Human services company, ResCare Inc. (RSCR) posted a steep loss during the third quarter as a result of one-time charges related to goodwill.
And as a result of the charges and uncertainty about future goodwill charges this year, officials with Louisville-based ResCare (RSCR) rescinded earlier profit guidance for 2010.
In a news release, the company reported a third-quarter net loss of $41.9 million, or $1.45 per share, diluted, compared with net income of $10 million, or 35 cents per share, during the same quarter in 2009.
Revenues for the third quarter of 2010 were $403.7 million, an increase of 2% over revenues of $395.8 million for the same period in 2009.
ResCare (RSCR) withdrew its previous earnings forecast for 2010 because of uncertainty over potential further reductions in the value of the businesses.
Net loss attributable to common shareholders was $41.9 million or $1.45 per share compared with net income of $10.0 million or $0.35 per share a year ago.
Excluding special items, adjusted income was $8.1 million or $0.28 per share for the current quarter.Res-Care, Inc. (RSCR) is a human service company that provides residential, therapeutic, job training and educational supports to people with developmental or other disabilities, to youth with special needs, to adults who are experiencing barriers to employment and to older people who need home care assistance.
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Disclosure: "No Positions"