The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of skilled nursing, rehabilitative care services, home health, hospice care and assisted living companies, recently reported record results for the first quarter of 2010. The Ensign Group separately announced the acquisition of two Texas skilled nursing facilities and the operating assets of Horizon Home Health and Hospice, a home health and hospice agency based in Meridian, Idaho.
Financial Highlights Include:
- Adjusted earnings were a record $0.45 per diluted share, up 15.4% over the first quarter of 2009;
- Total revenue was a record $154.2 million, up 18.3% on a consolidated basis;
- Same-store skilled mix increased by 363 basis points to 54.0%;
- The company’s same-store skilled revenue increased by 12.4%, notwithstanding the negative impact of Medicare’s 1.1% net market basket decrease, which took effect on October 1, 2009;
- Consolidated EBITDAR climbed 19.4% to $25.2 million, with consolidated EBITDAR margins of 16.4%; and
- Net income rose 18.0% to $9.3 million for the quarter.
The Ensign Group also announced the acquisition of four long-term care facilities and a home health and hospice business in three separate transactions between January 1, 2010 and May 1, 2010. The real estate and operations were purchased with cash, and include:
- In Idaho, Emmett Care & Rehabilitation Center, a 72-bed skilled nursing facility in Emmett, and Parke View Rehabilitation & Care Center, an 86-bed skilled nursing facility in Burley, on January 1, 2010;
- In Texas, Heritage Gardens Healthcare Center, a 140-bed skilled nursing facility in Carrollton, Texas, and Silver Springs Healthcare Center, a 144-bed skilled nursing facility in Houston, Texas, on May 1, 2010.
- And in Idaho, Horizon Home Health and Hospice, a home health and hospice agency based in Meridian, Idaho, also on May 1, 2010.
