Attached files
| file | filename |
|---|---|
| 8-K - REHABCARE 3Q09 RELEASE - REHABCARE GROUP INC | eightk3q09earnings.htm |
| EX-99.2 - REHABCARE 3Q09 SCRIPT - REHABCARE GROUP INC | eightk3q09earningsscript.htm |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
Tuesday,
November 3, 2009
REHABCARE
REPORTS THIRD QUARTER 2009 RESULTS
|
·
|
Diluted
earnings per share attributable to RehabCare increases to $0.37, including
$2.2 million pre-tax external merger and acquisition related expenses, or
$.07 per share after tax
|
|
·
|
Third
quarter consolidated operating revenues increase 14.7% compared to the
prior year quarter; Company on track for strong year of revenue and
earnings growth
|
|
·
|
Skilled
Nursing Rehabilitation Services and Hospital Rehabilitation Services
divisions exceed outlook for operating earnings
margins
|
|
·
|
Hospital
earnings impacted by start-up losses and expenses related to merger and
acquisition activities
|
ST. LOUIS, MO, November 3,
2009--RehabCare Group, Inc. (NYSE:RHB) today reported financial results
for the quarter and nine months ended September 30, 2009. Comparative
results for the quarter and nine months follow.
|
Third
|
Second
|
Third
|
Nine
Months Ended
|
|||||||||||||
|
Quarter
|
Quarter
|
Quarter
|
September
30,
|
|||||||||||||
|
Amounts
in millions, except per share data
|
2009
|
2009
|
2008
|
2009
|
2008
|
|||||||||||
|
Consolidated
Operating Revenues
|
$
|
208.0
|
$
|
205.2
|
$
|
181.4
|
$
|
614.7
|
$
|
543.4
|
||||||
|
Consolidated
Operating Earnings
|
10.5
|
12.8
|
7.1
|
37.6
|
23.4
|
|||||||||||
|
Consolidated
Net Earnings from Continuing Operations
|
5.7
|
7.4
|
3.7
|
21.5
|
12.2
|
|||||||||||
|
Loss
from Discontinued Operations, Net of Tax (a)
|
—
|
(0.9
|
)
|
(0.3
|
)
|
(0.8
|
)
|
(0.5
|
)
|
|||||||
|
Consolidated
Net Earnings
|
5.7
|
6.5
|
3.4
|
20.7
|
11.7
|
|||||||||||
|
Net
Losses Attributable to Noncontrolling Interests
|
1.1
|
0.4
|
0.6
|
1.6
|
1.3
|
|||||||||||
|
Net
Earnings Attributable to RehabCare
|
6.8
|
6.9
|
4.0
|
22.3
|
13.0
|
|||||||||||
|
Diluted
Earnings per Share Attributable to RehabCare:
|
||||||||||||||||
|
Earnings
from Continuing Operations, Net of Tax
|
0.37
|
0.43
|
0.24
|
1.28
|
0.76
|
|||||||||||
|
Net
Earnings
|
0.37
|
0.38
|
0.22
|
1.24
|
0.73
|
|||||||||||
|
SRS
Operating Revenues
|
123.4
|
123.8
|
112.2
|
370.3
|
339.2
|
|||||||||||
|
SRS
Operating Earnings
|
9.8
|
9.1
|
6.7
|
29.4
|
16.9
|
|||||||||||
|
HRS
Inpatient Operating Revenues
|
32.9
|
32.9
|
30.8
|
97.6
|
90.4
|
|||||||||||
|
HRS
Outpatient Operating Revenues
|
12.1
|
12.2
|
10.8
|
35.6
|
31.6
|
|||||||||||
|
HRS
Operating Revenues
|
45.0
|
45.1
|
41.6
|
133.2
|
122.0
|
|||||||||||
|
HRS
Operating Earnings
|
8.2
|
7.7
|
6.2
|
22.2
|
16.2
|
|||||||||||
|
Hospital
Operating Revenues
|
39.7
|
36.3
|
27.5
|
111.2
|
82.2
|
|||||||||||
|
Hospital
Operating Loss
|
(7.6
|
)
|
(3.8
|
)
|
(5.5
|
)
|
(13.7
|
)
|
(9.1
|
)
|
||||||
|
(a)
|
The
$0.9 million after-tax loss from discontinued operations in the second
quarter of 2009 includes a $0.7 million loss on the sale of the Company’s
Phase 2 Consulting business on June 1, 2009 and a $0.2 million after-tax
loss from Phase 2’s discontinued operating
activities.
|
-MORE-
REHABCARE
REPORTS THIRD QUARTER 2009
RESULTS Page
2
“Our
Skilled Nursing Rehabilitation Services (SRS) and Hospital Rehabilitation
Services (HRS) divisions surpassed our margin expectations in the third quarter
and are on pace for a full year of strong earnings growth,” said John H. Short,
Ph.D, RehabCare President and Chief Executive
Officer. “Year-over-year operating revenues also continue to grow at
a healthy rate across all divisions. Furthermore, our SRS and HRS
divisions had great success with contract signings in the quarter, despite a
period of economic instability and legislative uncertainty for healthcare
administrators.
“Our
Hospital division improved same store operating performance sequentially, but
incurred incremental expenses related to merger and acquisition activities, as
well as start-up losses for Greater Peoria Specialty Hospital, our new long-term
acute care hospital (LTACH) in Peoria, IL. The division also was
impacted by an operating loss at Dallas LTAC Hospital, which we acquired on June
30 and where the operational turnaround has been slower than
expected. We continue to address transitory issues within the
division to reach breakeven operating earnings run rate by the end of the 2010
second quarter.”
Financial Overview of Third
Quarter
Consolidated
operating revenues for the third quarter of 2009 were $208.0 million, a 14.7%
increase compared to $181.4 million in the 2008 third quarter.
Consolidated
net earnings attributable to RehabCare were $6.8 million, a 69.0% increase, in
the third quarter of 2009 compared to $4.0 million in the prior year quarter.
Diluted earnings per share attributable to RehabCare for the third quarter of
2009 was $0.37, which includes $2.2 million pre-tax external merger and
acquisition related expenses, or $.07 per diluted share after tax, compared to
$0.22 in the third quarter of 2008.
Operating
revenues in the Skilled Nursing
Rehabilitation Services division increased 9.9% from $112.2 million in
the third quarter of 2008 to $123.4 million in the third quarter of 2009, driven
by a contract therapy same store revenue increase of 10.0%. The division had
a net gain of 23 units over the third quarter of 2008 and a net gain of 33 from
the second quarter of 2009. On September 30, 2009, SRS operated in
1,098 contract therapy locations compared to 1,075 locations at the end of the
third quarter of 2008 and 1,065 locations at the end of the second quarter of
2009. The Company signed 65 new contracts in the third quarter of
2009 compared to 53 in the third quarter of 2008 and 44 in the second quarter of
2009.
The SRS
division’s operating earnings were $9.8 million, or 8.0% of revenue, compared to
$6.7 million, or 5.9% of revenue, in the third quarter of 2008. The
47.6% year-over-year gain is a result of improved operating performance and
better leveraging of selling, general and administrative costs.
The Hospital Rehabilitation Services
division’s third quarter 2009 operating revenues increased 8.3% to $45.0
million, compared to $41.6 million in the third quarter of
2008. Inpatient operating revenues improved 6.9% and inpatient
rehabilitation facility (IRF) same store discharges increased 0.5% compared to
third quarter 2008. The average revenue per inpatient program
increased 9.1% due to an improvement in contract mix. Outpatient
operating revenues increased 12.3% as the average number of programs increased
by 9.0% and same store revenues increased 7.8%.
-MORE-
REHABCARE
REPORTS THIRD QUARTER 2009
RESULTS Page
3
At
September 30, 2009, HRS operated 154 programs compared to 156 both at the end of
the third quarter of 2008 and the end of the second quarter of
2009. The division operated 110 IRF programs at the end of the 2009
third quarter compared to 111 at the beginning of the quarter and 110 a year
ago. The division had no IRF openings and one IRF closing during the third
quarter. There were six HRS contract signings in the third quarter,
three IRFs and three subacute units. At quarter end, the number of
signed but unopened contracts was eight, five of which were IRFs, compared to a
backlog of two at the end of the second quarter.
HRS
operating earnings increased 31.6% to $8.2 million, or 18.2% of revenue, in the
third quarter of 2009 compared to $6.2 million, or 15.0% of revenue, in the 2008
third quarter. The year-over-year gain is a result of improved
contract terms and corporate and division realignment of selling, general and
administrative costs.
Operating revenues in the Hospital division for the
third quarter of 2009 increased $3.4 million, or 9.3%, sequentially to $39.7
million. Same store discharges decreased 3.5% sequentially as two of
the division’s IRFs limited admissions in July and August to achieve compliance
with the 60% Rule. The division incurred an operating loss of $7.6
million in the third quarter of 2009 compared to an operating loss of $3.8
million in the second quarter of 2009. The $3.8 million sequential
increase in operating losses was due to a $1.6 million increase in total merger
and acquisition related expenses, a $1.2 million increase in start-up losses for
Greater Peoria Specialty Hospital and a $1.8 million operating loss at Dallas
LTAC Hospital. The division’s same store operating performance
improved sequentially by $0.5 million. The division currently
operates a total of 13 hospitals, including six IRFs and seven
LTACHs.
Balance
Sheet and Liquidity
At
September 30, 2009, the Company had $34.5 million in cash and cash equivalents
and $26.7 million in outstanding debt. Net debt (outstanding debt
less cash and cash equivalents) has been reduced by $37.5 million since the
beginning of the year. Days sales outstanding decreased to 61.1 days
at September 30, 2009 from 70.1 days at September 30, 2008.
For the
nine months ended September 30, 2009, the Company generated cash from operations
of $46.6 million and expended $8.9 million for capital expenditures, principally
related to companywide information systems, equipment for the start-up of
Greater Peoria Specialty Hospital and hospital facility maintenance
capital.
Legislative
Update
Congress
continues healthcare reform efforts, with both chambers working to reconcile
their respective bills, and may vote later this year. Current
legislation favorably addresses the Company’s key regulatory objectives,
including providing an extension of the Part B Therapy Caps exceptions process
through 2011, replacing a scheduled 21% reduction in Medicare payments to
physicians with a 0.5% increase for one year and extending LTACH reimbursement
clarity until 2013. The Company remains engaged in the legislative
process through its affiliated trade groups and independent
efforts.
On
October 1, final rules for FY2010 Medicare reimbursement were implemented,
providing a net 2.8% rate increase for RehabCare’s freestanding IRFs and a net
1.4% increase for its LTACHs. The net 1.1% rate decrease for skilled
nursing facilities will likely result in flat pricing in the Company’s SRS
division through 2010.
-MORE-
REHABCARE
REPORTS THIRD QUARTER 2009
RESULTS Page
4
Outlook
The Company does not provide revenue
and earnings per share guidance, but provides the following outlook for the
remainder of 2009 and for 2010:
|
·
|
The
Company anticipates strong consolidated revenue and net earnings growth
for the full year 2009 and 2010.
|
|
·
|
The
Skilled Nursing Rehabilitation Services division expects 6.5% - 7.5%
operating earnings margins for the remainder of 2009 and in 2010, driven
by mid-single digit year-over-year same store revenue growth. The division
expects modest unit growth in the 2009 fourth quarter and in
2010.
|
|
·
|
The
Hospital Rehabilitation Services division expects 15% - 17% operating
earnings margins, 2% - 4% year-over-year growth in IRF same store
discharges and flat unit growth in the 2009 fourth quarter and in
2010.
|
|
·
|
The
Hospital division expects total year operating losses of $16.0 - $17.0
million, which includes approximately $3.5 million in external merger and
acquisition related expenses incurred through September 30,
2009. For full year 2009, revenue is expected to be $154 - $156
million. The Company expects a breakeven operating earnings run
rate by the end of the second quarter of 2010 and to achieve breakeven
operating earnings for the full year
2010.
|
|
·
|
The
effective tax rate is anticipated to approximate 39% for 2009 and 2010
after consideration of noncontrolling interests and equity
income.
|
|
·
|
The
Company expects continued strong operating cash flow with DSO in the range
of 60 to 65 days.
|
|
·
|
Capital
expenditures are anticipated to be approximately $3.0 million for the
remainder of 2009, principally related to information systems investments,
and $13.0 million in 2010.
|
Conclusion
“Another
quarter of double-digit revenue and earnings growth over 2008 reflects the
continual efforts of our contract management divisions to grow the business,
improve operational performance and deliver enhanced value to our
customers. With our continued technology investments and broad array
of services across the post-acute continuum, we remain in a great position to
compete in an ever-evolving post-acute marketplace,” said Dr.
Short.
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 over 1,250 hospitals and skilled nursing facilities in 41
states. The Company also operates freestanding rehabilitation
hospitals and long-term acute care hospitals across the
country. RehabCare is included in the Russell 2000 and Standard and
Poor’s Small Cap 600 Indices.
-MORE-
REHABCARE
REPORTS THIRD QUARTER 2009
RESULTS Page
5
RehabCare will host a conference call
on November 3, 2009, beginning at 5:00 PM Eastern time. Listeners may
access the call by dialing (800) 640-9765, confirmation number 25516586, or in a
listen-only mode through the Company’s website at http://www.rehabcare.com/investors/webcasts.htm. A
replay of the call will be available beginning at approximately 7:00 PM Eastern
Time today by dialing (877) 213-9653, confirmation number
25516586. An online archive of the conference call will remain on the
Company’s website through January 4, 2010.
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 its 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 factors that affect its ability to achieve the results
estimated. The Company makes no promise to update any forward-
looking statements as a result of changes in underlying factors, new
information, future events or otherwise.
CONTACT:
RehabCare Group, Inc.
Financial:
Jay W. Shreiner, Chief Financial Officer
Press:
Donna Lee, Office of the CEO
(314)
863-7422
-MORE-
REHABCARE
REPORTS THIRD QUARTER 2009
RESULTS Page
6
|
I. Condensed Consolidated Statements of
Earnings
|
||||||||||||||||
|
(Unaudited;
amounts in thousands, except per share data)
|
||||||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
Sept.
30,
|
June
30,
|
Sept.
30,
|
Sept.
30,
|
Sept.
30,
|
||||||||||||
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Operating
revenues
|
$
|
208,040
|
$
|
205,164
|
$
|
181,350
|
$
|
614,735
|
$
|
543,353
|
||||||
|
Costs
and expenses:
|
||||||||||||||||
|
Operating
|
170,020
|
164,290
|
148,955
|
494,832
|
442,325
|
|||||||||||
|
Selling, general and
administrative
|
23,813
|
24,259
|
21,735
|
70,922
|
66,772
|
|||||||||||
|
Depreciation and
amortization
|
3,727
|
3,783
|
3,580
|
11,379
|
10,860
|
|||||||||||
|
Total costs and
expenses
|
197,560
|
192,332
|
174,270
|
577,133
|
519,957
|
|||||||||||
|
Operating
earnings
|
10,480
|
12,832
|
7,080
|
37,602
|
23,396
|
|||||||||||
|
Interest
income
|
—
|
4
|
29
|
19
|
104
|
|||||||||||
|
Interest
expense
|
(498
|
)
|
(549
|
)
|
(847
|
)
|
(1,619
|
)
|
(3,152
|
)
|
||||||
|
Other
income (expense), net
|
3
|
—
|
(4
|
)
|
4
|
24
|
||||||||||
|
Equity
in net income of affiliates
|
52
|
108
|
143
|
326
|
441
|
|||||||||||
|
Earnings
from continuing operations before income taxes
|
10,037
|
12,395
|
6,401
|
36,332
|
20,813
|
|||||||||||
|
Income
tax expense
|
4,331
|
4,965
|
2,735
|
14,799
|
8,639
|
|||||||||||
|
Earnings
from continuing operations
|
5,706
|
7,430
|
3,666
|
21,533
|
12,174
|
|||||||||||
|
Loss
from discontinued operations
|
(16
|
)
|
(882
|
)
|
(280
|
)
|
(847
|
)
|
(511
|
)
|
||||||
|
Net
earnings
|
5,690
|
6,548
|
3,386
|
20,686
|
11,663
|
|||||||||||
|
Net
loss attributable to noncontrolling interests
|
1,067
|
335
|
612
|
1,614
|
1,339
|
|||||||||||
|
Net
earnings attributable to RehabCare
|
$
|
6,757
|
$
|
6,883
|
$
|
3,998
|
$
|
22,300
|
$
|
13,002
|
||||||
|
Amounts
attributable to RehabCare:
|
||||||||||||||||
|
Earnings from continuing
operations
|
$
|
6,773
|
$
|
7,765
|
$
|
4,278
|
$
|
23,147
|
$
|
13,513
|
||||||
|
Loss from discontinued
operations
|
(16
|
)
|
(882
|
)
|
(280
|
)
|
(847
|
)
|
(511
|
)
|
||||||
|
Net earnings
|
$
|
6,757
|
$
|
6,883
|
$
|
3,998
|
$
|
22,300
|
$
|
13,002
|
||||||
|
Diluted
EPS attributable to RehabCare:
|
||||||||||||||||
|
Earnings from continuing
operations
|
$
|
0.37
|
$
|
0.43
|
$
|
0.24
|
$
|
1.28
|
$
|
0.76
|
||||||
|
Loss from discontinued
operations
|
—
|
(0.05
|
)
|
(0.02
|
)
|
(0.04
|
)
|
(0.03
|
)
|
|||||||
|
Net earnings
|
$
|
0.37
|
$
|
0.38
|
$
|
0.22
|
$
|
1.24
|
$
|
0.73
|
||||||
|
Weighted
average diluted shares
|
18,282
|
18,097
|
17,824
|
18,050
|
17,773
|
|||||||||||
-MORE-
REHABCARE
REPORTS THIRD QUARTER 2009
RESULTS Page
7
|
II. Condensed Consolidated Balance
Sheets
|
||||||||
|
(Amounts
in thousands)
|
||||||||
|
Unaudited
|
||||||||
|
September
30,
|
December
31,
|
|||||||
|
2009
|
2008
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$
|
34,541
|
$
|
27,373
|
||||
|
Accounts
receivable, net
|
137,681
|
139,197
|
||||||
|
Deferred
tax assets
|
14,750
|
14,876
|
||||||
|
Other
current assets
|
8,016
|
7,165
|
||||||
|
Total
current assets
|
194,988
|
188,611
|
||||||
|
Property
and equipment, net
|
42,141
|
37,851
|
||||||
|
Goodwill
|
173,462
|
171,365
|
||||||
|
Intangible
assets
|
25,571
|
28,944
|
||||||
|
Investment
in unconsolidated affiliate
|
4,725
|
4,772
|
||||||
|
Other
assets
|
6,132
|
6,863
|
||||||
|
$
|
447,019
|
$
|
438,406
|
|||||
|
Liabilities
& Equity
|
||||||||
|
Current
portion of long-term debt
|
$
|
444
|
$
|
—
|
||||
|
Payables
& accruals
|
98,572
|
91,327
|
||||||
|
Total
current liabilities
|
99,016
|
91,327
|
||||||
|
Long-term
debt, less current portion
|
26,273
|
57,000
|
||||||
|
Other
non-current liabilities
|
14,137
|
12,279
|
||||||
|
Stockholders’
equity
|
294,369
|
267,772
|
||||||
|
Noncontrolling
interests
|
13,224
|
10,028
|
||||||
|
$
|
447,019
|
$
|
438,406
|
|||||
|
III. Condensed Consolidated Statements of Cash
Flows
|
|||||||
|
(Unaudited;
amounts in thousands)
|
|||||||
|
Nine
Months Ended
|
|||||||
|
September
30,
|
|||||||
|
2009
|
2008
|
||||||
|
Net
cash provided by operating activities
|
$
|
46,623
|
$
|
32,000
|
|||
|
Net
cash used in investing activities
|
(9,918
|
)
|
(12,528
|
)
|
|||
|
Net
cash used in financing activities
|
(29,537
|
)
|
(17,332
|
)
|
|||
|
Net
increase in cash and cash equivalents
|
7,168
|
2,140
|
|||||
|
Cash
and cash equivalents at beginning of period
|
27,373
|
10,265
|
|||||
|
Cash
and cash equivalents at end of period
|
$
|
34,541
|
$
|
12,405
|
|||
|
Supplemental information:
|
|||||||
|
Additions
to property and equipment
|
$
|
(8,932
|
)
|
$
|
(12,689
|
)
|
|
-MORE-
REHABCARE
REPORTS THIRD QUARTER 2009
RESULTS Page
8
|
IV. Operating Statistics
(Unaudited; dollars in thousands)
|
||||||||||||||||
|
Third
|
Second
|
Third
|
Nine
Months Ended
|
|||||||||||||
|
Quarter
|
Quarter
|
Quarter
|
September
30,
|
|||||||||||||
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Skilled Nursing Rehabilitation
Services
|
||||||||||||||||
|
Operating
revenues
|
$
|
123,350
|
$
|
123,787
|
$
|
112,246
|
$
|
370,285
|
$
|
339,174
|
||||||
|
Operating
expenses
|
99,631
|
100,134
|
91,558
|
298,763
|
278,496
|
|||||||||||
|
Selling,
general and administrative
|
12,321
|
12,967
|
12,376
|
37,305
|
38,589
|
|||||||||||
|
Depreciation
and amortization
|
1,564
|
1,578
|
1,651
|
4,820
|
5,158
|
|||||||||||
|
Operating
earnings
|
$
|
9,834
|
$
|
9,108
|
$
|
6,661
|
$
|
29,397
|
$
|
16,931
|
||||||
|
Operating
earnings margin
|
8.0
|
%
|
7.4
|
%
|
5.9
|
%
|
7.9
|
%
|
5.0
|
%
|
||||||
|
Average
number of contract therapy locations
|
1,089
|
1,068
|
1,071
|
1,077
|
1,062
|
|||||||||||
|
End
of period number of contract therapy locations
|
1,098
|
1,065
|
1,075
|
1,098
|
1,075
|
|||||||||||
|
Patient
visits (in thousands)
|
2,011
|
2,017
|
1,879
|
6,033
|
5,687
|
|||||||||||
|
Hospital Rehabilitation
Services
|
||||||||||||||||
|
Operating
revenues
|
||||||||||||||||
|
Inpatient
Rehabilitation Facility (IRF)
|
$
|
31,092
|
$
|
31,257
|
$
|
28,405
|
$
|
92,367
|
$
|
83,207
|
||||||
|
Subacute
|
|
1,834
|
1,662
|
2,395
|
|
5,221
|
|
7,232
|
||||||||
|
Total
Inpatient
|
$
|
32,926
|
$
|
32,919
|
$
|
30,800
|
$
|
97,588
|
$
|
90,439
|
||||||
|
Outpatient
|
12,113
|
12,178
|
10,791
|
35,614
|
31,557
|
|||||||||||
|
Total
HRS
|
$
|
45,039
|
$
|
45,097
|
$
|
41,591
|
$
|
133,202
|
$
|
121,996
|
||||||
|
Operating
expenses
|
31,451
|
31,007
|
29,302
|
93,092
|
86,797
|
|||||||||||
|
Selling,
general and administrative
|
4,831
|
5,806
|
5,448
|
16,127
|
17,013
|
|||||||||||
|
Depreciation
and amortization
|
561
|
624
|
612
|
1,831
|
2,008
|
|||||||||||
|
Operating
earnings
|
$
|
8,196
|
$
|
7,660
|
$
|
6,229
|
$
|
22,152
|
$
|
16,178
|
||||||
|
Operating
earnings margin
|
18.2
|
%
|
17.0
|
%
|
15.0
|
%
|
16.6
|
%
|
13.3
|
%
|
||||||
|
Average
number of programs
|
||||||||||||||||
|
IRF
|
111
|
113
|
109
|
112
|
107
|
|||||||||||
|
Subacute
|
9
|
9
|
14
|
9
|
14
|
|||||||||||
|
Total
Inpatient
|
120
|
122
|
123
|
121
|
121
|
|||||||||||
|
Outpatient
|
36
|
36
|
33
|
36
|
33
|
|||||||||||
|
Total
HRS
|
156
|
158
|
156
|
157
|
154
|
|||||||||||
|
End
of period number of programs
|
||||||||||||||||
|
IRF
|
110
|
111
|
110
|
110
|
110
|
|||||||||||
|
Subacute
|
9
|
9
|
13
|
9
|
13
|
|||||||||||
|
Total
Inpatient
|
119
|
120
|
123
|
119
|
123
|
|||||||||||
|
Outpatient
|
35
|
36
|
33
|
35
|
33
|
|||||||||||
|
Total
HRS
|
154
|
156
|
156
|
154
|
156
|
|||||||||||
|
IRF
discharges
|
10,858
|
11,359
|
10,569
|
33,216
|
31,154
|
|||||||||||
|
Subacute
discharges
|
798
|
792
|
870
|
2,447
|
2,399
|
|||||||||||
|
Total
Inpatient discharges
|
11,656
|
12,151
|
11,439
|
35,663
|
33,553
|
|||||||||||
|
Outpatient
visits (in thousands)
|
320
|
328
|
239
|
959
|
720
|
|||||||||||
|
Hospitals
|
||||||||||||||||
|
Operating
revenues
|
$
|
39,651
|
$
|
36,280
|
$
|
27,513
|
$
|
111,248
|
$
|
82,183
|
||||||
|
Operating
expenses
|
38,938
|
33,149
|
28,095
|
102,977
|
77,032
|
|||||||||||
|
Selling,
general and administrative
|
6,661
|
5,351
|
3,618
|
17,236
|
10,587
|
|||||||||||
|
Depreciation
and amortization
|
1,602
|
1,581
|
1,317
|
4,728
|
3,694
|
|||||||||||
|
Operating
earnings (loss)
|
$
|
(7,550
|
)
|
$
|
(3,801
|
)
|
$
|
(5,517
|
)
|
$
|
(13,693
|
)
|
$
|
(9,130
|
)
|
|
|
Operating
earnings margin
|
-19.0
|
%
|
-10.5
|
%
|
-20.1
|
%
|
-12.3
|
%
|
-11.1
|
%
|
||||||
|
End
of period number of facilities
|
13
|
12
|
10
|
13
|
10
|
|||||||||||
|
Patient
days
|
33,579
|
30,233
|
24,393
|
92,603
|
71,790
|
|||||||||||
|
Discharges
|
1,887
|
1,817
|
1,492
|
5,351
|
4,451
|
|||||||||||
-END-