Gentiva Reports First Quarter 20... ( - Reaffirms 2009 Performance Outlook ...)

Gentiva Reports First Quarter 2009 Results

Date:4/30/2009

- Reaffirms 2009 Performance Outlook -

MELVILLE, N.Y., April 30 /PRNewswire-FirstCall/ -- Gentiva Health Services, Inc. (Nasdaq: GTIV), a leading provider of comprehensive home health services, today reported the following 2009 first quarter results:

Net revenues of $288.9 million for the quarter ended March 29, 2009 compared to $321.6 million, which included net revenues of $77.8 million from its CareCentrix business unit, for the quarter ended March 30, 2008. Excluding prior year's first quarter net revenues from CareCentrix, Gentiva's net revenues grew about $45 million, or 18% in the 2009 first quarter. The Company sold a majority interest in CareCentrix to Water Street Healthcare Partners on September 25, 2008.

Net income of $18.0 million, or $0.60 per diluted share, which included a non-recurring pre-tax net gain of $5.8 million or $0.19 per diluted share resulting from the 2009 first quarter sale of certain branch offices that specialized primarily in pediatric home health care services. These results compared to net income of $7.7 million or $0.27 per diluted share in the 2008 first quarter.

Excluding the net gain from the sale of the home health branch offices referred to above and special charges related to restructuring and integration activities, adjusted net income for the 2009 first quarter was $12.7 million, up 61% compared with the prior year period. On a diluted earnings per share basis, adjusted net income in the 2009 first quarter was $0.43, excluding special charges of $0.02 per diluted share, compared with $0.27 in the corresponding period of 2008.

A 19% increase in earnings before int
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