Horizon Health Corp., Lewisville, Texas, reported double-digit growth in profits and revenue for fiscal 2004 third quarter ended May 31 and said it expected to further accelerate growth with acquisitions in behavioral health and physical rehabilitation services. The company acquired Poplar Springs Hospital, Petersburg, Va., for about $29 million in June. Horizon earned $2.7 million, or 48 cents per share, in the quarter ended May 31, a 12.5% growth from $2.4 million, or 43 cents per share, in the year-ago quarter. Revenue rose 10.6% to $44.8 million. Horizon cited continued strong volumes, acquisitions and expense control for the improvement. For the nine-month period ended May 31, net income increased 11.1% to $8 million, or $1.41 per share, compared with $7.2 million, or $1.27 per share, in the year-ago period. Revenue rose 3.9% to $128.9 million. Horizon said it expected to earn $1.90 per share for its fiscal 2004, which ends Aug. 31, and 2.16 per share in its fiscal 2005. -- by Joe Mantone
Behavioral health firm plans growth by acquisition
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