Wednesday, Almost Family Inc. (AFAM), a provider of home health nursing services, reported that its profit for the third-quarter increased from the previous year quarter on higher revenues.
The company posted third-quarter net income of $6.2 million or $0.73 per share, compared to $4.7 million or $0.56 per share in the same quarter last year.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.70 per share for the quarter. Analysts' estimates typically exclude special items. Net service revenues for the quarter was $76.3 million, up 31% from $58.4 million in the comparable quarter last year. Analysts expected the company to report revenues of $73.76 million for the quarter.
Third quarter segment results include net revenues in the Visiting Nurse segment of $65.7 million, a 35% increase from $48.6 million in the third quarter of 2008. The total revenue growth of $17.1 million came from a 24% organic growth rate plus $7.1 million from acquired operations. Organic Medicare admissions growth was 11% and organic Medicare Episodic growth was 25%.
Operating income before corporate expense in the Visiting Nurse segment for the third quarter of 2009 was $13.4 million, a 34% increase from $10.0 million in the third quarter of 2008.
Net revenues in the Personal Care segment were $10.6 million, an 8% increase from $9.8 million in the third quarter of 2008. Operating income before unallocated corporate expense in the Personal Care segment for the third quarter of 2009 was $1.3 million, a 40% increase from $902,000 in the third quarter of 2008.
Net income for the nine months was $17.8 million or $2.14 per share, compared to $11.1 million or $1.52 per share for the previous year period. Net service revenues for the nine month period were $219.8 million, a 51% increase from $145.6 million in the same period last year.
AFAM is is currently being traded at $33.63 up $2.00 or 6.32% on a volume of 0.219 million shares on the Nasdaq.
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