MELVILLE, N.Y., May 1 /PRNewswire-FirstCall/ -- Gentiva Health
Services, Inc. (Nasdaq: GTIV), the nation's leading provider of
comprehensive home health services, today reported the following financial
results for the first quarter ended March 30, 2008:
-- Net revenues increased 8% to $323.7 million versus the first quarter
ended April 1, 2007.
-- Net income increased 13% to $7.7 million, or $0.27 per diluted share,
versus $6.8 million, or $0.24 per diluted share, for the prior year
period. Average diluted shares were 29.0 million versus 28.4 million in
the 2007 first quarter.
-- Earnings before interest, taxes, depreciation and amortization (EBITDA)
increased 3% to $23.8 million in the first quarter of 2008. EBITDA as a
percentage of net revenues was 7.4% in the 2008 first quarter versus
7.7% in the prior year period.
-- EBITDA included restructuring and integration costs of $0.3 million for
the first quarter of 2008 as compared to $1.0 million for the prior
"Gentiva's first quarter was an important transitional period as we
adapted to new Medicare Prospective Payment System (PPS) rules, integrated
our recent Mississippi acquisition and implemented contract renewals within
CareCentrix," said Gentiva Chairman and CEO Ron Malone. "While we were
pleased with our revenue growth, some of the quarter's events had a
short-term, moderating effect on profitability. However, we are able to
reaffirm our financial outlook for the full year, based on our review of
|SOURCE Gentiva Health Services, Inc.|
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