Kindred Healthcare, Inc. (“Kindred” or the “Company”) (NYSE:KND)
today announced that the Company expects a one-time pretax earnings
impact from Hurricanes Irma and Harvey of approximately $20 million
in aggregate for the third quarter of 2017. As discussed below, the
Company’s impacted operations have substantially returned to normal
and the Company does not expect any significant impact on its
financial results in the fourth quarter of 2017 or beyond.
Benjamin A. Breier, President and Chief Executive Officer of the
Company, commented, “In the areas affected by the storms, Kindred
has approximately 16,000 employees and operates 18 long-term acute
care hospitals, approximately 100 Kindred at Home sites of service,
two inpatient rehabilitation hospitals, one sub-acute unit and
provides external rehabilitation therapy contract services for
roughly 100 sites. In total, these businesses represent
approximately 16% of our aggregated consolidated revenues.”
Mr. Breier continued, “All of our Houston hospitals remained
operational during and after Harvey, and in Florida, as a safety
precaution, two of Kindred’s 10 Florida hospitals temporarily
evacuated patients during Irma, while the eight other hospitals
remained operational. We did not sustain any significant physical
damage to any of our facilities. The majority of our Kindred at
Home sites in Houston and Florida closed temporarily due to both
weather and power outages, and have re-opened. Our operations in
these geographies have now largely returned to normal, and we do
not expect any meaningful lingering effects going forward. In
addition, we have begun the process of pursuing claims under our
business interruption insurance coverage.”
Mr. Breier concluded, “Our employees demonstrated extraordinary
commitment to ensuring the safety of our patients and minimizing
disruptions to care, even as they dealt with the impact of the
storm on their personal lives. I have never been so proud of our
team at Kindred, both in the storm areas and others around the
country that have supported the crisis and recovery efforts. They
have done a remarkable job and I want to thank them for their
commitment to our patients and their families.”
Kindred will provide more detail on these matters when it
reports its third quarter earnings in early November.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements include, but are
not limited to, all statements regarding the Company’s expected
future financial position, results of operations, cash flows,
dividends, financing plans, business strategy, budgets, capital
expenditures, competitive positions, growth opportunities, plans
and objectives of management, government investigations, regulatory
matters, and statements containing words such as “anticipate,”
“approximate,” “believe,” “plan,” “estimate,” “expect,” “project,”
“could,” “would,” “should,” “will,” “intend,” “hope,” “may,”
“potential,” “upside,” and other similar expressions. Statements in
this press release concerning the Company’s business outlook or
future economic performance, anticipated profitability, revenues,
expenses, dividends or other financial items, product or services
line growth, and expected outcome of government investigations and
other regulatory matters, together with other statements that are
not historical facts, are forward-looking statements that are
estimates reflecting the best judgment of the Company based upon
currently available information.
Such forward-looking statements are inherently uncertain, and
stockholders and other potential investors must recognize that
actual results may differ materially from the Company’s
expectations as a result of a variety of factors. Such
forward-looking statements are based upon management’s current
expectations and include known and unknown risks, uncertainties and
other factors, many of which the Company is unable to predict or
control, that may cause the Company’s actual results, performance
or plans to differ materially from any future results, performance
or plans expressed or implied by such forward-looking statements.
These statements involve risks, uncertainties and other factors
detailed from time to time in the Company’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K filed with the Securities and Exchange Commission.
Many of these factors are beyond the Company’s control. The
Company cautions investors that any forward-looking statements made
by the Company are not guarantees of future performance. The
Company disclaims any obligation to update any such factors or to
announce publicly the results of any revisions to any of the
forward-looking statements to reflect future events or
developments.
About Kindred Healthcare
Kindred Healthcare, Inc., a top-100 private employer in the
United States, is a FORTUNE 500 healthcare services company based
in Louisville, Kentucky with annual revenues of approximately $6.1
billion(1). At June 30, 2017, Kindred’s continuing operations,
through its subsidiaries, had approximately 88,100 employees
providing healthcare services in 2,540 locations in 45 states,
including 81 long-term acute care hospitals, 19 inpatient
rehabilitation hospitals, 19 sub-acute units, 614 Kindred at Home
home health, hospice and non-medical home care sites of service,
102 inpatient rehabilitation units (hospital-based) and contract
rehabilitation service businesses which served 1,705 non-affiliated
sites of service. Ranked as one of Fortune magazine’s Most Admired
Healthcare Companies for eight years, Kindred’s mission is to
promote healing, provide hope, preserve dignity and produce value
for each patient, resident, family member, customer, employee and
shareholder we serve. For more information, go to
www.kindredhealthcare.com. You can also follow us on Twitter and
Facebook.
(1) Revenues from continuing operations for the last twelve
months ended June 30, 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20170920006311/en/
Kindred Healthcare, Inc.Todd Flowers, 502-596-6569Treasurer and
Senior Vice President, Investor Relations
Kindred Healthcare (NYSE:KND)
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