Abbey Healthcare Group Inc.: The distributor of...
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Abbey Healthcare Group Inc.: The distributor of home health-care products and services reported a $6-million loss for its first quarter ending April 1.
The 37-cent-a-share loss is in contrast to profit of $3 million, or 33 cents a share, for the first quarter a year ago.
The Costa Mesa company said the loss came after the company was forced to take a $10.4-million charge-off on costs related to recent acquisitions, corporate restructuring and executive severance packages.
Not factoring in the non-recurring charges, the company would have posted net income of $3.7 million, or 29 cents a share.
Revenue for the first quarter was $117 million, up from $71 million for last year’s first quarter.
Abbey stock closed at $19.875 a share Tuesday on the Nasdaq market, up 25 cents a share.
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