Apria Healthcare Reports $272.6-Million Loss

Apria Healthcare Group Inc. on Wednesday reported an unexpectedly deep loss of $272.6 million for the year, most coming in the fourth quarter, as the struggling home health care company moved to rid its books of old financial problems and start fresh.

Apria took larger-than-expected charges for a number of items, including a $133.5-million writedown of goodwill. It also recorded $74.7 million in other charges, an income tax charge of $26.6 million and employee severance costs of $7 million.

“We approached the year-end audit, looking for every opportunity to take a conservative approach [to financial matters] and position the company for the future,” said Sheree L. Aronson, director of investor relations.

The company wants to put its financial troubles behind it as it prepares for a shareholder vote this spring on a plan to raise $172.2 million and restructure its board of directors.

For the fourth quarter, the company lost $238.2 million, or $4.62 a share, compared with a loss of $29.7 million, or 58 cents, for the same quarter in 1996. Revenue fell to $266.7 million from $273.2 million.

The yearly loss of $272.6 million, or $5.30 a share, compares with income of $33.3 million, or 64 cents a share, for the prior year. Revenue remained flat at $1.18 billion.

The company reported the financial results after the stock market closed.