March 17, 2020 / 8:52 PM / 16 days ago

BRIEF-Addus Homecare Reports Q4 Earnings Per Share Of $0.68

March 17 (Reuters) - Addus Homecare Corp:

* Q4 EARNINGS PER SHARE $0.68

* Q4 EARNINGS PER SHARE ESTIMATE $0.66 — REFINITIV IBES DATA

* PROVIDES UPDATE ON COVID-19 PLANNING AND RESPONSE EFFORTS

* ADDUS HOMECARE - COULD NOT CONVINCE PRIOR AUDIT FIRM THAT A PREVIOUSLY UNRECORDED ADJUSTMENT IN ESTIMATING COLLECTABILITY OF REVENUE WAS APPROPRIATE

* UNABLE TO FILE OUR 2019 FORM 10-K TODAY

* ADJUSTMENT WILL HAVE NO IMPACT ON REPORTED CASH FLOW FROM OPERATIONS FOR 2009 TO 2018

* ADDUS HOMECARE - PWC AGREED, SUBJECT TO COMPLETING CUSTOMARY PROCEDURES, TO INDEPENDENTLY RE-AUDIT FINANCIAL STATEMENTS FOR YRS ENDED 2017 AND 2018

* NET SERVICE REVENUES INCREASED TO $192.4 MILLION FOR Q4

* HAS NOT YET COMMENCED RE-AUDITS OF 2017 AND 2018 PERIODS

* EXPECTS TO DISCLOSE AN ADDITIONAL MATERIAL WEAKNESS IN ITS INTERNAL CONTROL OVER FINANCIAL REPORTING AS OF DECEMBER 31, 2019

* COMMENCED REDESIGN OF CONTROLS RELATED TO IMPLICIT PRICE CONCESSIONS AS PART OF ITS REMEDIATION PROCESS

* ADDUS HOMECARE - CURRENTLY ANTICIPATES ADJUSTMENTS AND RE-AUDIT WILL NOT RESULT IN A MATERIAL CHANGE IN ITS STATEMENTS FOR 2018 AND 2017

* ADDUS HOMECARE - BELIEVE COVID-19 COULD HAVE AN EFFECT ON RESULTS , BUT AREN’T ABLE TO ASSESS POTENTIAL IMPACT AT THIS TIME Source text for Eikon: Further company coverage:

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