Skilled Healthcare Group, Inc. (NYSE:SKH) reported a net loss of $232.6 million in the third quarter ended Sept. 30, 2011, compared to a net loss of $25.3 million in the same quarter of last year. This represents a loss per share of $6.26, compared to last year’s loss of $0.68.
Adjusted net income for the quarter was $11.9 million, or $0.32 per share, a 26.6% increase from the previous year’s $9.4 million, and $0.25 per share.
“I am pleased to report that our consolidated cash flows from operations for the nine months ended September 30, 2011 were an impressive $66.2 million,” said Boyd Hendrikson, chairman and CEO of Skilled Healthcare Group, in a statement. “This has enabled us to deleverage by $27.8 million, spend $25.1 million in acquisitions and other capital expenditures, and increase cash by $12.3 million when compared to the end of 2010.”
While revenue rose 3.8% from last year to $217.2 million, expenses ballooned more than 90% to $455.8 million, largely attributable to $270.5 million of impairments.
SKH’s long-term care services segment represented nearly 80% of total revenue in the quarter ended September 30, 2011, at $172.5 million. This figure remained consistent compared to the same period a year ago, dropping slightly from 82.5% of total revenue in the third quarter of 2010.
Revenue for Signature Hospice and Home Health Care, SKH’s hospice and home health care services segment, was $21.5 million in the third quarter of 2011, compared to $17.4 million in the third quarter of 2010. This represents 9.9% of total revenue for the third quarter compared to last year’s 8.3%.
Anticipated capital expenditures have been reduced to a range of $15 million to $18 million, but other than that there is not change to SKH’s guidance that was released on Sept. 8, 2011.
Written by Alyssa Gerace