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Apria, Lincare Report Q3 Earnings

LAKE FOREST, Calif., and CLEARWATER, Fla.--Apria Healthcare Group, Lake Forest, Calif., said last week that its third-quarter earnings were flat, while revenues rose slightly.

Net income for the quarter, ended Sept. 30, totaled $19.3 million, the same as last year. Net revenue increased 4 percent to $382.2 million, from $367.6 million last year. When adjusted by Medicare reimbursement reductions of $1.8 million, the growth was 4.5 percent, the company said.

One of the largest providers in the nation, Apria operates approximately 500 branches in 50 states.

Clearwater, Fla.-based Lincare Holdings, which serves 648,000 customers in 47 states, reported a 4.3 percent increase in third-quarter earnings.

The provider earned $56.2 million for the quarter, up from $53.9 million a year ago. Revenue grew 12 percent to $358 million from $320.1 million, reflecting the acquisition of two businesses in Indiana and Wyoming with annual revenue of about $5 million. During the period, the company also opened 13 centers--12 new and one an acquisition.

The provider said the increase in revenues was spurred by internal growth of 13 percent, offset by a 3 percent Medicare pricing reduction and a 2 percent contribution from acquisitions.

Lincare said cash flow in the quarter was down by $19.8 million because of a federally mandated hold on all payments to Medicare providers from September 22 through September 30. The payments were released in the first week of October.

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