Tax impact dogs Apria profits
LAKE FOREST, Calif. – Apria Healthcare today reported net earnings of $624 million for the quarter ended Dec. 31, 2012, compared to $603.4 million for the same quarter in 2011, according to a press release. The increase was $21 million, or 3.5%. Revenue for the quarter rose primarily due to increased volume in the home infusion therapy segment. Net loss for the three months ended Dec. 31, 2012, was $52.4 million, compared to $712.2 million for the same period in 2011. The losses reflect the tax impact associated with an impairment charge of $70 million, all of which relates to the home respiratory therapy/HME reporting unit. Factoring in tax benefits relating to intangible assets impairment, there was a $42.4 million increase in net loss from the same quarter in 2011. For the year ended Dec. 31, 2012, Apria’s revenues were $2.44 billion compared to $2.30 billion in 2011, an increase of $134.8 million or 5.9%. Apria’s net loss for 2012 was $260.4 million versus $747.3 million for 2011. Taking into account a non-cash impairment charge and tax benefits pertaining to the intangible assets impairment, Apria’s net loss for 2012 was $218.4 million.