Kindred Healthcare, Inc. (the “Company”) (NYSE:KND) today announced its operating results for the third quarter ended September 30, 2009.
Third Quarter Highlights:
- Consolidated revenues rose 6% to $1.1 billion
--Each operating division reported revenue growth compared to last year
- Diluted earnings per share reported at $0.14 compared to last year’s $0.05
- Hospital operating income grew 21% in the third quarter
-- Both reported and same-store admissions grew 4% compared to last year’s third quarter
- Nursing center results were in line with expectations
-- Revenue quality mix improved to 58.1% from 56.6% in the third quarter of 2008
- Peoplefirst rehabilitation services reported continued revenue growth and productivity gains
--Quarterly revenues were up 15% from last year’s third quarter; operating income grew 47%
- Financial liquidity strengthened during the quarter
--Third quarter operating cash flows surged to $53 million from $7 million last year
-- Accounts receivable days outstanding declined to 56.8 from 63.0 at September 30, 2008
--Long-term debt, net of excess cash, declined to $220 million at September 30, 2009 compared to $329 million at September 30, 2008
Continuing Operations
Consolidated revenues for the third quarter ended September 30, 2009 totaled $1.1 billion, an increase of 6% from last year’s third quarter. Income from continuing operations for the third quarter of 2009 totaled $5.4 million or $0.14 per diluted share compared to $2.1 million or $0.05 per diluted share in the third quarter last year.