Skilled Healthcare Group, Inc.(NYSE:SKH) announced its third quarter results that showed revenues were up 3.2 percent from the third quarter of 2008 and its net income for the quarter ended September 30, 2009 totaled $9.1 million, up 5.6 percent from 2008. Skilled Healthcare Group occupancy rates were 83.2 percent during the third quarter of 2009, compared to 84.1 percent in the third quarter of 2008.
Boyd Hendrickson, Chairman and Chief Executive Officer of Skilled Healthcare Group, Inc. commented on the long-term care services results stating, “Long-term care services daily census for high-acuity patients was primarily impacted by slightly lower hospital admissions and decreased average length of stay which we expect is substantially attributable to current economic challenges. In addition, our long-term care services business is continuing to experience an increase in new competition primarily in its Texas markets. However, occupancy declines were more than offset by rate increases during that period, which allowed us to increase revenue on an annual basis. In addition, the Dallas Center of Rehabilitation, our newest skilled nursing facility which opened in April this year, has steadily increased its census and we believe is on track to break-even at the end of this year as expected. The Rehabilitation Center of Des Moines, a turnaround facility which we acquired in April this year has also improved revenue and margins upon acquisition. Furthermore, we are encouraged by steady incoming volumes and daily census trends in October as compared to the third quarter.”
For the full press release, click here.
