AHP: Back in black
BRENTWOOD, Tenn. - American HomePatient (AHP) reported this week net revenues of $69.2 million for the quarter ended June 30, 2010, up from $66 million for the same period last year. Net income was $900,000, up from a net loss of $4 million. The provider reported net revenues of $136.2 million for the first six months of 2010 compared to $132.2 million for the same period last year. Net loss was $2.9 million compared to $9.2 million. The increase in revenue is primarily attributable to growth in AHP's core respiratory product lines of oxygen and sleep therapy. It was partially offset by reductions in revenue for none-respiratory HME and infusion therapy. Per a restructuring agreement that will take AHP private and put the provider in the hands of an investment fund managed by Dallas-based Highland Capital Management, it has retired about $10.2 million out of $226.4 million of its outstanding secured debt obligations held by a single entity at a 15% discount.