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HOMEDCO ANNOUNCES RESTATED YEAR-END OPERATING RESULTS

 HOMEDCO ANNOUNCES RESTATED YEAR-END OPERATING RESULTS
 FOUNTAIN VALLEY, Calif., Dec. 13 /PRNewswire/ -- Homedco Group


Inc. (NASDAQ: HOME) today reported an upward restatement in net income for the fiscal year ended Sept. 30, 1991.
 The company reduced its provision for income taxes by $1.7 million for the year ended Sept. 30, 1991. The change results from the recording of a benefit, as a result of carrying back an alternative minimum tax (AMT) loss as required by Financial Accounting Standards No. 96, "Accounting for Income Taxes."
 Net income for the quarter ended Sept. 30, 1991, has been restated to $4.0 million, as compared with $0.8 million for the same period last year. Net income per share (which reflects the accretion to fair value of a warrant and the accretion of dividends on preferred stock) increased to $0.31, as compared with $0.04 per share for the corresponding quarter of 1990. Supplementally, net income per share (before accretion to fair value of the warrant and accretion of dividends on preferred stock) was $0.31, as compared with $0.08 for the corresponding quarter of 1990.
 For the year ended Sept. 30, 1991, the company's net income was restated to $10.5 million, as compared to a loss of $2.2 million for the comparable preceding period. Net income per share (which reflects the accretion to fair value of a warrant and accretion of dividends on preferred stock) was $0.38, as compared with a loss per share of $0.48 for the comparable preceding period. Supplementally, net income per share (before accretion to fair value of the warrant and accretion of dividends on preferred stock) was $0.96 per share, as compared with a loss per share of $0.25 for the comparable preceding period. Included in net income for the year ended Sept. 30, 1991, was an extraordinary charge of $683,000 (net of income taxes of $105,000) or $0.06 per share, representing unamortized deferred debt costs relating to the refinancing of debt completed in June 1991.
 The table below shows certain selected quarterly financial data, on a restated basis for fiscal 1991, reflecting the change in the tax provision:
 HOMEDCO INC. SELECTED QUARTERLY FINANCIAL DATA
 (Dollars in thousands)
 (Except per share data)
 Quarter
 First Second Third Fourth
 Net revenues $52,963 $54,484 $55,805 $58,853
 Gross profit $38,261 $39,753 $40,690 $42,759
 Operating
 income $3,364 $4,793 $5,006 $5,250
 Income (loss)
 before extra-
 ordinary charge $1,219 $2,533 $3,411 $3,982
 Net income (loss) $1,219 $2,533 $2,728 $3,982
 Net income (loss)
 per common share
 before extraord-
 inary charge ($0.38) $0.07 $0.28 $0.31
 Net income (loss)
 per common share ($0.38) $0.07 $0.22 $0.31
 Supplemental per
 share data:
 Net income (loss)
 per share before
 before accretion of
 warrant to fair
 market value and
 accretion of Series A
 preferred stock
 dividend $0.13 $0.27 $0.23 $0.31
 Homedco is a leading provide of home health care services offering an integrated program of home respiratory, home infusion therapy, and home medical equipment.
 HOMEDCO GROUP INC.
 Consolidated Statement of Operations
 (Dollars in thousands, except per share data)
 Three Months Ended Year Ended
 Sept. 30, Sept. 30,
 1991 1990 1991 1990
 (Unaudited) (Unaudited) (Unaudited)
 Net revenues $58,853 $50,480 $222,105 $193,668
 Gross profit $42,759 $36,797 $161,463 $138,454
 Operating expense $18,106 $15,192 $67,915 $57,842
 General and admini-
 strative expense $17,754 $15,484 $66,622 $59,490
 Provision for doubt-
 full accounts, net
 of recoveries $1,619 $1,850 $7,551 $8,981
 Amortization of
 intangible assets $30 $1,398 $962 $5,673
 Operating income $5,250 $2,873 $18,413 $6,468
 Interest expense $653 $2,012 $5,546 $8,362
 Income (loss) before taxes
 and extraordinary
 charge $4,597 $861 $12,867 ($1,894)
 Income taxes $615 $88 $1,722 $350
 Income (loss) before
 extraordinary charge $3,982 $773 $11,145 ($2,244)
 Extraordinary charge on
 debt restructure,
 net of taxes of
 $229 $0 $0 $683 $0
 Net income (loss) $3,982 $773 $10,462 ($2,244)
 Accretion of warrant
 with put option to fair
 market value $0 ($203) ($5,702) ($814)
 Accretion of Series A
 preferred stock
 dividend $0 ($230) ($591) ($880)
 Net income (loss) applicable
 to common
 stockholders $3,982 $340 $4,169 ($3,938)
 Net income (loss) per
 common share before
 extraordinary charge $0.31 $0.04 $0.44 ($0.48)
 Extraordinary charge $0.00 $0.00 $0.06 $0.00
 Net income (loss) per
 common share $0.31 $0.04 $0.38 ($0.48)
 Weighted average number
 of common shares
 outstanding 13,001,223 9,151,058 10,950,453 8,154,110
 Supplemental per share
 data:
 Net income (loss) per
 share before
 accretion of warrant
 to fair market value
 and accretion of
 Series A preferred
 stock dividend $0.31 $0.08 $0.96 ($0.25)
 Weighted average number of
 common shares outstanding
 for supplemental per
 share computation 13,001,223 9,151,058 10,950,453 8,968,621
 -0- 12/13/91
 /CONTACT: Jeremy M. Jones, chairman, CEO, or Larry Smallen, CFO, of Homedco Group Inc., 714-755-5600/
 (HOME) CO: Homedco Group Inc. ST: California IN: HEA SU: ERN


EH-DM -- LA020 -- 2477 12/13/91 15:43 EST
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Date:Dec 13, 1991
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