CONSHOHOCKEN, Pa., June 23 /PRNewswire-FirstCall/ -- Critical Homecare Solutions Holdings, Inc. ("CHS"), a leading provider of home infusion therapy services, today announced financial results for the year ended December 31, 2007 and the quarter ended March 31, 2008.
Bob Cucuel, the Company's Chief Executive Officer, stated, "We are extremely pleased with our fiscal 2007 and first quarter 2008 financial results which are a testament to the strength of our business model. Since our inception in September 2006, we have successfully acquired and integrated nine home health businesses. With 67 branch locations, we have established significant scale and a leading presence in the attractive Northeast and Southeast markets. We look forward to continuing to expand our presence in the highly fragmented home infusion industry."
Full Year 2007 Highlights
-- Full year 2007 revenue increased over tenfold to $193.9 million from $16.9 million for the four month period from the Company's inception on September 1, 2006 to December 31, 2006. The increase in net revenue was attributable to strong organic growth and the six acquisitions completed in 2007 that led to the increased patients serviced.
-- Full year 2007 operating income totaled $18.7 million, up from $1.2 million for the four-month period of 2006. The 2007 operating income included a $4.4 million charge to write-off stock issuance costs in connection with CHS' initial public offering filing that was withdrawn following the execution of a definitive stock purchase agreement with MBH.
-- Full year 2007 net income rose 464% to $1.6 million from $0.3 million for the four-month period of 2006. The 2007 net income included $15.3 million of interest expense on outstanding borrowings made under the Company's credit facilities.
-- Earnings before interest, depreciation, amortization, taxes, stock
options and the write-off of stock issuance costs ("EBITDAOS") increased to
|SOURCE Critical Homecare Solutions Holdings, Inc.|
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