Lafayette-based home health provider earned $6.3 million in the third quarter, compared to a $38 million loss in the comparable quarter last year. LHC Group, a Lafayette-based home health and hospice provider, earned $6.3 million in the third quarter, or 36 cents per share, compared to a $38 million loss, or $2.08 per share, in the comparable quarter last year. Last year's third quarter loss included a $45 million after-tax charge related to the company's settlement with the Department of Justice over a whistleblower lawsuit.
For the nine months ended Sept. 30, the company earned $20 million, compared with a net loss last year of $20.5 million (which included the after-tax charge from the lawsuit).
Net service revenue for the third quarter this year was $158.9 million, compared with $153.4 million for the same period in 2011. The 2012 amount includes a $505,000 benefit from a lower tax rate due to Work Opportunity Tax Credits ($0.03 per share), and $390,000 after tax expense associated with an intangibles impairment charge ($0.02 per share).
The company estimates that it lost revenues of $571,000 ($321,000 after tax) in the third quarter of 2012 due to Hurricane Isaac.
Keith G. Myers, LHC Group's chairman and CEO, said the company continues to demonstrate its proven ability to operate efficiently and effectively, posting solid operating results despite the significant impact of Hurricane Isaac and ongoing uncertainties in the regulatory environment.
"Like residents all along the Gulf Coast, LHC Group grappled with many short-term challenges from Hurricane Isaac," Myers said in announcing the third quarter results. "This slow-moving storm affected 85 of our locations for an extended period."