Addus Homecare (ADUS) Misses Q2 EPS by 1c

Addus Homecare (NASDAQ: ADUS) reported Q2 EPS of $0.30, $0.01 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $85.8 million versus the consensus estimate of $85.7 million.

"Our team produced another good quarter of quality care, growth and financial performance," commented Mark Heaney, President and Chief Executive Officer of Addus HomeCare. "We generated 11.5% growth in revenues and expanded margins despite the still slower than normal - but improved - pace of referrals in Illinois related to the state's ongoing transition to managed care. Our sequential-quarter same-store census for Illinois increased 1.6% for the second quarter compared to a 0.2% sequential-quarter decline in the first quarter. We expect referrals in Illinois, and other states transitioning care to MCOs, to continue to be uneven, but we remain confident the overall transition of care to MCOs by the states represents a substantial long-term growth opportunity for Addus.

"We experienced higher costs during the second quarter related to the ongoing installation of our new human resources and payroll information system. These costs were primarily related to expanding the functionality of the system and increased training. The additional costs in the quarter totaled $0.02 per diluted share."

For earnings history and earnings-related data on Addus Homecare (ADUS) click here.

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