Homedco Posts $17.6-Million Year-End Profit

FOUNTAIN VALLEY — Homedco Group Inc. reported Thursday an increase in profit for its latest fiscal year and a record increase in revenue for the year and the fourth quarter.

Homedco’s fourth-quarter earnings declined despite the revenue increase, dipping to $1.9 million, or 15 cents a share, from $4 million, or 31 cents a share, for the same period a year earlier. The decrease, Homedco said, was attributed to a one-time restructuring charge of $4.9 million after its August purchase of Glasrock Home Health Care Inc. in Smyrna, Ga.

For the fiscal year, which ended Sept. 30, the profit rose to $17.6 million, or $1.35 a share, from $10.5 million, or 38 cents a share, for the previous 12 months. Annual revenue was $303.4 million, up from $222.1 million.

Revenue for the fourth quarter came to $95.2 million, up from $58.9 million. The increase came mostly from Homedco’s two primary business lines: home respiratory therapy and home drug treatment such as chemotherapy.