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Odyssey HealthCare Reports Second Quarter 2010 Results

Odyssey HealthCare, Inc. (NASDAQ: ODSY), one of the largest providers of hospice care in the United States, today announced financial results for the three and six months ended June 30, 2010.

On May 24, 2010, Odyssey HealthCare and Gentiva Health Services, Inc. (NASDAQ: GTIV) announced that they had entered into a definitive merger agreement whereby Gentiva will acquire Odyssey in an all cash merger transaction for a price per share of Odyssey common stock of $27.00 in cash, without interest. The transaction is expected to close during the month of August, subject to the satisfaction of standard closing conditions, including approval by Odyssey’s stockholders at a special meeting to be held on August 9, 2010.

For the second quarter of 2010, net patient service revenue from continuing operations increased 3.5% to $176.2 million, compared with $170.3 million for the second quarter of 2009. The Company’s net income attributable to Odyssey stockholders for the second quarter of 2010 was $14.0 million, or $0.41 per diluted share, as compared with $8.5 million, or $0.26 per diluted share, for the second quarter of 2009. The Company’s EBITDA from continuing operations for the second quarter of 2010 was $26.3 million, compared with $17.4 million for the second quarter of 2009.

For the six months ended June 30, 2010, net patient service revenue from continuing operations was $347.7 million, compared with $337.8 million for the same six-month period in 2009. The Company’s net income attributable to Odyssey stockholders for the six months ended June 30, 2010, was $27.4 million, or $0.80 per diluted share, as compared with $17.2 million, or $0.52 per diluted share, for the same period of 2009. The Company’s EBITDA from continuing operations for the first six months of 2010 was $51.4 million as compared with $34.5 million for the first six months of 2009.

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