Magazine article Policy & Practice

ResCare Swings to Second Quarter Profit

Magazine article Policy & Practice

ResCare Swings to Second Quarter Profit

Article excerpt

ResCare Inc. reported second-quarter net income of $7.1 million, or 25 cents per share, compared with a loss of $1.7 million, or 6 cents per share, a year earlier.

Net income from continuing operations during the quarter was $8.2 million, or 25 cents per share, compared with a loss of $1.6 million, or 6 cents per share, a year earlier.

ResCare, a provider of home care and job-training services to the elderly and people with disabilities, reported second-quarter revenue of $405.3 million, compared with $385.4 million a year ago.

A consensus of financial analysts polled by Thomson Financial Network had predicted earnings of 38 cents per share on revenue of $400.1 million.

The second-quarter results included a charge of $3.5 million, or 10 cents per share, for higher-than-expected pretax workers' compensation insurance costs, the company said in a news release.

The higher charges forced Louisville-based ResCare (NASDAQ: RSCR) to revise its full-year 2009 earnings guidance. …

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