Homedco Profit Up 43% for Quarter

Homedco Group Inc., the Fountain Valley provider of home health care services, reported a 43% rise in profit for the third quarter of its current fiscal year. Earnings came to $6.3 million, or 48 cents a share, compared to $4.4 million, or 34 cents a share, for the same period a year earlier. Revenue for the quarter ended June 30 increased 66% to $119.3 million from $72 million. For the nine-month period, profit was up 12% to $17.6 million, or $1.33 a share, from $15.7 million, or $1.20 a share. The previous period included a gain of $3.4 million from an accounting change. Nine-month revenue rose 68% to $349.2 million from $208.2 million. Part of the revenue growth was attributed to the acquisition of Glasrock Home Health Care Inc. in August, 1992.