Apria continues to shrink DSO

July 28, 2003 LAKE FOREST, Calif. - Apria Healthcare continued to push down its DSO in the second quarter, reducing it from 53 to 52 days, the company reported last week. Apria's DSO looks all the more impressive when compared to the industry average, which stands at 85 days, according to AAHomecare's 2002 Financial Performance Survey Report. During the first half of 2003, Apria acquired 12 business for an aggregate purchase price of $44.6 million, all of the deals were funded from cash flow generated from operations, stated President Lawrence Higby in a release detailing the company's second quarter results. Revenues for the second quarter totaled $343.3 million, an 11% increase compared to revenues of $310.4 million tallied during the second quarter of 2002. Net income for the second quarter of 2003 was $29.4 million, which represents a 12% increase over net income of $26.2 million for the second quarter of 2002. Apria operates 415 branches in 50 states and has $1.25 billion in annual revenues.