Addus HomeCare Announces First-Quarter 2020 Preliminary Earnings Release and Conference Call

Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, announced today that it will release preliminary earnings for the first quarter ended March 31, 2020, on Monday, May 4, 2020, after the market close. These earnings results are preliminary pending completion of the independent re-audit of the Company’s financial statements for the years ended December 31, 2017 and 2018, which is in process by the Company’s current auditor, PricewaterhouseCoopers (PwC). The re-audit was required because the Company determined, with concurrence from PwC, that a previously unrecorded adjustment in estimating the collectability of revenue was appropriate, but the Company’s prior audit firm indicated that they were unwilling to consent to the inclusion of their opinion on the Company’s prior-year audited financial statements if the Company were to make these previously unrecorded adjustments in prior periods rather than in the current period. Without the consent, the Company cannot include those required historical financial statements in its SEC filings. As previously disclosed, the adjustment is expected to result in a total revenue reduction (or, for years prior to 2018, expense increase) of approximately $10 to $12 million, in the aggregate , for the period of 2009 to 2018, during which period total revenues were in excess of $2 billion.