Homedco Gains on In-Home Respiratory, Infusion Therapies

FOUNTAIN VALLEY —  Strong growth in the in-home health care market has given Homedco Group Inc. record increases in revenue and earnings for its latest fiscal period, the company said Tuesday.

Profit for the company’s third fiscal quarter, which ended June 30, was $4.4 million, or 34 cents a share, up a healthy 69% from $2.6 million, or 22 cents a share, for the same period last year, the company reported. Revenue was up 29% to $72 million for the latest reporting period from $55.8 million a year earlier.

For the first nine months of the fiscal year, earnings were at $12.3 million, or 94 cents a share, up 622% from $187,000, or 2 cents a share, for the same period the year before. The figures for the 1991 period included a charge of $683,000 for a warrant and a dividend payout, the company said. Excluding that, profit for the 1991 period was $870,000, or 10 cents a share.

Revenue for the first nine months of the current fiscal year increased 28% to $208.2 million from $163.3 million for the same period last year.

Chief Executive Jeremy M. Jones attributed the strong earnings and revenue to the company’s home respiratory therapy business, which has grown by 31% in the past year, and home infusion therapy, which has jumped 33%.

“Our third-quarter results reflect a continued improvement in our base respiratory and infusion business, which contributes most significantly to our earnings,” Jones said.

He added that the company’s pending merger with an Illinois competitor, Glasrock Home Health Care, could give Homedco even higher earnings for the next fiscal year.