BRENTWOOD, Tenn. — American HomePatient posted financial results March 5 for the fourth quarter and year ended Dec. 31, 2008. Revenues for the fourth quarter were $67.8 million compared to $71.5 million for the fourth quarter of 2007, a decrease of 5.2 percent. Revenues for 2008 were $266.9 million compared to $293 million for 2007, an 8.9 percent decrease. The company, which operates in 33 states, attributed the decline to "a change in inhalation drug product mix and the company's de-emphasis of less profitable product lines such as non-respiratory durable medical equipment and infusion therapy."
While revenues were down, however, net income for the fourth quarter was $1.5 million compared to a net loss of $300,000 for the fourth quarter of 2007. Net income for 2008 was $500,000 compared to a net loss of $5.5 million for 2007. According to an AHP statement, 2007 net income was affected by the recording of a change of control expense of $5.6 million, partially offset by a gain on discontinued operations of $1.8 million. The company said the net income increase is the result of improved operating efficiencies and accounts receivable collection processes.