Addus HomeCare Corporation (ADUS) has reported an 127.88 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $7.57 million, or $0.66 a share in the quarter, compared with $3.32 million, or $0.29 a share for the same period last year. On an adjusted basis, earnings per share were at $0.43 for the quarter compared with $0.32 in the same period last year.
Revenue during the quarter grew 22.29 percent to $103.66 million from $84.76 million in the previous year period. Gross margin for the quarter expanded 146 basis points over the previous year period to 27.65 percent. Total expenses were 92.58 percent of quarterly revenues, down from 96.44 percent for the same period last year. This has led to an improvement of 386 basis points in operating margin to 7.42 percent.
Operating income for the quarter was $7.69 million, compared with $3.02 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $9.28 million compared with $5.39 million in the prior year period. At the same time, adjusted EBITDA margin improved 259 basis points in the quarter to 8.96 percent from 6.36 percent in the last year period.
"Our financial results for the fourth quarter cap a very successful year for Addus," commented Dirk Allison, president and chief executive officer of Addus. "Our revenue growth and expanded profit margins reflect our initiatives throughout 2016 to streamline Addus and refocus on driving profitable growth."
Operating cash flow turns negative
Addus HomeCare Corporation has spent $0.74 million cash to meet operating activities during the year as against cash inflow of $4.11 million in the last year.
The company has spent $21.74 million cash to meet investing activities during the year as against cash outgo of $10.72 million in the last year.
Cash flow from financing activities was $26.39 million for the year as against cash outgo of $2.64 million in the last year period.
Cash and cash equivalents stood at $8.01 million as on Dec. 31, 2016, up 95.25 percent or $3.91 million from $4.10 million on Dec. 31, 2015.
Debt increases substantially
Addus HomeCare Corporation has witnessed an increase in total debt over the last one year. It stood at $25.01 million as on Dec. 31, 2016, up 736.28 percent or $22.02 million from $2.99 million on Dec. 31, 2015. Total debt was 10.83 percent of total assets as on Dec. 31, 2016, compared with 1.55 percent on Dec. 31, 2015. Debt to equity ratio was at 0.16 as on Dec. 31, 2016, up from 0.02 as on Dec. 31, 2015. Interest coverage ratio improved to 13.45 for the quarter from 11.69 for the same period last year.
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