Homedco, a Fountain Valley, Calif.-based home-care provider, said its net income for the second quarter ended March 31 increased 19% to $7 million, or 52 cents per share, from net income of $5.9 million, or 44 cents per share, during the year-ago period.
Revenues rose 10% to $128 million.
For the six months, Homedco's net income jumped 24% to $14 million, or $1.06 per share, from $11.3 million, or 85 cents per share, in the year-ago period. Revenues climbed 9% to $251 million.
The company attributed the results to contributions from the company's three business lines-home respiratory therapy, home infusion and home medical equipment supply. The results were obtained despite decreases in Medicare payment rates for home-care services, the company said.
During the first half of its fiscal year, Homedco has acquired 11 companies with annual revenues of $24 million. The purchases contributed $3.2 million to revenues recorded during the second quarter, the company said.
Homedco provides home infusion and equipment services through 215 locations in 44 states.