Almost Family 4th-qtr profit more than doubles

Home nursing services provider Almost Family Inc. said Wednesday its fourth-quarter profit more than doubled after acquisitions boosted revenue for its visiting nurse business.

Almost Family said it earned $5.2 million, or 62 cents per share, compared with a profit of $2.1 million, or 37 cents per share, a year ago. Revenue rose 84 percent to $66.2 million from $35.9 million.

Analysts had expected 56 cents per share and $59.7 million in revenue, according to a Thomson Reuters survey.

In morning trading, Almost Family stock fell 10 cents to $18. The day's low of $15.41 was a new 52-week low.

Almost Family provides home health nursing services from more than 90 locations in 11 East Coast and Southern states

The company's visiting nurse business revenue more than doubled to $55.7 million, and personal care revenue grew 16 percent, to $10.5 million from $9.1 million. Almost Family bought Apex Home Healthcare in March 2008, Patient Care in August, and the Fairfield Ohio Medical Center Home Health Agency in November.

Those businesses were responsible for $20.1 million in visiting nurse service revenue in the fourth quarter.

For the year 2008, the company's profit grew to $16.3 million, or $2.16 per share, from $7.6 million, or $1.36 per share. Revenue increased 61 percent, to $212.6 million from $132.1 million, as visiting nurse revenue jumped 80 percent to $96.2 million, and personal care revenue rose 10 percent to $39.6 million.