Chemed Reports Third-Quarter 2010 Results.

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Chemed Reports Third-Quarter 2010 Results.

CINCINNATI -- Chemed Corporation (Chemed) (NYSE:CHE),which operates VITAS Healthcare Corporation (VITAS), the nation's largest provider of end-of-life care, and Roto-Rooter, the nation's largest commercial and residential plumbing and drain cleaning services provider, reported financial results for its third quarter ended September 30, 2010, versus the comparable prior-year period, as follows:

Consolidated operating results:

* Revenue increased 8.0% to $320.5 million

* Net Income increased 9.3% to $21.0 million

* Adjusted Net Income increased 8.0% to $23.6 million

VITAS segment operating results:

* Net Patient Revenue of $234.0 million, an increase of 7.8%

* Average Daily Census (ADC) of 12,857, an increase of 6.1%

* Admissions of 14,483, an increase of 5.4%

* Net Income of $19.8 million, an increase of 9.1%

* Adjusted EBITDA of $35.6 million, an increase of 8.3%

* Adjusted EBITDA margin of 15.2%, an increase of 7 basis points

Roto-Rooter segment operating results:

* Revenue of $86.5 million, an increase of 8.5%

* Job count of 160,250, a decrease of 0.4%

* Net Income of $7.7 million, a decrease of 2.4%

* Adjusted EBITDA of $13.7 million, a decrease of 0.5%

* Adjusted EBITDA margin of 15.9%, a decrease of 144 basis points

VITAS

Net revenue for VITAS was $234.0 million in the third quarter of 2010, which is an increase of 7.8% over the prior-year period. This revenue growth was the result of increased ADC of 6.1%, driven by an increase in admissions of 5.4%, combined with Medicare price increases of approximately 1.3%. The remaining growth was driven by geographic mix shift of the patient base.

The 5.4% admissions growth in the third quarter of 2010 compares favorably to the 3.1% increase in admissions in the prior-year quarter and a 0.7% decline in admissions for full-year 2009.

Average revenue per patient per day in the quarter...

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