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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 30, 2008
Skilled Healthcare Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-33459 | 20-3934755 | ||
(State or Other Jurisdiction of | (Commission | (IRS Employer | ||
Incorporation) | File Number) | Identification Number) |
27442 Portola Parkway, Suite 200 | 92610 | |
Foothill Ranch, CA | (Zip Code) | |
(Address of Principal Executive Offices) |
(949) 282-5800
(Registrant’s telephone number, including area code)
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 7.01 Regulation FD Disclosure | ||||||||
SIGNATURES |
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Item 7.01Regulation FD Disclosure.
As previously disclosed, Skilled Healthcare Group, Inc., a Delaware corporation, has reclassified certain prior year consolidated financial information to conform to current year presentation. The reclassification involved certain indirect overhead related to ancillary and long-term care personnel that was previously reported as general and administrative expense and has been reclassified as cost of services on a consolidated GAAP basis. The effect for each quarter in 2007 is as follows (in thousands):
As Previously Reported:
2007 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
REVENUE | $ | 144,655 | $ | 151,091 | $ | 161,468 | $ | 177,393 | $ | 634,607 | ||||||||||
EXPENSES | ||||||||||||||||||||
Cost of services (exclusive of rent cost of revenue and depreciation and amortization shown below) | 107,213 | 113,494 | 120,826 | 131,932 | 473,465 | |||||||||||||||
General and administrative | 11,497 | 10,403 | 12,008 | 14,008 | 47,916 | |||||||||||||||
Rent cost of sales | 2,694 | 2,527 | 3,235 | 4,398 | 12,854 | |||||||||||||||
Depreciation and amortization | 3,961 | 4,239 | 4,420 | 5,067 | 17,687 | |||||||||||||||
Total expenses | 125,365 | 130,663 | 140,489 | 155,405 | 551,922 | |||||||||||||||
OTHER (INCOME) EXPENSE | ||||||||||||||||||||
Change in fair value of interest rate hedge | (33 | ) | 0 | (6 | ) | (1 | ) | (40 | ) | |||||||||||
Other | 0 | 97 | (159 | ) | 86 | 24 | ||||||||||||||
Equity in earnings of joint venture | 540 | 353 | 381 | 329 | 1,603 | |||||||||||||||
Debt retirement cost | 0 | (11,648 | ) | 0 | 0 | (11,648 | ) | |||||||||||||
Interest expense | (12,092 | ) | (11,926 | ) | (9,914 | ) | (10,178 | ) | (44,110 | ) | ||||||||||
Interest income | 327 | 587 | 384 | 289 | 1,587 | |||||||||||||||
Total other (income) expense | (11,258 | ) | (22,537 | ) | (9,314 | ) | (9,475 | ) | (52,584 | ) | ||||||||||
Income before provisions for income taxes | 8,032 | (2,109 | ) | 11,665 | 12,513 | 30,101 | ||||||||||||||
Provision for income taxes | 3,378 | (556 | ) | 4,801 | 5,329 | 12,952 | ||||||||||||||
Net income | $ | 4,654 | $ | (1,553 | ) | $ | 6,864 | $ | 7,184 | $ | 17,149 | |||||||||
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As Reclassified:
2007 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
REVENUE | $ | 144,655 | $ | 151,091 | $ | 161,468 | $ | 177,393 | $ | 634,607 | ||||||||||
EXPENSES | ||||||||||||||||||||
Cost of services (exclusive of rent cost of revenue and depreciation and amortization shown below) | 113,949 | 119,522 | 127,761 | 139,767 | 500,999 | |||||||||||||||
General and administrative | 4,761 | 4,376 | 5,073 | 6,172 | 20,382 | |||||||||||||||
Rent | 2,694 | 2,527 | 3,235 | 4,398 | 12,854 | |||||||||||||||
Depreciation and amortization | 3,961 | 4,239 | 4,420 | 5,067 | 17,687 | |||||||||||||||
Total expenses | 125,365 | 130,664 | 140,489 | 155,404 | 551,922 | |||||||||||||||
OTHER (INCOME) EXPENSE | ||||||||||||||||||||
Change in fair value of interest hedge | (33 | ) | 0 | (6 | ) | (1 | ) | (40 | ) | |||||||||||
Other | 0 | 97 | (159 | ) | 86 | 24 | ||||||||||||||
Equity in earnings of joint venture | 540 | 353 | 381 | 329 | 1,603 | |||||||||||||||
Debt retirement cost | 0 | (11,648 | ) | 0 | 0 | (11,648 | ) | |||||||||||||
Interest expense | (12,092 | ) | (11,926 | ) | (9,914 | ) | (10,178 | ) | (44,110 | ) | ||||||||||
Interest income | 327 | 587 | 384 | 289 | 1,587 | |||||||||||||||
Total other (income) expense | (11,258 | ) | (22,537 | ) | (9,314 | ) | (9,475 | ) | (52,584 | ) | ||||||||||
Income before provision for income taxes | 8,032 | (2,110 | ) | 11,665 | 12,514 | 30,101 | ||||||||||||||
Provision for income taxes | 3,378 | (556 | ) | 4,801 | 5,329 | 12,952 | ||||||||||||||
Net Income | $ | 4,654 | $ | (1,554 | ) | $ | 6,864 | $ | 7,185 | $ | 17,149 | |||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SKILLED HEALTHCARE GROUP, INC. | ||||
Date: May 30, 2008 | /s/ Roland G. Rapp | |||
General Counsel, Secretary and Chief Administrative Officer |