EXHIBIT 13.1 |
SIX-YEAR FINANCIAL SUMMARY | ||||||||||||||||||
Dollars in thousands, except per share data | ||||||||||||||||||
(Year ended December 31,) | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||
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Consolidated statement of earnings data: | ||||||||||||||||||
Operating revenues | $ | 383,846 | $ | 539,322 | $ | 562,565 | $ | 542,265 | $ | 452,374 | $ | 309,425 | ||||||
Operating earnings (loss) (1) (2) (8) | 41,804 | (14,396 | ) | 39,697 | 36,967 | 44,189 | 29,922 | |||||||||||
Net earnings (loss) (1) (2) (3) (8) | 23,181 | (13,699 | ) | 24,395 | 21,035 | 23,534 | 15,098 | |||||||||||
Net earnings (loss) per share (EPS): (1) (2) (3) (4) (8) | ||||||||||||||||||
Basic | $ | 1.42 | $ | (0.86 | ) | $ | 1.45 | $ | 1.25 | $ | 1.62 | $ | 1.15 | |||||
Diluted | $ | 1.38 | $ | (0.86 | ) | $ | 1.38 | $ | 1.16 | $ | 1.45 | $ | 1.03 | |||||
Weighted average shares outstanding (000s):(4) | ||||||||||||||||||
Basic | 16,292 | 16,000 | 16,833 | 16,775 | 14,563 | 13,144 | ||||||||||||
Diluted | 16,835 | 16,000 | 17,642 | 18,077 | 16,268 | 14,814 | ||||||||||||
Consolidated balance sheet data: | ||||||||||||||||||
Working capital | $ | 76,451 | $ | 76,952 | $ | 67,846 | $ | 77,524 | $ | 64,186 | $ | 27,069 | ||||||
Total assets | 277,666 | 233,626 | 235,530 | 250,661 | 229,093 | 187,264 | ||||||||||||
Total liabilities | 70,638 | 55,671 | 46,916 | 51,625 | 111,133 | 109,481 | ||||||||||||
Stockholders’ equity | 207,028 | 177,955 | 188,614 | 199,036 | 117,960 | 77,783 | ||||||||||||
Financial statistics: | ||||||||||||||||||
Operating margin(2) (8) | 10.9 | % | (2.7 | )% | 7.1 | % | 6.8 | % | 9.8 | % | 9.7 | % | ||||||
Net margin(1) (2) (3) (8) | 6.0 | % | (2.5 | )% | 4.3 | % | 3.9 | % | 5.2 | % | 4.9 | % | ||||||
Current ratio | 2.3:1 | 2.9:1 | 2.8:1 | 2.7:1 | 2.6:1 | 1.6:1 | ||||||||||||
Diluted EPS growth rate(1) (2) (3) (5) (8) | 260.5 | % | (162.3 | )% | 19.0 | % | (20.0 | )% | 40.8 | % | 19.8 | % | ||||||
Return on equity(1) (2) (3) (5) (8) | 12.0 | % | (7.5 | )% | 12.6 | % | 13.3 | % | 24.0 | % | 21.9 | % | ||||||
Operating statistics: | ||||||||||||||||||
Healthcare staffing: | ||||||||||||||||||
Average number of branch offices(6) | N/A | 73 | 108 | 108 | 89 | 55 | ||||||||||||
Number of weeks worked(6) (7) | N/A | 141,114 | 182,552 | 233,898 | 223,951 | 131,110 | ||||||||||||
Program management: | ||||||||||||||||||
Inpatient units (acute rehabilitation and skilled | ||||||||||||||||||
nursing): | ||||||||||||||||||
Average number of programs | 142 | 133 | 135 | 137 | 136 | 132 | ||||||||||||
Average admissions per program | 383 | 422 | 411 | 394 | 373 | 369 | ||||||||||||
Average length of stay (days/discharge)(9) | 16.0 | 12.9 | 13.3 | 13.8 | 14.3 | 14.5 | ||||||||||||
Patient days | 871,185 | 721,570 | 737,017 | 746,583 | 725,497 | 706,822 | ||||||||||||
Outpatient programs: | ||||||||||||||||||
Average number of locations | 42 | 48 | 55 | 61 | 53 | 40 | ||||||||||||
Patient visits | 1,133,462 | 1,247,534 | 1,366,439 | 1,439,169 | 1,173,324 | 785,943 | ||||||||||||
Contract therapy: | ||||||||||||||||||
Average number of locations | 588 | 460 | 378 | 250 | 156 | 91 | ||||||||||||
(1) | The results for 2002 reflect the adoption of Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets” on January 1, 2002. |
(2) | The results for 2001 include $9.0 million in non-recurring charges related to our supplemental staffing division. |
(3) | The results for 2001 include a pretax loss of $0.5 million ($0.3 million after tax or $0.02 per share) on write-down of an investment. The results for 1999 include a pretax loss of $1.0 million ($0.6 million after tax or $0.05 per share) on write-down of investments. |
(4) | Share data adjusted for 2-for-1 stock split in June 2000. |
(5) | Average of beginning and ending equity. |
(6) | We exited the healthcare staffing business in February 2004 with the sale of StarMed Staffing, Inc. to InteliStaf Holdings, Inc. |
(7) | Includes both supplemental and travel weeks worked. |
(8) | The results for 2003 include a pretax restructuring charge of $1.3 million ($0.8 million after tax or $0.05 per diluted share) and a pretax loss on net assets held for sale of $43.6 million ($30.6 million after tax or $1.90 per diluted share). |
(9) | Average length of stay for inpatient units increased from 2003 to 2004 primarily as a result of the acquisition of the VitalCare units in March 2004. Excluding the impact of the VitalCare units, average length of stay in 2004 was 12.5 days. |
EXHIBIT 13.1 Stock Data The Company’s common stock is listed and traded on the New York Stock Exchange under the symbol “RHB.” The stock prices below are the high and low closing sale prices per share of our common stock, as reported onthe New York Stock Exchange, for the periods indicated. |
CALENDAR QUARTER | 1st | 2nd | 3rd | 4th | ||||||||||
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2004 | High | $ | 25.04 | $ | 26.68 | $ | 26.10 | $ | 28.81 | |||||
Low | 18.82 | 19.48 | 21.65 | 22.26 | ||||||||||
2003 | High | 20.70 | 18.45 | 18.56 | 23.01 | |||||||||
Low | 16.55 | 13.53 | 14.25 | 14.88 | ||||||||||
The Company has not paid dividends on its common stock during the two most recently completed fiscal years and has not declared any dividends during the current fiscal year. The Company does not anticipate paying cash dividends in the foreseeable future. The number of holders of the Company’s common stock as of March 7, 2005, was approximately 14,220, including 542 shareholders of record and an estimated 13,680 persons or entities holding common stock in nominee name. Shareholders may receive earnings news releases, which provide timely financial information, by notifying our investor relations department or by visiting our website: http://www.rehabcare.com |