Abbey Healthcare Reports Record Revenue, Profit : Earnings: The Costa Mesa-based company attributes strong second-quarter showing to facilities’ performance, focus on higher-margin equipment.
Abbey Healthcare Group Inc. reported record revenue and profits for the second quarter, linking its strong showing to increased performance at its individual facilities and to its continued focus on higher-margin products.
The respiratory therapy services and rehabilitation equipment company said same-store revenue grew by 18% from the second quarter of 1992, while recent acquisitions contributed an additional $7 million in revenue.
For the record:
12:00 a.m. July 24, 1993 For the Record
Los Angeles Times Saturday July 24, 1993 Orange County Edition Business Part D Page 2 Column 6 Financial Desk 1 inches; 27 words Type of Material: Correction
Abbey Healthcare--A story Friday incorrectly stated Abbey Healthcare Group’s earnings for the first half of 1993. The company reported that its six-month profit rose by 59% to $7 million.
The company’s operating margins increased to 10.7% from 8.2% in the same period last year.
Abbey said its second-quarter profit rose by 65% to $4 million, from $2.4 million for the same period in 1992. Revenue increased 30% to $76.4 million from $58.6 million. The Costa Mesa company’s second-quarter profit of 40 cents a share contrasts with 28 cents a share in the year-earlier period.
Abbey, which abandoned an acquisition bid for Boston-based Lifetime Corp. in April, continues to look at possible acquisitions.
“Abbey’s withdrawal from the Lifetime bidding process had everything to do with price and nothing to do with a change in strategy,” said Abbey Chairman Timothy M. Aitken. “The company will continue to pursue the (expansion) strategy it has carefully articulated in recent months.”
Abbey provides respiratory therapy services and home, medical, clinical and rehabilitation equipment and services in 36 states. Its stock closed up 50 cents at $21 on Thursday in NASDAQ trading.
For the first half of 1992, Abbey reported a 59% hike in profits to $7 million from $4.4 million, or 73 cents a share versus 59 cents a share. Revenue for the six months of $147.4 million was up 27% from $116.2 million.
Abbey Healthcare Reports Results
For the second quarter, Abbey Healthcare Group Inc. reported revenue of $76.4 million, up 30% from the same period in 1992. Profit was $4 million, a 65% increase from a year earlier. Earnings per share rose to 40 cents from 28 cents. Figures in millions of dollars, except per-share data:
2nd qtr. 2nd qtr. 6 months 6 months 1992 1993 1992 1993 Revenue $58.7 $76.4 $116.2 $147.4 Net income 2.4 4.0 7.0 4.4 Per share 0.28 0.40 0.59 0.73
Source: Abbey Healthcare Group Inc.; Researched by JANICE L. JONES / Los Angeles Times
Los Angeles Times
