Rotech controls costs, boost earnings
By HME News Staff
Updated Sun February 27, 2005
February 28, 2005
ORLANDO, Fla. - Rotech's net earnings jumped to $10 million in the forth quarter of 2004 compared to $7.8 million during the same period in 2003, according to the company's year-end financial statement released last week.
For the fiscal year that ended Dec. 31, 2004, net revenues were $534.5 million versus $581.2 million for the fiscal year ended Dec. 31, 2003. The company reported net earnings of $38.2 million for the fiscal year ended Dec., 31, 2004 as compared to net earnings of $8.4 million for the comparable period last year. Rotech attributed its earnings improvements to its continuing efforts to control costs and by the normalization of depreciation and amortization.
Respiratory therapy equipment and services revenues represented 85.6% and 86.6% of total revenue for the fourth quarter and the fiscal year ended Dec 31, 2004, versus 85.9% and 83.9%, for the fourth quarter and the fiscal year ended December 31, 2003, respectively. Durable medical equipment (DME) revenues represented 13.4% and 12.2% of total revenue for the fourth quarter and the fiscal year ended Dec. 31, 2004, respectively, versus 13% and 14.7% for the same periods last year.
EBITDA was $44.6 million and $48.8 million, for the fourth quarter ended Dec. 31, 2004 and Dec. 31, 2003, respectively. EBITDA was $177.4 million for the fiscal year ended December 31, 2004, versus $176.2 million for the fiscal year ended Dec. 31, 2003.
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