Apria continues torrid pace of acquistions
LAKE FOREST, Calif. - During the third quarter of 2004, Apria closed six acquisitions totaling $37 million, resulting in year-to-date purchases of 26 businesses for an approximate value of $147 million, said Lawrence M. Higby, Apria’s CEO. During the second and third quarters Apria had an unprecedented 19 acquisitions totaling $104 million and representing 75% more business than was acquired in the comparable period of 2003. Third quarter revenues were $364.6 million, a 5.3% increase over revenues of $346.3 million for the third quarter of 2003. Net income for the third quarter was $29.8 million compared to $28.9 million for the comparable quarter of 2003. Apria’s overall growth rate was impacted by the Medicare respiratory medication reimbursement cuts ($3.8 million for the quarter and $11.5 million year-to-date.)
Apria now operates 470 branches serving patients in 50 states.
Lincare’s 3rd quarter revenue jumps 9%
CLEARWATER, Fla. - During the third quarter of 2004, Lincare completed the acquisition of four companies with annual revenues of approximately $5 million. The acquired businesses were located in California, Illinois, Kentucky and Tennessee. Lincare also added 24 new operating centers, with four of those locations derived from acquisitions and 20 locations derived from internal expansion. The total number of Lincare locations expanded to 787 at the end of the third quarter. For the quarter, revenues were $322 million, a 9% increase over revenues of $296.3 million for the third quarter of 2003. The 9% increase in revenues was comprised of 6% internal growth and 3% acquisition growth.
Apria fills in Georgia coverage
AUGUSTA, Ga. - Following the sales of First Choice Medical’s nursing division to Louisville, Ky.-based ResCare, Apria bought the company’s HME division. “Apria wanted to fill some geographic holes in their coverage so they could service existing payers,” said Rick Glass, president of Steven Richards & Associates, who brokered the deal.