Apria's net income grows to $23 million

LAKE FOREST, Calif. — Apria Healthcare reported net income for the quarter ended March 31, 2002 of $23 million compared to pro forma net income of $18.5 million a year ago. Net revenues for the three months ended March 31, 2002, were $301.3 million, an 11% increase compared to $271.4 million in the first quarter of 2001. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $69 million in the first quarter of 2002, compared to $63.2 million in the first quarter of 2001. As of March 31, 2002, net days sales outstanding (DSO) stood at 52 days. Apria/Lincare Snapshots According to SEC filings Acquistions - In 2001, Lincare spent $173 million acquiring 18 companies in 12 states. During 2001, Apria spent $81 million acquring other companies. Product mix - In 2001, oxygen and other respiratory therapy services accounded for 88% of Lincare's revenues. In 2001, Apria generated 66% of its revenue by providing home respiratory therapy. Roughly 58% of that revenue comes from providing oxygen systems, home ventilators and nebulizers. Payers - Medicare and Medicaid accounted for 62% of Lincare's revenue in 2001. Private insurance kicked in 30% and direct pay 8%.Approximately 30% of Apria's 2001 revenues came from Medicare and Medicaid. No other third-party payer represented 10% or more of the company's revenues. Capitated contracts generated 9.5% of the company's revenue in 2001. Locations - Apria operates approximately 400 locations in all 50 states. Lincare operates 564 locations in 46 states, all but one is leased from unrelated third parties. HME