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HOMEDCO ANNOUNCES RECORD THIRD QUARTER AND NINE MONTHS OPERATING RESULTS

 HOMEDCO ANNOUNCES RECORD THIRD QUARTER
 AND NINE MONTHS OPERATING RESULTS
 FOUNTAIN VALLEY, Calif., July 28 /PRNewswire/ -- Homedco Group Inc. (NASDAQ: HOME) today announced a record increase in revenues and earnings for the third quarter and for the nine months ended June 30, 1992.
 Net income for the third quarter was $4.4 million or $0.34 per share, compared with net income for the same period last year of $2.6 million or $0.22 per share. Net income and net income per share for the prior period included the accretion of dividends on preferred stock and an extraordinary charge of $683,000 (net of income taxes of $105,000) which represented unamortized deferred debt costs. Excluding the extraordinary charge, net income for the quarter ended June 30, 1991, was $3.3 million or $0.28 per share.
 Revenues for the third quarter increased 29 percent to $72.0 million, compared with $55.8 million for the same period last year. The strong results were because of contributions from all three of Homedco's lines of business. The two major business lines, home respiratory therapy and home infusion therapy, grew by 31 percent and 33 percent, respectively, over the same period last year. The overall revenue increase is attributable to strong growth from existing locations, as well as contributions from recent respiratory therapy-related acquisitions.
 Net income for the nine months ended June 30, 1992, was $12.3 million or $0.94 per share, compared with net income for the same period last year of $187,000 or $0.02 per share. Net income and net income per share for the prior period included the accretion of preferred stock dividends, the accretion to fair market value of a warrant and the extraordinary charge. Excluding the extraordinary charge, net income for the nine months ended June 30, 1991, was $870,000 or $0.10 per share.
 Revenues for the nine months ended June 30, 1992, increased 28 percent to $208.2 million, compared with $163.3 million for the same period last year. Home respiratory therapy and home infusion therapy grew at rates of 33 percent and 27 percent, respectively, over the same period last year.
 Commenting on the operating results, Jeremy M. Jones, president and chief executive officer, stated "Our third quarter results reflect a continued improvement in our base respiratory and infusion business which contributes most significantly to our earnings. The management and performance consistency we have demonstrated during fiscal year 1992 quarter to quarter, plus the pending acquisition of Glasrock Home Health Care promises to position us for a strong fiscal year 1993."
 Homedco Group Inc. is a leading integrated provider of home health care services, offering home respiratory therapy, home infusion therapy and home medical equipment. The company provides its services through 121 branch locations serving patients in 35 states.
 HOMEDCO GROUP INC.
 Consolidated Statement of Operations
 (In thousands, except per share data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Net revenues $71,975 $55,805 $208,167 $163,252
 Gross profit 52,185 40,690 150,004 118,704
 Operating expense 21,759 17,180 63,793 49,809
 General and
 administrative
 expense 20,561 16,916 58,557 48,868
 Provision for doubtful
 accounts, net of
 recoveries 2,396 1,588 7,086 5,932
 Amortization of
 intangible assets 150 --- 398 932
 Operating income $7,319 $5,006 $20,170 $13,163
 Interest expense 822 1,068 2,166 4,893
 Income before taxes and
 extraordinary charge $6,497 $3,938 $18,004 $8,270
 Income taxes 2,066 527 5,723 1,107
 Net income before
 extraordinary charge $4,431 $3,411 $12,281 $7,163
 Extraordinary charge on
 debt restructure, net
 taxes of $105 --- 683 --- 683
 Net income $4,431 $2,728 $12,281 $6,480
 Accretion of warrant
 with put option to fair
 market value --- 0 --- (5,702)
 Accretion of Series A
 preferred stock
 dividend --- (118) --- (591)
 Net income applicable
 to common
 stockholders $4,431 $2,610 $12,281 $187
 Net income per common
 share before
 extraordinary charge $0.34 $0.28 $0.94 $0.10
 Extraordinary charge --- 0.06 --- 0.08
 Net income per
 common share $0.34 $0.22 $0.94 $0.02
 Weighted average number
 of common shares
 outstanding 12,998 11,842 13,020 9,055
 -0- 7/28/92
 /CONTACT: Jeremy M. Jones, president and CEO, or Lawrence H. Smallen, CFO, of Homedco Group, 714-755-5600/
 (HOME) CO: Homedco Group Inc. ST: California IN: HEA SU: ERN


JB-JL -- LA008 -- 3880 07/28/92 09:09 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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