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.
