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Kindred Healthcare Reports Strong First Quarter Results Of $0.55 Per Diluted Share

Kindred Healthcare, Inc. (the “Company”) (NYSE:KND) today announced its operating results for the first quarter ended March 31, 2011. All financial and statistical information included in this press release reflects the continuing operations of the Company’s businesses for all periods presented unless otherwise indicated.

First Quarter Highlights:
  • Consolidated revenues rose 9% to $1.2 billion

-- Each operating division reported revenue growth compared to last year
  • Excluding certain charges in both periods, diluted earnings per share rose 48% to $0.65 from $0.44 in the first quarter last year
  • Hospital results were bolstered by the recent southern California hospital acquisition and volume growth

-- Reported admissions grew 10% from last year; same-facility admissions grew 3%

-- First quarter operating income grew 14% to $108 million
  • Strong admissions growth and higher Medicare and managed care volumes drove nursing center growth

-- Admissions grew 8% compared to the first quarter last year

-- First quarter operating income rose 24% to $87 million
  • People first Rehabilitation reported strong revenue growth and solid results

--Revenues grew 21% to $145 million primarily from new contract growth

-- Division reported $15 million in operating income
  • Operating cash flows grew to $46 million, up $60 million from last year’s first quarter
  • Accounts receivable days declined to 49.8 at March 31, 2011 from 50.9 at December 31, 2010 and 54.4 at March 31, 2010
  • Long-term debt pay-down in the quarter totaled $15 million

First Quarter Results

Continuing Operations

Consolidated revenues for the first quarter ended March 31, 2011 rose 9% to $1.2 billion compared to $1.1 billion in the first quarter last year. Income from continuing operations for the first quarter of 2011 totaled $22.3 million or $0.55 per diluted share compared to $15.2 million or $0.38 per diluted share in the first quarter last year.

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