Acadia Healthcare on Tuesday said it earned a profit of $5.9 million in the second quarter, reversing a loss of almost $22 million a year ago, when the behavioral health care provider’s executives were wrapping up a series of acquisitions.
Franklin-based Acadia reported a 58 percent increase in Q2 revenue to $101 million. Income from continuing operations was $6.1 million, or $0.17 per diluted share, compared with a loss of $21.7 million, or $1.23 per diluted share, for the second quarter last year. Adjusted for one-time expenses, diluted EPS were 18 cents, three cents better than analysts had expected.
For the first six months of 2012, revenues were $190 million compared with $80.4 million for the same period in 2011. Income from continuing operations was $9.4 million compared with a 2011 loss from continuing operations of $22.0 million.
"Revenue growth was primarily driven by the expansion in the number of beds in operation to approximately 2,150 beds in 32 facilities at the end of the second quarter of 2012 from over 1,700 beds in 19 facilities at the end of the second quarter last year,” said Joey Jacobs, chairman and CEO. “In addition, we produced 7.3% growth in same facility revenue for the second quarter of 2012, which was driven primarily by a 9.2% increase in patient days for the period.”
Shares of Acadia (Ticker: ACHC) closed Tuesday trading at $16.14, an increase of a little more than 1 percent on the day.
Healthcare Realty Trust said its funds from operations grew 17 percent to $26.5 million in the second quarter. Per diluted share, FFO was 34 cents, a penny better than analysts had been looking for.
Revenues at Nashville-based Healthcare Realty climbed 10 percent to $78.7 million. Lease rates for the company’s multi-tenant properties rose an average of 3.1 percent in the quarter. The company same-facility portfolio was 90 percent, in line with previous quarters, and net operating income from those properties rose 2.1 percent from a year ago.
Shares of Healthcare Realty (Ticker: HR) closed Tuesday trading at $24.56, up slightly on the day. Year to date, they're up about 30 percent.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS