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Net income for its fiscal year ended July 31 fell 19.3% at National Home Health Care Corp. (NASD: NHHC). However, the company said fourth-quarter net income rose 21.9%.
Scarsdale NY-based National Home Health Care said net income for its fiscal year was $2.9 million, down from $3.7 million in the previous year because of expenses connected with its planned merger with affiliates of Angelo Gordon & Co. Fourth-quarter net income was $1.1 million, up from $900,000 in the same period last year.
Revenue at the company rose 8.2% in the full year to $110.8 million from $102.4 million. Fourth-quarter net income rose 15.1% to $29.2 million from $25.3 million in the same period last year.
The company also said it is holding a shareholder meeting today. It had received a delisting notice from Nasdaq in August because it had not yet held its annual meeting for the fiscal year ended July 31, 2006, by the deadline of July 31 of this year. The company said Nasdaq granted it until Wednesday to hold its annual meeting and it will remain listed.
National Home Health Care said it didn't hold its 2006 annual meeting because it believed its merger with Angelo Gordon & Co. would have been completed before the deadline for the meeting.
National Home Health Care Corp. (NASD: NHHC)
For the fourth quarter ended July 31, 2007, compared with the same period in the previous year.
Revenue: $29.2 million, +15.1%
Net income: $1.1 million, +21.9%
For the fiscal year ended July 31, 2007, compared with the previous year.
Revenue: $110.8 million, +8.2%
Net income: $2.9 million, -19.3%