Odyssey 4Q Profit Slips on Charges

Net income fell to $1.2 million, or 4 cents per share, from $1.8 million, or 5 cents per share, in the year-ago period.

Excluding non-recurring items in each period, earnings fell to $3.9 million, or 12 cents per share, from $5.4 million, or 16 cents per share, last year. Analysts, who typically exclude non-recurring items, expected profit of 13 cents per share, according to Thomson Financial.

The company said it took charges related to severance payments, adjustments in caps on Medicare spending and higher bad debt related to open accounts.

Sales rose 11 percent to $103.7 million from $93.7 million last year, and surpassed analyst estimates for $104.6 million.

For the year, profit dropped to $12.1 million, or 36 cents per share, and sales rose 5 percent to $404.9 million.

In January, the company agreed to buy competitor VistaCare Inc. for $147.1 million.