Ensign Group See Revenues and Occupancy Up in Q3 2010
The Ensign Group, Inc. (Nasdaq: ENSG) reported its financial and operating results for the third quarter of 2010 that showed strong revenue growth while the company eased back on its acquisitions. The company cited improvements in both same-store and overall occupancy during the quarter with total revenue up 23.9% to $164.7 million and occupancy at 80.1%. Ensign’s net income rose 28.6% to $9.9 million for the quarter. The company has added 19 new facilities and a home health business since January 2009.
Ensign’s President and Chief Executive Officer Christopher Christensen said, "We are especially gratified that our operators would not only grow occupancy year over year, but actually grow it sequentially over Q2, which is unprecedented for a third quarter in our census-cyclical business. These results represent a strong validation of Ensign’s business model, and demonstrate robust momentum heading into 2011. "
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