Q4 profit

* Q4 adj EPS $0.07 vs. est $0.20

* Q4 rev $65.7 mln vs. est $66.52 mln

* Shares down 15 percent in after-hours trade

March 18 (Reuters) - Provider of home-based social and medical services, Addus HomeCare Corp (ADUS.O) posted a lower-than-expected quarterly profit, hurt by a slowdown in admissions from its integrated services program, sending its shares down 15 percent in after-hours trade.

“The referrals shortfall resulted from the State of Illinois’ effort to develop new procedures for integrating care,” Chief Executive Mark Heaney said in a statement.

For the fourth quarter, the company posted a net loss of $3.7 million, or 48 cents a share, compared with a net loss of $0.1 million, or 6 cents a share, in the prior year period.

Excluding items, the company, which had its market debut on Oct. 28 last year, earned 7 cents a share.

Total net service revenue rose 4.7 percent to $65.7 million.

Analysts on average were expecting a profit of 20 cents a share, excluding items, on revenue of $66.5 million, according to Thomson Reuters I/B/E/S.

Fourth-quarter results included $3.8 million in one-time charges related with the company’s IPO, it said in a statement.

Shares of the company were down 15 percent in after-hours trade at $7.53. They closed at $8.90 Thursday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Maju Samuel)

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