RehabCare Group, Inc. (NYSE:RHB) today reported financial
results for the quarter and year ended December 31, 2009.
Comparative results for the quarter and year follow.
Fourth Third Fourth
Year Ended Quarter Quarter Quarter
December 31, Amounts in millions, except per share
data 2009 2009
2008 2009
2008 Consolidated Operating Revenues $
254.7 $ 208.0 $ 192.1 $ 869.4 $ 735.4 Consolidated Operating
Earnings (a) (b) (c) 6.9 10.5 9.5 44.5 32.9 Consolidated Net
Earnings from Continuing Operations 0.3 5.7 5.4 21.8 17.6 Loss from
Discontinued Operations, Net of Tax (d)
-
-
(0.3 ) (0.8 ) (0.9 ) Consolidated Net Earnings 0.3 5.7 5.1 21.0
16.7 Net Losses Attributable to Noncontrolling Interests 0.4 1.1
0.6 2.0 2.0 Net Earnings Attributable to RehabCare 0.7 6.8 5.7 23.0
18.7 Diluted Earnings per Share Attributable to RehabCare: Earnings
from Continuing Operations, Net of Tax 0.03 0.37 0.34 1.26 1.10 Net
Earnings 0.03 0.37 0.32 1.22 1.05 SRS Operating Revenues
126.0 123.4 118.1 496.3 457.2 SRS Operating Earnings (a) 8.4 9.8
8.6 37.8 25.5 SRS EBITDA 9.8 11.4 10.3 44.0 32.4 HRS
Inpatient Operating Revenues 33.3 32.9 32.4 130.9 122.8 HRS
Outpatient Operating Revenues 11.7 12.1 11.3 47.3 42.9 HRS
Operating Revenues 45.0 45.0 43.7 178.2 165.7 HRS Operating
Earnings (a) (b) 7.3 8.2 5.8 29.5 22.0 HRS EBITDA 7.9 8.8 6.5 31.9
24.6 Hospital Operating Revenues 83.8 39.7 30.3 195.0 112.5
Hospital Operating Loss (a) (c) (8.8 ) (7.6 ) (4.8 ) (22.5 ) (13.9
) Hospital EBITDA (5.8 ) (5.9 ) (3.4 ) (14.7 ) (8.8 )
(a)
The fourth quarter and year ended
December 31, 2009 includes certain transaction related pretax
charges of $9.4 million, or $0.34 per diluted share (see table on
page 11).
(b)
The fourth quarter and year ended
December 31, 2008 includes a pretax charge arising from a bad debt
write-down related to an outpatient transaction of $1.2 million, or
$0.04 per diluted share after tax (see table on page 11).
(c)
Includes a pretax charge related
to the cancellation of a planned acquisition in Providence, RI, and
a long-term acute care hospital development project in Kokomo, IN,
of $1.5 million, or $0.05 per diluted share after tax, in the
quarter and year ended December 31, 2008 (see table on page
11).
(d)
The $0.8 million after-tax loss
from discontinued operations in the year ended December 31, 2009
includes a $0.7 million after-tax loss on the sale of the Company’s
Phase 2 Consulting business on June 1, 2009.
“Capping off a successful year of top and bottom line growth was
our merger with Triumph HealthCare in November, which has
rebalanced our business portfolio between managed and owned
operations and given us extensive expertise across the post-acute
continuum,” said John H. Short, Ph.D, RehabCare President and Chief
Executive Officer. “The addition of Triumph has provided a new
foundation for our Hospital operations to deliver strong,
sustainable returns.
“Our outlook for the Skilled Nursing and Hospital Rehabilitation
Services divisions underscores the strength of our contract
services management team and effectiveness of our mitigation
strategies in the face of challenging economic and regulatory
conditions. In addition, our application of new technologies
continues to differentiate our products and drive greater clinical
and operational results.”
Financial Overview of Fourth Quarter
Consolidated operating revenues for the fourth quarter of 2009,
including $39.7 million generated by Triumph HealthCare, were
$254.7 million, a 32.6% increase compared to $192.1 million in the
2008 fourth quarter.
Consolidated net earnings attributable to RehabCare, including
Triumph, were $0.7 million in the fourth quarter of 2009 compared
to $5.7 million in the prior year quarter. Diluted earnings per
share attributable to RehabCare for the fourth quarter of 2009 was
$0.03, which included $7.2 million of certain after-tax charges,
substantially all of which related to the Triumph merger (see table
on page 11). Diluted earnings per share attributable to RehabCare
for the 2008 fourth quarter was $0.32, including $1.7 million of
after-tax charges. Excluding these charges, diluted earnings per
share attributable to RehabCare was $0.37 in the fourth quarter of
2009 compared to $0.41 in the fourth quarter of 2008.
The 2009 fourth quarter also included $1.2 million after tax, or
$0.06 per diluted share, in increased health insurance claim costs
over the 2009 third quarter. As a result of being fully
self-insured, the Company experiences quarter to quarter volatility
in healthcare claim costs, but does not believe the increase in the
fourth quarter represents a long-term trend.
Operating revenues in the Skilled Nursing Rehabilitation
Services (SRS) division increased 6.7% from $118.1
million in the fourth quarter of 2008 to $126.0 million in the
fourth quarter of 2009, driven by an increase in the average number
of units operated and a contract therapy same store revenue
increase of 4.6%. The division had a net gain of 50 units
over year end 2008 and a net gain of 20 from the third quarter of
2009. On December 31, 2009, SRS operated in 1,118 locations
compared to 1,068 locations at the end of the fourth quarter of
2008 and 1,098 locations at the end of the third quarter of
2009.
The SRS division’s operating earnings were $8.4 million, or 6.6%
of revenue, compared to $8.6 million, or 7.3% of revenue, in the
fourth quarter of 2008. Quarterly operating earnings margin was
lower than the prior year primarily due to higher health insurance
claim costs.
The Hospital Rehabilitation Services (HRS) division’s
fourth quarter 2009 operating revenues increased 3.0% to $45.0
million, compared to $43.7 million in the fourth quarter of 2008.
Inpatient operating revenues improved 2.8% and inpatient
rehabilitation facility (IRF) same store revenues increased 2.1%
compared to fourth quarter 2008. IRF same store discharges declined
0.8% over the prior year quarter, but increased 1.2% for the full
year. The average number of inpatient programs declined by 4.2%
while revenue per inpatient program increased 7.3% due to an
improvement in contract mix compared to the year ago quarter.
Outpatient operating revenues increased 3.5% in the 2009 fourth
quarter versus the 2008 fourth quarter as same store revenues
increased 5.6% and the average number of programs remained
flat.
At December 31, 2009, HRS operated 145 programs compared to 157
at the end of the fourth quarter of 2008 and 154 at the end of the
third quarter of 2009. The division operated 106 IRF programs at
the end of the 2009 fourth quarter compared to 110 at the beginning
of the quarter and 113 a year ago. The division had three IRF
openings and seven IRF closings during the fourth quarter,
including one related to a hospital closing and one contract
terminated by RehabCare due to non-payment of services. HRS signed
contracts for one subacute unit and one outpatient unit in the
fourth quarter. At year end, the number of signed but unopened HRS
contracts was seven, two of which were IRFs, compared to a backlog
of five IRFs at the end of the third quarter. In response to lower
contract signings, the Company is realigning its business
development function and broadening its HRS product offerings to
better serve the needs of the market.
HRS operating earnings were $7.3 million, or 16.3% of revenue,
flat year over year when excluding a bad debt write-down in the
2008 fourth quarter.
Operating revenues in the legacy Hospital division for
the fourth quarter of 2009 increased $4.4 million, or 11.1%,
sequentially to $44.1 million. On a sequential basis, same store
revenues and discharges increased 8.5% and 5.3%, respectively.
In 2009, the legacy Hospital division’s same store operating
performance improved by $4.2 million, primarily a result of
improved performance by the legacy long-term acute care hospitals
(LTACHs). The legacy hospitals incurred a fourth quarter operating
loss of $12.5 million, which included $8.4 million in transaction
and severance expenses primarily related to the Triumph merger,
$1.2 million in start-up losses for Greater Peoria Specialty
Hospital and a $1.8 million operating loss at Dallas LTAC Hospital,
where the operational turnaround has been slower than expected. The
Company expects Dallas to be accretive by the end of the 2010
second quarter. Total year operating losses were $26.2 million for
the legacy Hospital division, which included $11.8 million in
transaction and severance related expenses and $4.8 million in
start-up and ramp-up losses.
Triumph HealthCare, which was acquired on November 24, 2009,
generated revenues of $39.7 million, operating earnings of $3.7
million and EBITDA (earnings before interest, taxes, depreciation
and amortization) of $5.1 million during the first 37 days it was
part of the Hospital division. November and December operating
results for Triumph were impacted by softer acute care volumes, six
hospitals achieving compliance with the 25-day length of stay
requirement for LTACHs, the assimilation of the seven legacy
RehabCare LTACHs into Triumph operations and the acquisition of St.
Agnes Long-Term Care Hospital in Philadelphia, which was completed
on December 16. The Company expects some continued impact from
these issues through at least the first quarter of 2010.
With the acquisition of Triumph’s 20 LTACHs in November and St.
Agnes in December, the combined division currently operates a total
of 34 hospitals, including 28 LTACHs and six IRFs.
Balance Sheet and Liquidity
At December 31, 2009, the Company had $24.7 million in cash and
cash equivalents and $464.2 million in outstanding debt excluding
the impact of original issue discounts. Excluding Triumph, days
sales outstanding decreased to 59.8 days at December 31, 2009 from
66.0 days at December 31, 2008.
For the year ended December 31, 2009, the Company generated cash
from operations of $48.1 million and expended $13.2 million for
capital expenditures, principally related to companywide
information systems, equipment for the start-up of Greater Peoria
Specialty Hospital, hospital facility maintenance capital and
Triumph-related projects.
Legislative Update
With healthcare reform stalled in Congress, the Company is
focused on securing extensions for both the Medicare Part B therapy
cap exceptions process, which expired December 31, 2009, and the
LTACH provisions contained in the 2007 Medicare, Medicaid and SCHIP
Extension Act that are set to expire at the end of this year. The
Company also is seeking resolution to a 21% cut in the Medicare
physician fee schedule that occurred on March 1, 2010, and is
optimistic that Congress will act on these issues in the near term.
The Company remains engaged in the legislative process on these
immediate concerns and other impending measures that could have
adverse effects on Medicare beneficiaries, such as RUGs IV
reimbursement and concurrent therapy rules slated to take effect
October 1, 2010.
Outlook
The Company does not provide revenue and earnings per share
guidance, but provides the following outlook for the total year
2010:
- The Company anticipates strong
consolidated revenue and net earnings growth for the full year,
with progressively improving operating results throughout the year
following softer performance in the first quarter.
- The Skilled Nursing
Rehabilitation Services division expects 6.5% to 7.5% operating
earnings margins for the full year 2010, which will be driven by
mid-single digit year-over-year same store revenue growth and which
reflects an estimated impact of RUGs IV and concurrent therapy
rules that go into effect October 1, 2010. First quarter 2010
results are expected to be impacted by Part B therapy caps, for
which the Company has implemented an aggressive mitigation plan.
The division also expects 50 to 75 net new units in 2010.
- The Hospital Rehabilitation
Services division expects 15% to 17% operating earnings margins and
2% to 4% year-over-year growth in IRF same store discharges for the
full year 2010. Unit count is anticipated to decrease in the first
half of the year and recover in the second half, resulting in flat
unit growth for the total year 2010.
- The Hospital division expects
total year revenue of $650.0 to $675.0 million and EBITDA of $90.0
to $100.0 million. As previously stated, the Company expects a
breakeven operating earnings run rate for its 13 legacy hospitals
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 2010 after consideration of
noncontrolling interests.
- The Company expects continued
strong operating cash flow with DSO in the range of 60 to 65
days.
- Capital expenditures are
anticipated to be $32.0 million in 2010, consisting of $12.5
million of information systems investments, $12.5 million in
expansion projects and $7.0 million related to maintenance.
Closing Remarks
Dr. Short concluded, “While we expect implementation of the Part
B therapy caps, lower HRS unit count and integration efforts to
impact our performance in the first quarter, we are optimistic
about the full year 2010 as we look to build on our strengths,
fully integrate Triumph operations and continue to explore
opportunities to expand our continuum of care.”
Conference Call Information
RehabCare will host a conference call on March 3, 2010,
beginning at 10:00 AM Eastern time. Listeners may access the call
by dialing (800) 640-9765, confirmation number 26277547, or in a
listen-only mode through the Company’s website at
http://www.rehabcare.com/about/investors/webcast.html. A replay of
the call will be available beginning at approximately 2:00 PM
Eastern Time on March 3 by dialing (877) 213-9653, confirmation
number 26277547. An online archive of the conference call will
remain on the Company’s website through April 2, 2010.
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
1,260 hospitals and skilled nursing facilities in 41 states. The
Company also operates 34 freestanding long-term acute care and
rehabilitation hospitals across the country. RehabCare is included
in the Russell 2000 and Standard and Poor’s Small Cap 600
Indices.
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 because of changes in underlying
factors, new information, future events or otherwise.
I. Condensed Consolidated Statements of
Earnings
(Unaudited; amounts in thousands, except per share data)
Three Months Ended
Year Ended Dec. 31, Sept. 30, Dec. 31,
Dec. 31, Dec. 31, 2009
2009 2008
2009 2008 Operating
revenues $ 254,692 $ 208,040 $ 192,059 $ 869,427 $ 735,412 Costs
and expenses: Operating 209,562 170,020 155,554 704,394 597,879
Selling, general and administrative 33,138 23,813 23,284 104,060
90,056 Depreciation and amortization 5,120 3,727 3,710 16,499
14,570 Total costs and expenses 247,820 197,560 182,548 824,953
702,505 Operating earnings 6,872 10,480 9,511 44,474 32,907
Interest income 79
-
39 98 143 Interest expense (3,927 ) (498 ) (745 ) (5,546 ) (3,897 )
Other income (expense), net 8 3 (3 ) 12 21 Equity in net income of
affiliates 105 52 30 431 471 Earnings from continuing
operations before income taxes 3,137 10,037 8,832 39,469 29,645
Income tax expense 2,842 4,331 3,424 17,641 12,063 Earnings from
continuing operations 295 5,706 5,408 21,828 17,582 Gain (loss)
from discontinued operations 8 (16 ) (352 ) (839 ) (863 ) Net
earnings 303 5,690 5,056 20,989 16,719 Net loss attributable to
noncontrolling interests 352 1,067 647 1,966 1,986 Net earnings
attributable to RehabCare $ 655 $ 6,757 $ 5,703 $ 22,955 $ 18,705
Amounts attributable to RehabCare: Earnings from continuing
operations $ 647 $ 6,773 $ 6,055 $ 23,794 $ 19,568 Gain (loss) from
discontinued operations 8 (16 ) (352 ) (839 ) (863 ) Net earnings $
655 $ 6,757 $ 5,703 $ 22,955 $ 18,705 Diluted EPS
attributable to RehabCare: Earnings from continuing operations $
0.03 $ 0.37 $ 0.34 $ 1.26 $ 1.10 Gain (loss) from discontinued
operations
-
-
(0.02 ) (0.04 ) (0.05 ) Net earnings $ 0.03 $ 0.37 $ 0.32 $ 1.22 $
1.05 Weighted average diluted shares 21,284 18,282 17,855
18,862 17,798
II. Condensed Consolidated Balance
Sheets
(Amounts in thousands)
Unaudited December
31, December 31, 2009
2008 Assets Cash and cash equivalents $
24,690 $ 27,373 Accounts receivable, net 199,447 139,197 Deferred
tax assets 21,249 14,876 Other current assets 19,530 7,165 Total
current assets 264,916 188,611 Property and equipment, net
111,814 37,851 Goodwill 566,078 171,365 Intangible assets 135,406
28,944 Investment in unconsolidated affiliate 4,761 4,772 Other
assets 27,005 6,863 $ 1,109,980 $ 438,406
Liabilities &
Equity Current portion of long-term debt $ 7,507 $
-
Payables & accruals 144,113 91,327 Total current liabilities
151,620 91,327 Long-term debt, less current portion 447,760
57,000 Other non-current liabilities 50,980 12,279 Stockholders’
equity 437,338 267,772 Noncontrolling interests 22,282 10,028 $
1,109,980 $ 438,406
III. Condensed Consolidated Statements of
Cash Flows
(Unaudited; amounts in thousands)
Year Ended
December 31, 2009
2008 Net cash provided by operating
activities $ 48,090 $ 48,658 Net cash used in investing activities
(557,851 ) (20,086 ) Net cash provided by (used in) financing
activities 507,078 (11,464 ) Net (decrease) increase in cash
and cash equivalents (2,683 ) 17,108 Cash and cash equivalents at
beginning of period 27,373 10,265 Cash and cash equivalents at end
of period $ 24,690 $ 27,373
Supplemental information:
Additions to property and equipment $ (13,215 ) $ (18,502 )
IV. Operating
Statistics(Unaudited; dollars in
thousands)
Fourth
Third Fourth Year Ended Quarter
Quarter Quarter December 31,
2009 2009
2008 2009
2008
Skilled Nursing Rehabilitation
Services
Operating revenues $ 125,965 $ 123,350 $ 118,055 $ 496,250 $
457,229 Operating expenses 103,698 99,631 95,443 402,461 373,939
Selling, general and administrative 12,448 12,321 12,322 49,753
50,911 Depreciation and amortization 1,463 1,564 1,677 6,283 6,835
Operating earnings $ 8,356 $ 9,834 $ 8,613 $ 37,753 $ 25,544
Operating earnings margin 6.6 % 8.0 % 7.3 % 7.6 % 5.6 %
EBITDA $ 9,819 $ 11,398 $ 10,290 $ 44,036 $ 32,379 Average
number of contract therapy locations 1,121 1,089 1,076 1,088 1,066
End of period number of contract therapy locations 1,118 1,098
1,068 1,118 1,068 Patient visits (in thousands) 2,023 2,011
1,931 8,056 7,618
Hospital Rehabilitation
Services
Operating revenues Inpatient Rehabilitation Facility (IRF) $ 31,294
$ 31,092 $ 30,044 $ 123,661 $ 113,251 Subacute 1,981 1,834 2,327
7,202 9,559 Total Inpatient $ 33,275 $ 32,926 $ 32,371 $ 130,863 $
122,810 Outpatient 11,691 12,113 11,291 47,305 42,848 Total HRS $
44,966 $ 45,039 $ 43,662 $ 178,168 $ 165,658 Operating expenses
31,666 31,451 31,494 124,758 118,291 Selling, general and
administrative 5,373 4,831 5,716 21,500 22,729 Depreciation and
amortization 592 561 633 2,423 2,641 Operating earnings $ 7,335 $
8,196 $ 5,819 $ 29,487 $ 21,997 Operating earnings margin 16.3 %
18.2 % 13.3 % 16.6 % 13.3 % EBITDA $ 7,927 $ 8,757 $ 6,452 $
31,910 $ 24,638 Average number of programs IRF 110 111 112
112 109 Subacute 9 9 12 9 13 Total Inpatient 119 120 124 121 122
Outpatient 34 36 34 35 33 Total HRS 153 156 158 156 155 End
of period number of programs IRF 106 110 113 106 113 Subacute 9 9 9
9 9 Total Inpatient 115 119 122 115 122 Outpatient 30 35 35 30 35
Total HRS 145 154 157 145 157 IRF discharges 10,907 10,858
11,152 44,123 42,306 Outpatient visits (in thousands) 305 320 263
1,264 983
IV. Operating Statistics
Continued(Unaudited; dollars in thousands)
Fourth Third
Fourth Year Ended Quarter Quarter
Quarter December 31, 2009
2009 2008
2009 2008
Hospitals
Operating revenues $ 83,761 $ 39,651 $ 30,342 $ 195,009 $ 112,525
Operating expenses 74,198 38,938 28,617 177,175 105,649 Selling,
general and administrative 15,317 6,661 5,098 32,553 15,685
Depreciation and amortization 3,065 1,602 1,400 7,793 5,094
Operating earnings (loss) $ (8,819 ) $ (7,550 ) $ (4,773 ) $
(22,512 ) $ (13,903 ) Operating earnings margin -10.5 % -19.0 %
-15.7 % -11.5 % -12.4 % EBITDA $ (5,754 ) $ (5,948 ) $
(3,373 ) $ (14,719 ) $ (8,809 )
RehabCare LTACHs
Number of hospitals – end of period 7 7 5 7 5 Available licensed
beds – end of period 353 353 243 353 243 Admissions 752 775 442
2,564 1,723 Patient days 20,244 18,368 12,310 67,042 45,366 Average
length of stay (Medicare days only) 27 24 28 26 26 Net inpatient
revenue per patient day $ 1,238 $ 1,157 $ 1,138 $ 1,205 $ 1,097
Occupancy rate 62 % 60 % 55 % 63 % 56 % Percent patient days -
Medicare 72 % 66 % 74 % 72 % 77 %
Triumph LTACHs (for period 11/24/09 –
12/31/09)
Number of hospitals – end of period 21
-
-
21
-
Available licensed beds – end of period 1,240
-
-
1,240
-
Admissions 1,007
-
-
1,007
-
Patient days 27,221
-
-
27,221
-
Average length of stay (Medicare days only) 27
-
-
27
-
Net inpatient revenue per patient day $ 1,435
-
-
$ 1,435
-
Occupancy rate 59 %
-
-
59 %
-
Percent patient days - Medicare 72 %
-
-
72 %
-
Combined LTACHs
Number of hospitals – end of period 28 7 5 28 5 Available licensed
beds – end of period 1,593 353 243 1,593 243 Admissions 1,759 775
442 3,571 1,723 Patient days 47,465 18,368 12,310 94,263 45,366
Average length of stay (Medicare days only) 27 24 28 26 26 Net
inpatient revenue per patient day $ 1,351 $ 1,157 $ 1,138 $ 1,272 $
1,097 Occupancy rate 61 % 60 % 55 % 62 % 56 % Percent patient days
- Medicare 72 % 66 % 74 % 72 % 77 %
IRFs
Number of hospitals – end of period 6 6 6 6 6 Available licensed
beds – end of period 243 243 243 243 243 Admissions 1,207 1,179
1,075 4,834 4,239 Patient days 15,923 15,202 14,036 61,719 52,770
Average length of stay (Medicare days only) 13 13 12 12 12 Net
inpatient revenue per patient day $ 1,050 $ 1,020 $ 981 $ 1,025 $
990 Occupancy rate 71 % 68 % 66 % 70 % 68 % Percent patient days -
Medicare 67 % 67 % 65 % 66 % 67 %
V. Operating Earnings and EBITDA
Reconciliation
Fourth Third Fourth Year Ended
Quarter Quarter Quarter December 31,
2009 2009
2008 2009
2008 SRS operating earnings $ 8,356 $
9,834 $ 8,613 $ 37,753 $ 25,544 HRS operating earnings 7,335 8,196
5,819 29,487 21,997 Hospital operating earnings (loss) (8,819 )
(7,550 ) (4,773 ) (22,512 ) (13,903 ) Unallocated items
-
-
(148 ) (254 ) (731 ) Consolidated operating earnings 6,872 10,480
9,511 44,474 32,907 Depreciation and amortization 5,120 3,727 3,710
16,499 14,570 Consolidated EBITDA $ 11,992 $ 14,207 $ 13,221 $
60,973 $ 47,477
VI. Charges Included in Statement of
Earnings
(Amounts in thousands, except per share data)
Fourth Quarter 2009 Fourth
Quarter 2008 Pre-Tax
Impact
After-Tax
Impact Diluted
EPS
Pre-Tax
Impact After-Tax
Impact
Diluted
EPS Transaction expenses1
$ 7,070 $ 4,313 $ 0.20 $
-
$
-
$
-
Tax impact of non-deductible
transaction expenses2
-
1,502 0.07
-
-
-
Severance expenses3 862 526 0.03
-
-
-
Long-term incentive plan expense resulting from the transaction2
1,443 880 0.04
-
-
-
Bad debt write-down related to an outpatient transaction
-
-
-
1,235 753 0.04 Cancellation of planned acquisition in Rhode Island
and an LTACH development project in Kokomo, IN
-
-
-
1,483 905 0.05 $ 9,375 $ 7,221 $ 0.34 $ 2,718
$ 1,658 $ 0.09
Breakdown by division
Skilled Nursing Rehabilitation Services $ 648 $
-
Hospital Rehabilitation Services 322 1,235 Hospitals 8,405
1,483 $ 9,375 $ 2,718
1
$6,781 pretax related to the
Triumph merger
2
Transaction expenses directly
related to the Triumph merger
3
Severance expenses were primarily
incurred in an effort to reduce corporate overhead and eliminate
redundancies created by the Triumph merger
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