Res Care Inc (RSCR) 10-Q Quarterly Report August 2013

Revenues for the second quarter of 2013 were $396.2 million, which was a 0.9% decrease from prior year period revenues of $399.9 million. Contract losses and modifications in Workforce Services and Youth Services segments were partially offset by increased revenues from acquisitions in our Residential and HomeCare segments since the second quarter of 2012.

Net income was $10.2 million for the second quarter of 2013, compared with $4.8 million in the same period of 2012. The increase is primarily due to lower interest expense and a $7.1 million pre-tax charge for extinguishment of debt in the second quarter of 2012, related to the April 5, 2012 refinancing of our credit facility. Adjusted EBITDA for the second quarter of 2013 was $33.2 million versus $32.9 million in the prior year quarter.

RES-CARE, INC.

Unaudited Financial Highlights

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Income Statement Data:
Revenues	$	396,233		$	399,902		$	785,687		$	797,244
Cost of services		295,168			301,143			589,544			600,423
Gross profit		101,065			98,759			196,143			196,821
Operating expenses:
Operational general and administrative		61,049			58,732			119,819			119,081
Corporate general and administrative		16,244			16,464			31,354			34,131
Total operating expenses		77,293			75,196			151,173			153,212

Operating income		23,772			23,563			44,970			43,609

Interest expense, net		7,665			8,389			16,202			18,832
Loss on extinguishment of debt		—			7,129			—			7,129
Income before income taxes		16,107			8,045			28,768			17,648
Income tax expense		5,868			3,246			7,233			7,114
Net income		10,239			4,799			21,535			10,534
Net loss – noncontrolling interest		(40	)		(31	)		(76	)		(61	)
Net income – Res-Care, Inc.	$	10,279		$	4,830		$	21,611		$	10,595

Other comprehensive income:
Foreign currency translation adjustments		(223	)		(132	)		(414	)		29
Comprehensive income attributable to Res-Care, Inc.	$	10,056		$	4,698		$	21,197		$	10,624
Total comprehensive income	$	10,016		$	4,667		$	21,121		$	10,563

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The following information was filed by Res Care Inc (RSCR) on Monday, August 5, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: RSCR
CIK: 776325
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-13-059849
Submitted to the SEC: Mon Aug 05 2013 4:09:42 PM EST
Accepted by the SEC: Mon Aug 05 2013
Period: Sunday, June 30, 2013
Industry: Nursing And Personal Care Facilities