Addus HomeCare Q4 Profit Up

(RTTNews) - Addus HomeCare Corp. (ADUS), Monday reported fourth-quarter net income of $4.80 million or $0.36 per share, up from $3.1 million or $0.27 per share last year.

Net service revenues for the quarter increased 24.8% to $139.8 million from $112.0 million last year.

CEO Dirk Allison said, "We are pleased with the positive trends in revenue growth for the fourth quarter, with personal care net service revenues up 15.9%, reflecting a 13.2% increase in billable hours per business day and a 0.8% increase in revenue per billable hour, compared with the fourth quarter of 2017. Same-store revenue increased 2.4% for the fourth quarter, below our target range of 3% to 5%, primarily due to the exclusion of a rate increase to offset the Chicago minimum wage increase in the Illinois current fiscal year budget."

""Looking ahead to 2019, we believe we are well positioned to achieve further profitable growth both from our current operations and acquisitions. Our objectives for organic growth for the year are consistent with our targeted range of 3% to 5% for same-store revenue growth." Allison said.