Skilled Healthcare Group reported net income of $10.9 million, or $0.29 per diluted share, as compared to net income of $8.4 million, or $0.23 per diluted share, in the first quarter of 2008 last week. The company reported revenues during the first quarter of 2009 for a total of $189.5 million, an increase of 4.8% from $180.7 millionin the corresponding prior year period. Revenues in the first quarter of 2009 from Skilled Healthcare’s long-term care services segment, comprising skilled nursing and assisted living facilities, were $165.5 million, an increase of 4.2% from the first quarter of 2008. Revenues in the first quarter of 2009 from Skilled Healthcare’s ancillary services segment, comprising rehabilitation therapy and hospice services, were $23.9 million, an increase of 9.2% from the first quarter of 2008.
“We are pleased to report another record quarter of earnings,” commented Boyd Hendrickson, Chairman and Chief Executive Officer. “Thus far this year, we have executed on several key initiatives that we believe have furthered our prudent growth strategy and helped to align the Company as a leader in high quality, skilled nursing patient care. First, we opened our state-of-the-art Dallas Center of Rehabilitation, our newest 136-bed skilled nursing facility located near Baylor University Medical Center with another facility of its kind currently under construction in Fort Worth. In addition, we expanded into Iowa, our seventh state, with the acquisition of a 74-bed skilled nursing facility and opened our new 41-bed assisted living facility in Tonganoxie, a suburb of Kansas. Most recently, we extended our revolving line of credit another two years until June 2012, thereby providing us with liquidity and growth capital.”
For the full 8-k, click here.