Apria Healthcare’s Income Down 22% in 3rd Quarter

COSTA MESA —  Apria Healthcare Group Inc. reported Thursday that net income declined 22% in the third quarter on lower revenue.

The provider of home health care services said net income for the third quarter dropped to $16.2 million, or 31 cents a share, from $20.7 million, or 40 cents a share, for the same quarter of 1996. Revenue was down slightly to $304.3 million from $306 million.

Apria attributed the lower earnings to its plan to eliminate non-core business lines and managed care contracts that are not meeting acceptable profit levels. Former Apria executive Timothy M. Aitken and a major New York investor have made a $1.45-billion bid for the company.

For the first nine months, the company posted a net loss of $34.5 million, or 67 cents a share, contrasted with net income of $63 million, or $1.20 a share, for the corresponding period last year. Revenue was up to $914 million from $907.9 million.