Kindred Healthcare and Select Medical Holdings Corporation Complete Acquisition of Additional Hospitals from Each Other
June 28 2016 - 8:00AM
Business Wire
Kindred Healthcare, Inc. (“Kindred” or the “Company”) (NYSE:KND)
today announced that it has completed the acquisition of an
additional transitional care hospital (licensed as a long-term
acute care (“LTAC”) hospital) operated by Select Medical Holdings
Corporation (“Select”) (NYSE:SEM) and sold an additional LTAC
hospital to Select. Kindred acquired a leased hospital in San
Antonio, Texas (44 licensed beds) from Select and sold a leased
hospital in Atlanta, Georgia (72 licensed beds) to Select as part
of a previously announced agreement.
As announced on June 1, 2016, Kindred acquired four leased
hospitals from Select and sold two of its hospitals to Select.
“We have taken aggressive steps to reposition our LTAC portfolio
in front of LTAC criteria. We believe the five hospitals that we
have acquired from Select will improve our ability to Continue the
Care for our patients in several important markets,” said Benjamin
A. Breier, Kindred’s President and Chief Executive Officer. “At
Kindred, we remain focused on delivering the most appropriate care
and quickly transitioning patients to lower acuity care settings
with the priority of returning them to independence at home while
also creating enhanced value for patients, partners, employees and
shareholders.”
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, the Company’s ability to integrate the operations
of the acquired hospitals and realize the anticipated revenues,
economies of scale, cost synergies and productivity gains resulting
from the acquired hospitals, 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 the words such as
“anticipate,” “approximate,” “believe,” “plan,” “estimate,”
“expect,” “project,” “could,” “would,” “should,” “will,” “intend,”
“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-90 private employer in the
United States, is a FORTUNE 500 healthcare services company based
in Louisville, Kentucky with annual revenues of approximately
$7.2 billion(1). At March 31, 2016, Kindred through its
subsidiaries had approximately 102,000 employees providing
healthcare services in 2,700 locations in 46 states, including 95
transitional care hospitals, 19 inpatient rehabilitation hospitals,
92 nursing centers, 20 sub-acute units, 618 Kindred at Home home
health, hospice and non-medical home care sites of service, 104
inpatient rehabilitation units (hospital-based) and a contract
rehabilitation services business, RehabCare, which served 1,752
non-affiliated sites of service. Ranked as one of Fortune
magazine’s Most Admired Healthcare Companies for seven 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 based upon Kindred
consolidated revenues for the twelve months ended March 31,
2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20160628005779/en/
Kindred Healthcare, Inc.Todd Flowers, 502-596-6569Senior Vice
President, Corporate Finance and Treasurer
Kindred Healthcare (NYSE:KND)
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