Exhibit 99.1
| CONTACT: RehabCare Group, Inc. |
| Jay W. Shreiner |
| Chief Financial Officer |
| Betty Cammarata, Dir-Investor Relations |
| Press: David Totaro, Senior Vice |
| President, Corporate Marketing & |
| Communications |
| (314) 863-7422 or |
| Financial Dynamics |
| Gordon McCoun/Theresa Kelleher |
| (212) 850-5600 |
FOR IMMEDIATE RELEASE
Wednesday, October 31, 2007
REHABCARE REPORTS THIRD QUARTER 2007 RESULTS
| • | Consolidated net earnings improve $1.6 million year-over-year to $3.9 million, or $0.22 per diluted share |
| • | Contract Therapy improves operating earnings $2.1 million sequentially, achieving 3.2 percent operating earnings margin |
| • | Freestanding Hospitals’ performance impacted by start-up costs, increases in estimated contractual adjustments at one facility, and a shift in payor mix at another |
| • | Total debt reduced $28.7 million over the past four quarters |
ST. LOUIS, MO, October 31, 2007--RehabCare Group, Inc. (NYSE:RHB) today reported financial results for the quarter and nine months ended September 30, 2007. Comparative results for the quarter follow.
| Quarter Ended |
| Nine Months Ended | ||||||||||
Amounts in millions, except per share data | September 30, |
| September 30, | ||||||||||
|
| 2007 |
|
| 2006 |
|
|
| 2007 |
|
| 2006 |
|
Consolidated Operating Revenues | $ | 172.9 |
| $ | 183.2 |
|
| $ | 538.0 |
| $ | 432.5 |
|
Consolidated Operating Earnings (a) |
| 8.2 |
|
| 6.3 |
|
|
| 18.0 |
|
| 16.3 |
|
Consolidated Net Earnings (a)(b) |
| 3.9 |
|
| 2.3 |
|
|
| 7.6 |
|
| 5.2 |
|
Consolidated Diluted Earnings per Share |
| 0.22 |
|
| 0.13 |
|
|
| 0.43 |
|
| 0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Therapy Operating Revenues |
| 98.3 |
|
| 107.7 |
|
|
| 301.4 |
|
| 228.2 |
|
Contract Therapy Operating Earnings (Loss) |
| 3.2 |
|
| (0.7 | ) |
|
| 2.1 |
|
| (1.3 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HRS Inpatient Operating Revenues |
| 29.5 |
|
| 32.5 |
|
|
| 92.2 |
|
| 98.8 |
|
HRS Outpatient Operating Revenues |
| 10.8 |
|
| 11.8 |
|
|
| 33.1 |
|
| 37.2 |
|
HRS Operating Revenues |
| 40.3 |
|
| 44.3 |
|
|
| 125.3 |
|
| 136.0 |
|
HRS Operating Earnings |
| 6.3 |
|
| 6.1 |
|
|
| 16.9 |
|
| 16.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freestanding Hospitals Operating Revenues |
| 24.4 |
|
| 21.4 |
|
|
| 77.4 |
|
| 53.4 |
|
Freestanding Hospitals Operating Earnings (Loss)(a) |
| (1.6 | ) |
| 0.4 |
|
|
| (2.9 | ) |
| 0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Healthcare Services Operating Revenues |
| 10.2 |
|
| 10.0 |
|
|
| 34.5 |
|
| 15.3 |
|
Other Healthcare Services Operating Earnings |
| 0.4 |
|
| 0.4 |
|
|
| 1.9 |
|
| 0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Net Income (Loss) of Affiliates (b) |
| 0.1 |
|
| (0.1 | ) |
|
| 0.2 |
|
| (3.0 | ) |
| (a) | Includes a pretax impairment charge on a Louisiana Specialty Hospital intangible asset of $4.9 million, or $0.17 per diluted share after tax, in the nine months ended September 30, 2007. |
| (b) | Includes an after tax loss on RehabCare’s equity investment in InteliStaf of $2.8 million, or $0.16 per diluted share after tax, in the nine months ended September 30, 2006. |
REHABCARE REPORTS THIRD QUARTER 2007 RESULTS | Page 2 |
“Increases in consolidated operating earnings and earnings per share, driven by sequential improvement in operating margins in the Contract Therapy (CT) division, headlined our quarter,” said John H. Short, Ph.D., president and chief executive officer. “We are well on our way to our forecasted recovery in CT operations as unit productivity and profitability improve.
“As we anticipated, the Hospital Rehabilitation Services (HRS) division continues to be impacted by the 75% Rule, which transitioned to the 65% compliance level on July 1. Despite persistent regulatory pressures and a decline in revenue as a result of fewer units, the division was able to improve operating earnings and margins through continued focus on controlling costs. Furthermore, our outpatient segment was able to grow same store revenue and operating earnings. We look forward to a rollout of several new product offerings over the next several quarters, which should put us in a better position to resume growth.”
Dr. Short continued, “In our Freestanding Hospitals division, we did not anticipate the increases in estimated contractual adjustments at one facility, and shift in payor mix at another. These factors, coupled with start-up costs for our new facility in Austin, Texas, impeded this division’s ability to perform to expectation.”
Financial Overview of Third Quarter |
Operating revenues for the third quarter of 2007 were $172.9 million compared to $183.2 million from the year-ago quarter, a decrease of $10.3 million, or 5.6 percent. The decline was primarily due to a decrease in the average number of units operated in both the Contract Therapy division and in the Hospital Rehabilitation Services division.
Consolidated net earnings were $3.9 million in the third quarter of 2007 compared to $2.3 million in the third quarter of 2006. Earnings per share on a fully diluted basis for the third quarter of 2007 were $0.22 compared to $0.13 for the same period last year.
The Contract Therapy division’s operating revenues for the third quarter of 2007 decreased 8.7 percent to $98.3 million, compared to $107.7 million in the year ago quarter. A 13.2 percent reduction in the average number of locations was partially offset by same store revenue growth of 5.4 percent. At September 30, 2007, the division operated 1,085 locations compared to 1,253 locations at September 30, 2006. The Company continues to exit locations that do not have prospects for meeting its targets for profitability. The pipeline for new client locations, however, is growing and current backlog of new openings stands at 20 units.
The division’s operating earnings for the quarter were $3.2 million compared to an operating loss of $0.7 million in the prior year quarter and operating earnings of $1.1 million in the prior quarter. The $3.9 million year-over-year improvement and $2.1 million sequential improvement in
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REHABCARE REPORTS THIRD QUARTER 2007 RESULTS | Page 3 |
operating earnings were primarily due to increased same store revenues, improved productivity, and better leverage in selling, general and administrative costs through the reduction of duplicative costs added through the Symphony acquisition.
The Hospital Rehabilitation Services division’s third quarter operating revenues decreased 9.1 percent to $40.3 million, compared to $44.3 million in the year ago quarter. At September 30, 2007, HRS operated 154 programs compared to 173 at September 30, 2006. During this period, acute rehab units (ARUs) decreased from 117 to 108. The division had one ARU signing in the third quarter, which will open in December of this year. The current ARU backlog stands at four facilities.
Inpatient operating revenues declined 9.2 percent year-over-year primarily as a result of a 9.1 percent decline in average units operated. Same store 75% Rule qualifying admissions were flat compared to the third quarter of 2006. The average 75% Rule compliance level for Inpatient in the third quarter was 64.9 percent. Outpatient operating revenues declined 8.9 percent, as a result of an 11.7 percent year-over-year decline in average units operated, partially offset by an increase in same store revenue of 2.5 percent.
Despite a decline in operating revenues, the division increased its operating earnings by $0.2 million to $6.3 million in the current quarter reflecting continued success in managing operating, general and administrative expenses.
Net revenues in the Freestanding Hospitals division for the third quarter of 2007 increased 14.1 percent to $24.4 million, compared to $21.4 million in the year ago quarter. The division operates a total of nine hospitals, six of which are rehabilitation hospitals and three long term acute care hospitals. The Company’s ninth hospital, an inpatient rehabilitation hospital in Austin, Texas, admitted its first patient in August of 2007, and is in the process of being certified by Medicare. The increase in revenues in 2007 reflects the October 2006 opening of a freestanding rehabilitation hospital in Amarillo, Texas and same store revenue growth of $0.1 million or 0.6 percent.
The operating loss for the third quarter of 2007 was $1.6 million compared to operating earnings of $0.4 million in the prior year quarter. This decline reflects additional contractual adjustments and increased general, administrative, depreciation and amortization expenses for the division. The division incurred estimated start-up costs of approximately $0.7 million and $0.9 million during the quarters ended September 30, 2007 and 2006, respectively. The start-up costs in 2007 relate to the Austin, Texas joint venture.
Rehab hospitals within the division, which the Company managed to an average 75% Rule compliance level of 63.7 percent during the quarter, are
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REHABCARE REPORTS THIRD QUARTER 2007 RESULTS | Page 4 |
expected to be fully compliant at the end of their respective compliance periods. Year-over-year same store compliant admissions increased 22.4 percent for the quarter.
Balance Sheet
For the nine months ended September 30, 2007, the Company generated cash from operations of $30.9 million; paid down $20.0 million in long-term debt; and spent $6.5 million for capital expenditures, including $4.2 million in the Company’s Freestanding Hospitals division, primarily on developing a joint venture in Austin, Texas and adding a high observation unit in one of its LTACHs. The remaining $2.3 million of capital expenditures was principally related to information systems. Days sales outstanding were 78.4 at September 30, 2007 compared to 77.9 at December 31, 2006.
At September 30, the Company had approximately $14.2 million in cash and cash equivalents compared to $9.4 million at December 31, 2006. The Company had $94.6 million in outstanding debt under its revolving credit facility with a weighted average interest rate of approximately 7.0 percent. Total debt outstanding was $100.6 million at September 30, 2007 compared to $120.6 million at December 31, 2006.
Legislative Update
The Medicare provisions in the Children’s Health and Medicare Protection Act of 2007 (CHAMP Act) were removed from a stand-alone State’s Children’s Health Insurance Program (SCHIP) bill. It remains to be seen what action the Senate will take on these provisions by the end of the year. These provisions included a freeze of the 75% Rule at 60%, an extension of the Part B therapy cap exception process, refinement of LTACH payments and an increase in the physician fee schedule. RehabCare is actively working with Congressional offices, trade groups and industry peers to encourage the Senate to finish work on the Medicare issues by December 31, 2007.
A recent internal review of Company data from January 2006 through August 2007 of IRF and similar SNF patients, covering 124,000 patients, concluded that continued implementation of the 75% Rule is denying increasing numbers of appropriate patients access to more cost-effective IRF care, where they are more likely to be discharged to home. The study has been shared with Congressional members and staff, the Centers for Medicare and Medicaid Services, professional associations and trade groups and can be viewed at http://www.rehabcare.com/75percentstudy.
Outlook |
The Company will not be providing revenue and earnings per share guidance, but anticipates:
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REHABCARE REPORTS THIRD QUARTER 2007 RESULTS | Page 5 |
| • | The Contract Therapy division will achieve quarterly sequential improvement in operating earnings, achieving operating earnings margins of 4.5 to 5.5 percent during 2008; |
| • | The number of ARUs in the Hospital Rehabilitation Services division will continue to experience modest declines in units in the fourth quarter. Same store discharges will remain relatively flat until implementation of the 75% Rule is clarified legislatively; and |
| • | Within the Freestanding Hospitals division, EBITDA margins will be negatively impacted by start-up costs associated with new hospitals in Austin and North Kansas City and investments in support services as the division prepares for additional growth. The group of hospitals that have been in operation for more than one year will return to 17-19 percent EBITDA margins before corporate overhead in 2008. |
Conclusion
Dr. Short concluded, “We continue to progress toward our targeted profitability in our CT segment as expected. At the same time, operating margins in HRS, in spite of regulatory pressures and uncertainties are trending positively. I am very pleased with our colleagues’ ability to manage in a challenging environment. As our Freestanding Hospitals division continues to grow, we are accelerating our investment in leadership, process standardization and information systems across the division, in order to build a solid infrastructure for future success.”
About RehabCare Group |
Established in 1982 and headquartered in St. Louis, MO, RehabCare (www.rehabcare.com) is a leading provider of rehabilitation program management services in partnership with nearly 1,250 hospitals and skilled nursing facilities in 43 states and the District of Columbia. The Company also operates freestanding rehabilitation hospitals and long-term acute care hospitals across the country. RehabCare is pleased to be included in the Russell 2000 and Standard and Poor’s Small Cap 600 Indices.
A listen-only simulcast of RehabCare’s third quarter conference call will be available on the Company’s web site at www.rehabcare.com, under For Our Investors, Webcasts, and online at www.earnings.com, beginning at 10:00 Eastern time today. An online replay will be available until November 21, 2007. A telephonic replay of the call will be available beginning at approximately 1:00 P.M. Eastern time today and ending at midnight on November 21, 2007. The dial-in number for the replay is (630) 652-3041 and the access code is 19200812.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown
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REHABCARE REPORTS THIRD QUARTER 2007 RESULTS | Page 6 |
risks and uncertainties that may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties may include but are not limited to, our ability to consummate acquisitions and other partnering relationships at reasonable valuations; our ability to integrate acquisitions and partnering relationships within the expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions and relationships at or above the levels projected; our ability to comply with the terms of our borrowing agreements; changes in governmental reimbursement rates and other regulations or policies affecting reimbursement for the services provided by us to clients and/or patients; the operational, administrative and financial effect of our compliance with other governmental regulations and applicable licensing and certification requirements; our ability to attract new client relationships or to retain and grow existing client relationships through expansion of our service offerings and the development of alternative product offerings; the future financial results of any unconsolidated affiliates; our ability to attract and the additional costs of attracting and retaining administrative, operational and professional employees; shortages of qualified therapists and other healthcare personnel; significant increases in health, workers compensation and professional and general liability costs; litigation risks of our past and future business, including our ability to predict the ultimate costs and liabilities or the disruption of our operations; competitive and regulatory effects on pricing and margins; our ability to effectively respond to fluctuations in our census levels and number of patient visits; the adequacy and effectiveness of our information systems; natural disasters and other unexpected events which could severely damage or interrupt our systems and operations; changes in federal and state income tax laws and regulations, the effectiveness of our tax planning strategies and the sustainability of our tax positions; and general and economic conditions, including efforts by governmental reimbursement programs, insurers, healthcare providers and others to contain healthcare costs.
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REHABCARE REPORTS THIRD QUARTER 2007 RESULTS | Page 7 |
I. Condensed Consolidated Statements of Earnings | ||||||||||||||
(Unaudited; amounts in thousands, except per share data) | ||||||||||||||
|
|
|
|
| ||||||||||
|
| Three Months Ended |
| Nine Months Ended | ||||||||||
|
| September 30, |
| September 30, | ||||||||||
|
|
| 2007 |
|
| 2006 |
|
|
| 2007 |
|
| 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
| $ | 172,943 |
| $ | 183,162 |
|
| $ | 538,039 |
| $ | 432,546 |
|
Costs & expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
| 140,526 |
|
| 149,240 |
|
|
| 438,439 |
|
| 347,554 |
|
Selling, general & administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divisions |
|
| 10,761 |
|
| 12,207 |
|
|
| 34,170 |
|
| 31,053 |
|
Corporate |
|
| 9,334 |
|
| 10,904 |
|
|
| 29,894 |
|
| 27,533 |
|
Impairment of intangible asset |
|
| - |
|
| — |
|
|
| 4,906 |
|
| — |
|
Depreciation & amortization |
|
| 4,134 |
|
| 4,485 |
|
|
| 12,659 |
|
| 10,346 |
|
Restructuring |
|
| — |
|
| — |
|
|
| — |
|
| (191 | ) |
Total costs & expenses |
|
| 164,755 |
|
| 176,836 |
|
|
| 520,068 |
|
| 416,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings, net |
|
| 8,188 |
|
| 6,326 |
|
|
| 17,971 |
|
| 16,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
| 38 |
|
| 73 |
|
|
| 780 |
|
| 417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
| (2,077 | ) |
| (2,472 | ) |
|
| (6,653 | ) |
| (3,037 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net |
|
| 18 |
|
| (25 | ) |
|
| (43 | ) |
| (51 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes, equity in net income (loss) of affiliates and minority interests |
|
| 6,167 |
|
| 3,902 |
|
|
| 12,055 |
|
| 13,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
| (2,467 | ) |
| (1,541 | ) |
|
| (4,822 | ) |
| (5,364 | ) |
Equity in net income (loss) of affiliates |
|
| 79 |
|
| (69 | ) |
|
| 168 |
|
| (3,012 | ) |
Minority interests |
|
| 131 |
|
| 10 |
|
|
| 157 |
|
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
| $ | 3,910 |
| $ | 2,302 |
|
| $ | 7,558 |
| $ | 5,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
| $ | 0.22 |
| $ | 0.13 |
|
| $ | 0.43 |
| $ | 0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares |
|
| 17,443 |
|
| 17,296 |
|
|
| 17,381 |
|
| 17,231 |
|
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REHABCARE REPORTS THIRD QUARTER 2007 RESULTS | Page 8 |
II. Condensed Consolidated Balance Sheets | ||||||||
(Amounts in thousands) | ||||||||
|
|
|
|
| ||||
|
| Unaudited |
|
| ||||
|
| September 30, |
| December 31, | ||||
|
| 2007 |
| 2006 | ||||
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 14,203 |
|
| $ | 9,430 |
|
Accounts receivable, net |
|
| 147,196 |
|
|
| 153,688 |
|
Deferred tax assets |
|
| 16,518 |
|
|
| 6,065 |
|
Other current assets |
|
| 6,613 |
|
|
| 8,932 |
|
Total current assets |
|
| 184,530 |
|
|
| 178,115 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| 29,315 |
|
|
| 31,833 |
|
Excess of cost over net assets acquired, net |
|
| 168,729 |
|
|
| 167,440 |
|
Intangible assets |
|
| 29,015 |
|
|
| 36,950 |
|
Investment in unconsolidated affiliate |
|
| 4,582 |
|
|
| 3,295 |
|
Other assets |
|
| 9,160 |
|
|
| 10,663 |
|
|
| $ | 425,331 |
|
| $ | 428,296 |
|
Liabilities & Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current portion of long-term debt |
| $ | 20,600 |
|
| $ | 5,559 |
|
Payables & accruals |
|
| 79,704 |
|
|
| 86,574 |
|
Total current liabilities |
|
| 100,304 |
|
|
| 92,133 |
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion |
|
| 80,000 |
|
|
| 115,000 |
|
Other non-current liabilities |
|
| 9,117 |
|
|
| 10,298 |
|
Minority interest |
|
| 768 |
|
|
| 86 |
|
Stockholders’ equity |
|
| 235,142 |
|
|
| 210,779 |
|
|
| $ | 425,331 |
|
| $ | 428,296 |
|
|
|
|
|
|
|
|
|
|
III. Condensed Consolidated Statements of Cash Flows | |||||||
(Unaudited; amounts in thousands) | |||||||
| Nine Months Ended | ||||||
| September 30, | ||||||
| 2007 |
| 2006 | ||||
|
|
|
|
|
|
|
|
Net cash provided by operating activities | $ | 30,854 |
|
| $ | 4,044 |
|
Net cash used in investing activities |
| (7,904 | ) |
|
| (145,339 | ) |
Net cash (used in) provided by financing activities |
| (18,177 | ) |
|
| 121,364 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
| 4,773 |
|
|
| (19,931 | ) |
Cash and cash equivalents at beginning of period |
| 9,430 |
|
|
| 28,103 |
|
Cash and cash equivalents at end of period | $ | 14,203 |
|
| $ | 8,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information: |
|
|
|
|
|
|
|
Additions to property and equipment | $ | (6,463 | ) |
| $ | (9,659 | ) |
|
|
|
|
|
|
|
|
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REHABCARE REPORTS THIRD QUARTER 2007 RESULTS | Page 9 |
IV. Operating Statistics | |||||||||||||
(Unaudited; dollars in thousands) | |||||||||||||
|
|
|
| ||||||||||
| Three Months Ended |
| Nine Months Ended | ||||||||||
| September 30, |
| September 30, | ||||||||||
|
| 2007 |
|
| 2006 |
|
|
| 2007 |
|
| 2006 |
|
Contract Therapy |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues | $ | 98,274 |
| $ | 107,690 |
|
| $ | 301,381 |
| $ | 228,181 |
|
Operating expenses |
| 81,713 |
|
| 91,256 |
|
|
| 256,151 |
|
| 193,177 |
|
Division SG&A |
| 5,575 |
|
| 6,870 |
|
|
| 17,630 |
|
| 15,662 |
|
Corporate SG&A |
| 5,796 |
|
| 7,820 |
|
|
| 19,271 |
|
| 15,929 |
|
Depreciation and amortization |
| 2,035 |
|
| 2,408 |
|
|
| 6,276 |
|
| 4,708 |
|
Operating earnings (loss) | $ | 3,155 |
| $ | (664 | ) |
| $ | 2,053 |
| $ | (1,295 | ) |
Operating earnings margin |
| 3.2 | % |
| -0.6 | % |
|
| 0.7 | % |
| -0.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of locations |
| 1,106 |
|
| 1,274 |
|
|
| 1,140 |
|
| 940 |
|
End of period number of locations |
| 1,085 |
|
| 1,253 |
|
|
| 1,085 |
|
| 1,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital Rehabilitation Services (HRS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute | $ | 26,899 |
| $ | 30,145 |
|
| $ | 84,484 |
| $ | 91,571 |
|
Subacute |
| 2,613 |
|
| 2,372 |
|
|
| 7,709 |
|
| 7,179 |
|
Total Inpatient | $ | 29,512 |
| $ | 32,517 |
|
| $ | 92,193 |
| $ | 98,750 |
|
Outpatient |
| 10,774 |
|
| 11,821 |
|
|
| 33,150 |
|
| 37,232 |
|
Total HRS | $ | 40,286 |
| $ | 44,338 |
|
| $ | 125,343 |
| $ | 135,982 |
|
Operating expenses |
| 27,980 |
|
| 31,350 |
|
|
| 88,812 |
|
| 96,336 |
|
Division SG&A |
| 3,028 |
|
| 3,768 |
|
|
| 10,443 |
|
| 11,643 |
|
Corporate SG&A |
| 2,038 |
|
| 1,925 |
|
|
| 6,032 |
|
| 8,134 |
|
Depreciation and amortization |
| 931 |
|
| 1,160 |
|
|
| 3,155 |
|
| 3,511 |
|
Operating earnings | $ | 6,309 |
| $ | 6,135 |
|
| $ | 16,901 |
| $ | 16,358 |
|
Operating earnings margin |
| 15.7 | % |
| 13.8 | % |
|
| 13.5 | % |
| 12.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute |
| 109 |
|
| 119 |
|
|
| 112 |
|
| 120 |
|
Subacute |
| 15 |
|
| 17 |
|
|
| 16 |
|
| 17 |
|
Total Inpatient |
| 124 |
|
| 136 |
|
|
| 128 |
|
| 137 |
|
Outpatient |
| 35 |
|
| 40 |
|
|
| 35 |
|
| 42 |
|
Total HRS |
| 159 |
|
| 176 |
|
|
| 163 |
|
| 179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period number of programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute |
| 108 |
|
| 117 |
|
|
| 108 |
|
| 117 |
|
Subacute |
| 14 |
|
| 18 |
|
|
| 14 |
|
| 18 |
|
Total Inpatient |
| 122 |
|
| 135 |
|
|
| 122 |
|
| 135 |
|
Outpatient |
| 32 |
|
| 38 |
|
|
| 32 |
|
| 38 |
|
Total HRS |
| 154 |
|
| 173 |
|
|
| 154 |
|
| 173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute patient days |
| 126,608 |
|
| 141,381 |
|
|
| 393,855 |
|
| 425,694 |
|
Subacute patient days |
| 34,672 |
|
| 32,295 |
|
|
| 101,085 |
|
| 103,016 |
|
Total patient days |
| 161,280 |
|
| 173,676 |
|
|
| 494,940 |
|
| 528,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute discharges |
| 10,173 |
|
| 11,546 |
|
|
| 32,052 |
|
| 34,824 |
|
Subacute discharges |
| 754 |
|
| 690 |
|
|
| 2,429 |
|
| 2,191 |
|
Total discharges |
| 10,927 |
|
| 12,236 |
|
|
| 34,481 |
|
| 37,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outpatient visits |
| 250,933 |
|
| 272,800 |
|
|
| 777,439 |
|
| 864,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freestanding Hospitals |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues | $ | 24,422 |
| $ | 21,396 |
|
| $ | 77,449 |
| $ | 53,429 |
|
Operating expenses |
| 23,164 |
|
| 19,000 |
|
|
| 67,287 |
|
| 46,454 |
|
Division SG&A |
| 747 |
|
| 389 |
|
|
| 1,946 |
|
| 1,501 |
|
Corporate SG&A |
| 1,112 |
|
| 782 |
|
|
| 3,336 |
|
| 2,886 |
|
Depreciation and amortization |
| 1,042 |
|
| 787 |
|
|
| 2,855 |
|
| 1,970 |
|
Impairment of intangible asset |
| - |
|
| - |
|
|
| 4,906 |
|
| - |
|
Operating earnings (loss) | $ | (1,643 | ) | $ | 438 |
|
| $ | (2,881 | ) | $ | 618 |
|
Operating earnings margin |
| -6.7 | % |
| 2.0 | % |
|
| -3.7 | % |
| 1.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period number of facilities |
| 9 |
|
| 7 |
|
|
| 9 |
|
| 7 |
|
Patient days |
| 23,984 |
|
| 19,723 |
|
|
| 70,295 |
|
| 47,950 |
|
Discharges |
| 1,446 |
|
| 1,091 |
|
|
| 4,207 |
|
| 2,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-END-