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The Ensign Group Reports Quarterly Earnings Up 27%; Adjusted Earnings Of $0.61 Per Share; Issues 2013 Guidance

MISSION VIEJO, Calif., Feb. 13, 2013 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, assisted and independent living, home health, hospice care and urgent care companies, today reported operating results for the fourth quarter and full year 2012.

Financial Highlights Include:

  • Adjusted earnings per share climbed 27.1% to $0.61 per share for the quarter, and grew 8.5% to $2.54 per share for the year, despite the October 2011 Medicare cuts, and well within the increased annual guidance published by Management in August 2012;  
  • Same-store skilled revenue mix grew by 117 basis points to 53.9% of revenues in the quarter;  
  • Same-store occupancy grew by 20 basis points over the prior year quarter, and by 53 basis points over the prior year, to 82.7%;  
  • Adjusted consolidated EBITDAR was $35.0 million, an increase of 18.0% over the prior year quarter; and  
  • Consolidated revenues were up 8.8% to a record $824.7 million in the year, and up 9.6% to a record $211.1 million in the quarter.

Operating Results

"We are pleased to report that operating results exceeded annual earnings guidance, which was increased in August 2012, with adjusted earnings per share of $2.54 for the year," said Ensign's President and Chief Executive Officer Christopher Christensen. He noted further that the adjusted earnings results were within the higher end of the range of Management's increased guidance, and a penny ahead of analyst consensus for the year.

Mr. Christensen added that Management is "likewise pleased to be issuing 2013 annual guidance, with projected revenues of $915 million to $931 million, and adjusted earnings of $2.79 to $2.88 per diluted share." He also stated that, "As we have noted in the past, our business can be a bit lumpy from quarter to quarter, but we are pleased to have been able to project performance fairly accurately on an annual basis to date."

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