Skilled Healthcare Group Posts Strong Results In Second Quarter 2009

Skilled Healthcare Group, Inc. (NYSE:SKH) announced its operating results for the three- and six-month periods ended June 30, 2009 that showed the company increasing its revenue and maintaining cost controls in the tough economic environment.  Highlight from their earnings release include

  • Revenues totaled $193.4 million, an increase of 7.2%
  • Long-term care services segment revenue expanded to $167.6 million, up 5.4%
  • Ancillary services segment revenue was $25.8 million, up 20.6%
  • Adjusted EBITDA increased 3.0% to $28.5 million
  • Net income rose to $9.1 million, up 10.7%
  • Earnings per diluted share increased 13.6%
  • Skilled mix was 23.6%, compared to 24.6% a year ago
  • Results include financial restatement costs of $0.9 million

Commenting on second quarter 2009 results, Boyd Hendrickson, Chairman and Chief Executive Officer stated, “We continue to face a challenging economic environment and an era of reimbursement uncertainty. Despite the challenging environment, we are committed to maintaining a keen focus on high quality patient care. During the second quarter, this focus enabled us to increase revenue both sequentially and year-over-year while posting double-digit increases in earnings as compared to the same period a year ago. Importantly, as we take a long-term perspective, our focus on a high facility ownership percentage and on building a high acuity business with proven results has translated into strong performance.”

For the full 8-K, click here.

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