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Res Care Inc (RSCR) SEC Filing 10-Q Quarterly report for the period ending Monday, June 30, 2014

Res Care Inc

CIK: 776325 Ticker: RSCR
Exhibit 99.1
 
RESCARE SECOND QUARTER 2014 RESULTS

Second Quarter 2014 Financial Results

Revenues for the second quarter of 2014 were $431.4 million, which was an 8.9% increase over prior year period revenues of $396.2 million.  The increase in revenue is primarily due to acquisitions in our Residential and HomeCare segments since the second quarter of 2013 and organic growth in all segments except Education and Training.

Net income was $6.3 million for the second quarter of 2014, compared with $10.2 million in the same period of 2014.  The decrease is primarily attributable to a pre-tax charge of $7.6 million ($4.2 million after-tax) for incentive compensation for stock option holders equivalent to dividends paid per share recorded in the second quarter of 2014.  Adjusted EBITDA for the second quarter of 2014 was $37.0 million versus $33.2 million in the prior year quarter.


RES-CARE, INC.
Unaudited Financial Highlights
(In thousands)

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2014
   
2013
   
2014
   
2013
 
Income Statement Data:
                       
Revenues
  $ 431,434     $ 396,233     $ 852,917     $ 785,687  
Cost of services
    326,834       295,107       644,432       589,450  
Gross profit
    104,600       101,126       208,485       196,237  
Operating expenses:
                               
Operational general and administrative
    55,496       57,343       115,206       112,379  
Corporate general and administrative
    29,277       20,011       57,237       38,888  
Total operating expenses
    84,773       77,354       172,443       151,267  
                                 
Operating income
    19,827       23,772       36,042       44,970  
                                 
Interest expense, net
    8,500       7,665       16,574       16,202  
Loss on extinguishment of debt
    659             659        
Income before income taxes
    10,668       16,107       18,809       28,768  
Income tax expense
    4,380       5,868       7,846       7,233  
Net income
    6,288       10,239       10,963       21,535  
Net loss – noncontrolling interest
          (40 )           (76 )
Net income – Res-Care, Inc.
  $ 6,288     $ 10,279     $ 10,963     $ 21,611  
                                 
Other comprehensive income:
                               
Foreign currency translation adjustments
    235       (223 )     (29 )     (414 )
Comprehensive income attributable to Res-Care, Inc.
  $ 6,523     $ 10,056     $ 10,934     $ 21,197  
Total comprehensive income
  $ 6,523     $ 10,016     $ 10,934     $ 21,121  
 
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The following information was filed by Res Care Inc (RSCR) on Monday, August 4, 2014 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: 0001104659-14-056323
Submitted to the SEC: Mon Aug 04 2014 1:29:19 PM EST
Accepted by the SEC: Mon Aug 04 2014
Period: Monday, June 30, 2014
Industry: Nursing And Personal Care Facilities

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