| 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, March 5, 2008
REHABCARE REPORTS FOURTH QUARTER AND FULL YEAR 2007 RESULTS
| • | Fourth quarter consolidated net earnings improve $3.0 million year-over-year to $5.1 million, or $0.29 earnings per diluted share |
| • | Contract Therapy operating earnings improve $5.3 million to $4.0 million, or 4 percent of revenue |
| • | Hospital performance impacted by start-up and infrastructure development costs, as expected |
| • | Full year 2007 consolidated net earnings increase 74 percent to $12.7 million or $0.73 earnings per diluted share and total debt is reduced $46.1 million, or 38 percent, during 2007 |
| • | Late 2007 legislative changes expected to positively impact 2008 results |
ST. LOUIS, MO, March 5, 2008--RehabCare Group, Inc. (NYSE:RHB) today reported financial results for the quarter and year ended December 31, 2007. Comparative results for the quarter and year follow.
| Quarter Ended | | Year Ended |
Amounts in millions, except per share data | December 31, | | December 31, |
| | 2007 | | | 2006 | | | | 2007 | | | 2006 | |
Consolidated Operating Revenues | $ | 173.6 | | $ | 182.2 | | | $ | 711.7 | | $ | 614.8 | |
Consolidated Operating Earnings (a)(b) | | 9.0 | | | 4.7 | | | | 27.0 | | | 21.0 | |
Consolidated Net Earnings (a)(b)(c) | | 5.1 | | | 2.1 | | | | 12.7 | | | 7.3 | |
Consolidated Diluted Earnings per Share | | 0.29 | | | 0.12 | | | | 0.73 | | | 0.42 | |
| | | | | | | | | | | | | |
Contract Therapy Operating Revenues | | 99.4 | | | 103.4 | | | | 400.8 | | | 331.6 | |
Contract Therapy Operating Earnings (Loss) | | 4.0 | | | (1.3 | ) | | | 6.0 | | | (2.6 | ) |
| | | | | | | | | | | | | |
HRS Inpatient Operating Revenues | | 28.9 | | | 32.0 | | | | 121.1 | | | 130.8 | |
HRS Outpatient Operating Revenues | | 9.9 | | | 11.8 | | | | 43.0 | | | 49.0 | |
HRS Operating Revenues | | 38.8 | | | 43.8 | | | | 164.1 | | | 179.8 | |
HRS Operating Earnings | | 6.0 | | | 7.3 | | | | 22.9 | | | 23.7 | |
| | | | | | | | | | | | | |
Hospital Operating Revenues | | 25.7 | | | 23.7 | | | | 103.1 | | | 77.1 | |
Hospital Operating Earnings (Loss)(a) | | (0.8 | ) | | - | | | | (3.6 | ) | | 0.6 | |
| | | | | | | | | | | | | |
Other Healthcare Services Operating Revenues | | 10.1 | | | 11.6 | | | | 44.6 | | | 26.9 | |
Other Healthcare Services Operating Earnings (Loss) | | (0.2 | ) | | 1.0 | | | | 1.7 | | | 1.4 | |
| | | | | | | | | | | | | |
Equity in Net Income (Loss) of Affiliates (c) | | 0.1 | | | - | | | | 0.3 | | | (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 year ended December 31, 2007. |
| (b) | Includes a pretax impairment charge associated with internally developed software of $2.4 million, or $0.09 per diluted share after tax, for the quarter and year ended December 31, 2006. |
| (c) | Includes an after tax loss on RehabCare’s equity investment in InteliStaf of $2.8 million, or $0.16 per diluted share, for the year ended December 31, 2006. |
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| REHABCARE REPORTS FOURTH QUARTER 2007 RESULTS | Page 2 |
“In 2007 we significantly increased our profitability, driven by improvement in performance for the Contract Therapy (CT) division, which achieved 4 percent operating earnings margin in the fourth quarter,” said John H. Short, Ph.D., president and chief executive officer. “This division made impressive strides in 2007, completing a significant integration in the second quarter, which involved training more than 400 former RehabWorks sites on our point-of-service technology, and achieving more than $12 million in annualized back office cost reductions. These accomplishments, which increased efficiency and reduced costs, are reflected in the division’s fourth quarter operating earnings performance, which improved $5.3 million over the year ago quarter.
“Fourth quarter revenue and earnings in our Hospital Rehabilitation Services (HRS) division continued to be impacted by a decline in operating units and flat same store volume due to continuing regulatory pressure. However, through strong expense management, we were able to minimize the impact of these challenges on operating earnings.”
Dr. Short continued, “Our ninth hospital, Central Texas Rehabilitation Hospital in Austin, received its Medicare certification late in the fourth quarter. The Hospital division’s start-up and ramp-up costs at this hospital as well as the division’s infrastructure development expenses impacted operating earnings. However, the fundamentals for this division remain strong and we will continue to invest in the necessary tools and resources to support aggressive growth.
“We also strengthened our balance sheet in 2007 by paying down more than $46 million in debt through significantly improved cash flow from operations compared to 2006. Lower days sales outstanding was a major contributor to lowering working capital and driving cash flow improvement.”
Financial Overview of Fourth Quarter
Consolidated net earnings were $5.1 million, or $0.29 per diluted share in the fourth quarter of 2007. These results were favorably impacted by a net $1.4 million reduction (or $0.05 per share after tax), in self insurance expenses, which reflects lower actuarial estimates for professional liability and workers compensation claims offset by higher actuarial estimates of health insurance claims. The effective tax rate in the fourth quarter of 2007 was 35.8 percent.
The Contract Therapy division’s operating revenues for the fourth quarter of 2007 decreased 3.9 percent to $99.4 million, compared to $103.4 million in the year ago quarter. A 13.6 percent reduction in the average number of locations operated was partially offset by same store revenue growth of 9.1 percent. At December 31, 2007, the division operated 1,064 locations compared to 1,197 locations at December 31, 2006. At year end 2007,
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| REHABCARE REPORTS FOURTH QUARTER 2007 RESULTS | Page 3 |
the Company had signed contracts for 21 new client locations that are scheduled to open during the first quarter of 2008.
The division’s operating earnings for the quarter were $4.0 million compared to an operating loss of $1.3 million in the prior year quarter. This was the third consecutive quarter of improving earnings for this division and the highest operating earnings ever generated. The $5.3 million year-over-year improvement in operating earnings was primarily due to increased same store revenues, improved therapist efficiencies, lower professional liability and workers compensation costs, and better leverage in selling, general and administrative costs through the reduction of duplicative costs following the Symphony acquisition.
The Hospital Rehabilitation Services division’s fourth quarter operating revenues decreased 11.5 percent to $38.8 million, compared to $43.8 million in the year ago quarter. At December 31, 2007, HRS operated 154 programs. The number of units operated was flat sequentially, but down compared to 172 programs at December 31, 2006. Compared to the year ago quarter, inpatient rehabilitation facilities (IRFs) decreased from 115 to 107. On a sequential basis, they declined from 108 to 107. The division had two IRF signings in the fourth quarter. At December 31, 2007, the pipeline of signed but unopened IRF contracts stands at four.
Inpatient operating revenues declined 9.7 percent year-over-year primarily as a result of a 10.0 percent decline in average units operated. Same store admissions decreased by 1.1 percent compared to the fourth quarter of 2006. The average 75% Rule compliance level for Inpatient in the fourth quarter was 67.8 percent. Outpatient operating revenues declined 16.4 percent, as a result of an 18.1 percent year-over-year decline in average units operated, partially offset by an increase in same store revenue of 4.8 percent.
Operating earnings for the division declined by $1.3 million to $6.0 million in the fourth quarter of 2007 compared to $7.3 million in the prior year quarter. Operating earnings were negatively impacted by fewer units in operation year-over-year, only partially offset by lower professional liability and workers compensation costs.
Net revenues in the Hospital division for the fourth quarter of 2007 increased 8.5 percent to $25.7 million, compared to $23.7 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 division’s most recent start-up, a majority owned joint venture inpatient rehabilitation hospital in Austin, Texas, became certified by Medicare in late November 2007. The increase in revenues in 2007 reflects a full quarter of operations for a rehabilitation hospital in Amarillo, Texas which opened in October 2006. Year-over-year same store revenues declined $0.4 million, or 1.9 percent.
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| REHABCARE REPORTS FOURTH QUARTER 2007 RESULTS | Page 4 |
The division incurred an operating loss of $0.8 million in the fourth quarter of 2007, compared to break-even in the prior year quarter. Excluding start-up and ramp-up costs, which were comparable in both quarters, operating earnings declined by $1.0 million year-over-year. The division incurred start-up costs of $0.8 million and ramp-up costs of $0.3 million in the fourth quarter of 2007 for the Austin, Texas rehabilitation hospital.
The division managed its rehab hospitals to an average 75% Rule compliance level of 63.6 percent during the quarter.
Balance Sheet
For the year ended December 31, 2007, the Company generated cash from operations of $52.0 million; paid down $46.1 million in long-term debt; and spent $10.0 million for capital expenditures, including $6.8 million in the Company’s Hospital division, primarily on developing joint ventures in Texas, Indiana, Missouri and Pennsylvania. The remaining $3.2 million of capital expenditures was principally related to information systems. Days sales outstanding improved to 71.8 at December 31, 2007 compared to 77.9 at December 31, 2006.
At December 31, the Company had approximately $10.3 million in cash and cash equivalents compared to $9.4 million at December 31, 2006. The Company had $68.5 million in outstanding debt under its revolving credit facility with a weighted average interest rate of approximately 6.2 percent. Total debt outstanding was $74.5 million at December 31, 2007 compared to $120.6 million at December 31, 2006.
Legislative Update
On December 29, 2007, the President signed into law the 2007 Medicare, Medicaid and SCHIP Extension Act (“the Extension Act”). Among other things, the law permanently sets the inpatient rehabilitation facility compliance threshold at 60%, while eliminating a market basket increase through 2009. The Company believes the adverse market basket impact to both our freestanding hospitals and HRS clients will be mitigated through higher patient volumes resulting from the freeze at 60%.
The Extension Act also extends the Part B Therapy Cap auto-exception process through June 30, 2008 and increases the 2007 Physician Fee Schedule by 0.5% through June 30, 2008.
Finally, the Extension Act eliminates the application of the so-called 25% Rule through December 31, 2010 for freestanding and grandfathered LTACHs and establishes a three year moratorium on the establishment of any new or satellite LTACH facility or any increases in bed capacity at existing LTACHs. The Company believes all of its previously announced LTACH joint ventures will not be subject to this moratorium.
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| REHABCARE REPORTS FOURTH QUARTER 2007 RESULTS | Page 5 |
Outlook
The Company will not be providing revenue and earnings per share guidance for 2008, but provides the following:
| • | The Contract Therapy division expects to achieve a modest net increase in the number of units and operating earnings margins of 4.5 to 5.5 percent during 2008 driven by same store revenue growth and improved operating efficiencies. |
| • | The Hospital Rehabilitation Services division expects to experience a modest increase in units during 2008 and to achieve operating earnings margins of 12 to 15 percent. Same store discharges are expected to improve 3 to 5 percent as the division returns to a more stable operating environment following the recently enacted legislation. |
| • | The Hospital division expects EBITDA to be negatively impacted by start-up and ramp-up costs associated with four new majority owned joint venture hospitals planned for 2008. The five hospitals in operation for less than one year are expected to generate an EBITDA drag of $4.5 to $5.5 million during 2008. The impact of this drag on earnings per share will be partially offset by the respective minority partners’ shares of these costs. The eight hospitals that have been in operation for more than one year are expected to achieve 13 to 15 percent EBITDA margins before corporate overhead in 2008. |
| • | The Company expects capital expenditures of approximately $32 million of which $25.0 million relates to hospital strategic and maintenance capital and $7.0 million relates principally to information systems investments. The Company is expecting to receive approximately $5 million from our minority partners to fund their respective shares of each joint venture hospital’s capital expenditure and working capital requirements. |
| • | The Company expects strong consolidated net earnings growth for full year 2008, but expects its quarterly consolidated operating earnings to be uneven with all quarters impacted by hospital start-up/ramp-up costs. Additionally, while the Company expects to achieve operational improvements in the first quarter, these results will be dampened by the resumption of the normalized run rate costs associated with management incentive plans, health insurance, professional liability and workers compensation. |
| • | The Company expects its effective tax rate to approximate 39 percent for 2008. |
Conclusion
Dr. Short concluded, “In 2007, our 25th anniversary as a company, we again demonstrated our ability to adapt, dedicating ourselves to driving efficiencies and productivity to improve profitability. In 2008, we are
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| REHABCARE REPORTS FOURTH QUARTER 2007 RESULTS | Page 6 |
focusing on growth in our CT and HRS divisions while continuing to develop our network of hospitals. Our HRS division has already opened three IRFs in the first quarter compared to seven for the full year 2007 and we have a growing pipeline of new business in both divisions.
“We remain confident that we can meet our operating earnings outlook for the CT division in 2008, given our performance over the last several quarters and the productivity initiatives we’re rolling out this year, including PatientPlus, our pay-for-performance incentive program.
“In our Hospital division, we’re primed for a very active year of development, with four hospitals in line to open in 2008. To support this growth, we have committed significant capital for hospital development and infrastructure improvements.
“And so, with a significantly improved regulatory environment and an upward momentum in earnings, if you liked us in 2007, you’ll love us in 2008.”
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 more than 1,200 hospitals and skilled nursing facilities in 42 states. 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 fourth 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 March 26, 2008. A telephonic replay of the call will be available beginning at approximately 1:00 P.M. Eastern time today and ending at midnight on March 26, 2008. The dial-in number for the replay is (630) 652-3041 and the access code is 20547761.
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. Such statements are based on the Company’s current expectations and could be affected by numerous factors, risks and uncertainties discussed in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. Do not rely on forward looking statements as the Company cannot predict or control many of the factors that ultimately may affect the Company’s ability to achieve the results estimated. The Company makes no promise to update any forward looking statements whether as a result of changes in underlying factors, new information, future events or otherwise.
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| REHABCARE REPORTS FOURTH QUARTER 2007 RESULTS | Page 7 |
I. Condensed Consolidated Statements of Earnings |
(Unaudited; amounts in thousands, except per share data) |
| | | | |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | | 2007 | | | 2006 | | | | 2007 | | | 2006 | |
| | | | | | | | | | | | | | |
Operating revenues | | $ | 173,635 | | $ | 182,247 | | | $ | 711,674 | | $ | 614,793 | |
Costs & expenses | | | | | | | | | | | | | | |
Operating | | | 139,741 | | | 150,140 | | | | 578,180 | | | 497,694 | |
Selling, general & administrative: | | | | | | | | | | | | | | |
Divisions | | | 11,350 | | | 11,360 | | | | 45,520 | | | 42,413 | |
Corporate | | | 9,184 | | | 9,501 | | | | 39,078 | | | 37,034 | |
Depreciation & amortization | | | 4,362 | | | 4,191 | | | | 17,021 | | | 14,537 | |
Impairment of intangible asset | | | — | | | 2,351 | | | | 4,906 | | | 2,351 | |
Restructuring | | | — | | | — | | | | — | | | (191 | ) |
Total costs & expenses | | | 164,637 | | | 177,543 | | | | 684,705 | | | 593,838 | |
| | | | | | | | | | | | | | |
Operating earnings, net | | | 8,998 | | | 4,704 | | | | 26,969 | | | 20,955 | |
| | | | | | | | | | | | | | |
Interest income | | | 50 | | | 51 | | | | 830 | | | 468 | |
| | | | | | | | | | | | | | |
Interest expense | | | (1,709 | ) | | (2,462 | ) | | | (8,362 | ) | | (5,499 | ) |
| | | | | | | | | | | | | | |
Other income (expense), net | | | 80 | | | 1 | | | | 37 | | | (50 | ) |
| | | | | | | | | | | | | | |
Earnings before income taxes, equity in net income (loss) of affiliates and minority interests | | | 7,419 | | | 2,294 | | | | 19,474 | | | 15,874 | |
| | | | | | | | | | | | | | |
Income taxes | | | (2,657 | ) | | (225 | ) | | | (7,479 | ) | | (5,589 | ) |
Equity in net income (loss) of affiliates | | | 119 | | | (17 | ) | | | 287 | | | (3,029 | ) |
Minority interests | | | 220 | | | 11 | | | | 377 | | | 24 | |
| | | | | | | | | | | | | | |
Net earnings | | $ | 5,101 | | $ | 2,063 | | | $ | 12,659 | | $ | 7,280 | |
| | | | | | | | | | | | | | |
Diluted earnings per share | | $ | 0.29 | | $ | 0.12 | | | $ | 0.73 | | $ | 0.42 | |
| | | | | | | | | | | | | | |
Weighted average diluted shares | | | 17,655 | | | 17,289 | | | | 17,459 | | | 17,243 | |
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| REHABCARE REPORTS FOURTH QUARTER 2007 RESULTS | Page 8 |
II. Condensed Consolidated Balance Sheets |
(Amounts in thousands) |
| | | | |
| | Unaudited | | |
| | December 31, | | December 31, |
| | 2007 | | 2006 |
Assets | | | | | | | | |
Cash and cash equivalents | | $ | 10,265 | | | $ | 9,430 | |
Accounts receivable, net | | | 135,194 | | | | 153,688 | |
Deferred tax assets | | | 15,863 | | | | 6,065 | |
Other current assets | | | 7,892 | | | | 8,932 | |
Total current assets | | | 169,214 | | | | 178,115 | |
| | | | | | | | |
Property and equipment, net | | | 29,705 | | | | 31,833 | |
Goodwill | | | 168,517 | | | | 167,440 | |
Intangible assets | | | 28,027 | | | | 36,950 | |
Investment in unconsolidated affiliate | | | 4,701 | | | | 3,295 | |
Other assets | | | 8,396 | | | | 10,663 | |
| | $ | 408,560 | | | $ | 428,296 | |
Liabilities & Stockholders’ Equity | | | | | | | | |
Current portion of long-term debt | | $ | 9,500 | | | $ | 5,559 | |
Payables & accruals | | | 79,429 | | | | 86,574 | |
Total current liabilities | | | 88,929 | | | | 92,133 | |
| | | | | | | | |
Long-term debt, less current portion | | | 65,000 | | | | 115,000 | |
Other non-current liabilities | | | 9,342 | | | | 10,298 | |
Minority interest | | | 1,267 | | | | 86 | |
Stockholders’ equity | | | 244,022 | | | | 210,779 | |
| | $ | 408,560 | | | $ | 428,296 | |
| | | | | | | | |
III. Condensed Consolidated Statements of Cash Flows |
(Unaudited; amounts in thousands) |
| Year Ended |
| December 31, |
| 2007 | | 2006 |
| | | | | | | |
Net cash provided by operating activities | $ | 52,009 | | | $ | 19,492 | |
Net cash used in investing activities | | (10,944 | ) | | | (151,028 | ) |
Net cash (used in) provided by financing activities | | (40,230 | ) | | | 112,863 | |
| | | | | | | |
Net increase (decrease) in cash and cash equivalents | | 835 | | | | (18,673 | ) |
Cash and cash equivalents at beginning of period | | 9,430 | | | | 28,103 | |
Cash and cash equivalents at end of period | $ | 10,265 | | | $ | 9,430 | |
| | | | | | | |
| | | | | | | |
Supplemental information: | | | | | | | |
Additions to property and equipment | $ | (9,989 | ) | | $ | (14,854 | ) |
| | | | | | | |
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| REHABCARE REPORTS FOURTH QUARTER 2007 RESULTS | Page 9 |
IV. Operating Statistics |
(Unaudited; dollars in thousands) |
| | | |
| Three Months Ended | | Year Ended |
| December 31, | | December 31, |
| | 2007 | | | 2006 | | | | 2007 | | | 2006 | |
Contract Therapy | | | | | | | | | | | | | |
Operating revenues | $ | 99,380 | | $ | 103,422 | | | $ | 400,761 | | $ | 331,603 | |
Operating expenses | | 82,226 | | | 89,694 | | | | 338,377 | | | 282,871 | |
Division SG&A | | 5,678 | | | 6,164 | | | | 23,308 | | | 21,826 | |
Corporate SG&A | | 5,483 | | | 6,883 | | | | 24,754 | | | 22,812 | |
Depreciation and amortization | | 2,028 | | | 1,953 | | | | 8,304 | | | 6,661 | |
Operating earnings (loss) | $ | 3,965 | | $ | (1,272 | ) | | $ | 6,018 | | $ | (2,567 | ) |
Operating earnings margin | | 4.0 | % | | -1.2 | % | | | 1.5 | % | | -0.8 | % |
| | | | | | | | | | | | | |
Average number of locations | | 1,081 | | | 1,251 | | | | 1,125 | | | 1,018 | |
End of period number of locations | | 1,064 | | | 1,197 | | | | 1,064 | | | 1,197 | |
| | | | | | | | | | | | | |
Hospital Rehabilitation Services (HRS) | | | | | | | | | | | | | |
Operating revenues | | | | | | | | | | | | | |
Acute | $ | 26,407 | | $ | 29,493 | | | $ | 110,891 | | $ | 121,065 | |
Subacute | | 2,483 | | | 2,515 | | | | 10,192 | | | 9,693 | |
Total Inpatient | $ | 28,890 | | $ | 32,008 | | | $ | 121,083 | | $ | 130,758 | |
Outpatient | | 9,869 | | | 11,808 | | | | 43,019 | | | 49,040 | |
Total HRS | $ | 38,759 | | $ | 43,816 | | | $ | 164,102 | | $ | 179,798 | |
Operating expenses | | 26,894 | | | 30,268 | | | | 115,706 | | | 126,604 | |
Division SG&A | | 3,109 | | | 3,482 | | | | 13,552 | | | 15,125 | |
Corporate SG&A | | 1,815 | | | 1,534 | | | | 7,847 | | | 9,668 | |
Depreciation and amortization | | 949 | | | 1,229 | | | | 4,104 | | | 4,740 | |
Operating earnings | $ | 5,992 | | $ | 7,303 | | | $ | 22,893 | | $ | 23,661 | |
Operating earnings margin | | 15.5 | % | | 16.7 | % | | | 14.0 | % | | 13.2 | % |
| | | | | | | | | | | | | |
Average number of programs | | | | | | | | | | | | | |
Acute | | 108 | | | 117 | | | | 111 | | | 119 | |
Subacute | | 14 | | | 19 | | | | 16 | | | 18 | |
Total Inpatient | | 122 | | | 136 | | | | 127 | | | 137 | |
Outpatient | | 32 | | | 39 | | | | 35 | | | 41 | |
Total HRS | | 154 | | | 175 | | | | 162 | | | 178 | |
| | | | | | | | | | | | | |
End of period number of programs | | | | | | | | | | | | | |
Acute | | 107 | | | 115 | | | | 107 | | | 115 | |
Subacute | | 14 | | | 18 | | | | 14 | | | 18 | |
Total Inpatient | | 121 | | | 133 | | | | 121 | | | 133 | |
Outpatient | | 33 | | | 39 | | | | 33 | | | 39 | |
Total HRS | | 154 | | | 172 | | | | 154 | | | 172 | |
| | | | | | | | | | | | | |
Acute patient days | | 124,390 | | | 139,647 | | | | 518,245 | | | 565,341 | |
Subacute patient days | | 33,843 | | | 31,371 | | | | 134,928 | | | 134,387 | |
Total patient days | | 158,233 | | | 171,018 | | | | 653,173 | | | 699,728 | |
| | | | | | | | | | | | | |
Acute discharges | | 10,190 | | | 11,337 | | | | 42,242 | | | 46,161 | |
Subacute discharges | | 758 | | | 757 | | | | 3,187 | | | 2,948 | |
Total discharges | | 10,948 | | | 12,094 | | | | 45,429 | | | 49,109 | |
| | | | | | | | | | | | | |
Outpatient visits (in thousands) | | 228 | | | 266 | | | | 1,006 | | | 1,130 | |
| | | | | | | | | | | | | |
Hospitals | | | | | | | | | | | | | |
Operating revenues | $ | 25,677 | | $ | 23,672 | | | $ | 103,126 | | $ | 77,101 | |
Operating expenses | | 22,683 | | | 21,501 | | | | 89,970 | | | 67,955 | |
Division SG&A | | 1,013 | | | 482 | | | | 2,959 | | | 1,983 | |
Corporate SG&A | | 1,497 | | | 790 | | | | 4,833 | | | 3,676 | |
Depreciation and amortization | | 1,241 | | | 874 | | | | 4,096 | | | 2,844 | |
Impairment of intangible asset | | - | | | - | | | | 4,906 | | | - | |
Operating earnings (loss) | $ | (757 | ) | $ | 25 | | | $ | (3,638 | ) | $ | 643 | |
Operating earnings margin | | -2.9 | % | | 0.1 | % | | | -3.5 | % | | 0.8 | % |
| | | | | | | | | | | | | |
End of period number of facilities | | 9 | | | 8 | | | | 9 | | | 8 | |
Patient days | | 22,988 | | | 21,503 | | | | 93,283 | | | 69,453 | |
Discharges | | 1,511 | | | 1,255 | | | | 5,718 | | | 3,891 | |
| | | | | | | | | | | | | |
-END-
