APRIA HEALTHCARE GROUP INC. REPORTS RECORD FIRST QUARTER FISCAL 1996 RESULTS; Company Announces 28.7% Increase In Net Income.COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif.--(HealthWire)--April 30, 1996--Apria Healthcare Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APRA APRA (ä`prä) or the Alianza Popular Revolucionaria Americana, reformist political party in Peru, also called the Partido Aprista. ), announced today a record increase in net income for the first quarter of its 1996 fiscal year. Revenue for the first quarter of 1996 reached $295.3 million, compared with $284.6 million for the same period last year. For the quarter ended March 31, 1996, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income rose 25.3% to 31.8 million, compared with $25.4 million for the same period last year. Net income for the first quarter increased 28.7% to $20.3 million or $0.39 per share, as compared with $15.8 million or $0.32 per share, for the same period last year. Apria Healthcare's Chairman and Chief Executive Officer Jeremy Jeremy (jĕr`ĭmē), English form of Jeremiah. The Epistle of Jeremy is a title given to the sixth chapter of Baruch. M. Jones, commented on the quarterly results: "During the first quarter, the company made significant progress establishing Apria as the homecare British Gas HomeCare is the name for British Gas Services which operates in the United Kingdom, which was originally set up to provide maintenance for central heating and other gas appliances. industry's market leader. Our sales and marketing focus on the traditional healthcare referral community produced a positive growth trend in our respiratory respiratory /res·pi·ra·to·ry/ (res´pi-rah-tor?e) pertaining to respiration. res·pi·ra·to·ry adj. Of, relating to, used in, or affecting respiration. business from fourth quarter 1995 to first quarter 1996. We continue to realize the strategic value of the merger as we grow our managed care customer base, integrate information systems and achieve operational efficiencies." Costa Mesa, Calif.-based Apria Healthcare provides and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. manages comprehensive integrated homecare services which include home infusion INFUSION, med. jur. A pharmaceutical operation, which consists in pouring a hot or cold fluid upon a substance, whose medical properties it is desired to extract. Infusion is also used for the product of this operation. Although infusion differs from decoction, (q.v. , respiratory therapy respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, , home medical equipment, women's healthcare, nursing and coordinated care through 350 locations serving patients in 49 states.
APRIA HEALTHCARE GROUP INC.
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
Three Months Ended
March 31,
1996 1995
(in thousands except per share data)
Net revenues $295,303 $284,609
Gross profit 201,212 199,073 Selling, distribution and administrative expenses 140,944 145,903 Provision for doubtful accounts, net of recoveries 13,298 13,214 Amortization of intangible assets 4,102 3,924
OPERATING INCOME 42,868 36,032
Interest expense 11,108 10,682
INCOME BEFORE TAXES 31,760 25,350
Income tax provision 11,434 9,558
NET INCOME $20,326 $15,792
Earnings per common and common equivalent share:
Net income $0.39 $0.34
Weighted average number of
common shares outstanding 51,997 46,410
Earnings per common and common equivalent share assuming full dilution:
Net income $0.39 $0.32
Weighted average number of
common shares outstanding 52,221 50,942
APRIA HEALTHCARE GROUP INC.
SELECTED BALANCE SHEET DATA
(Unaudited)
March 31, December 31,
1996 1995
(in thousands)
Accounts receivable, net $306,980 $258,332 Current assets 465,055 403,722 Total assets 1,059,123 979,985 Current liabilities 170,543 205,092 Long-term debt 567,190 490,655 Stockholders' equity 321,390 284,238
Three Months Ended
March 31,
1996 1995
EBITDA $66,825 $56,575
CONTACT: Apria Healthcare Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE J. Lewis, 714/427-2416 Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. H. Smallen, 714/427-4935 |
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