Lake Forest-based Apria Healthcare Group Inc. on Thursday said cost-controlling efforts helped it to post a higher second-quarter profit.
Apria earned $18.5 million in the quarter, up from $3 million in the year-ago period. Year-ago profits were slammed by a $20 million settlement of a federal lawsuit over Medicare billing.
Revenue was up less than 1% to $376.1 million. Apria said that $3.3 million worth of Medicare reimbursement cuts hurt its sales.
Wall Street expected Apria to post a $17 million profit on revenue of $377 million in the quarter.
Apria also said it expects sales to grow 3% in 2006, and that it doesn’t expect its third-quarter results, a typically slow time of year, to beat the second-quarter’s.
Meanwhile, Chief Financial Officer Amin Khalifa is leaving for another job. The home healthcare provider said that Khalifa, a three-year Apria veteran, is resigning as of Aug. 25 to join an unnamed telecommunications company.
Apria said a search is under way for a replacement, and that Alicia Price, the company’s controller, will serve as acting chief financial officer until a successor’s named.
