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Kindred Healthcare Announces Fourth Quarter Results

Stocks in this article: KND

Mr. Diaz further noted, “For the full year, we are pleased to report that we met our core earnings objectives that we estimated at the beginning of the year. Our hospital results were solid, we maintained stability in our nursing center division, our rehabilitation therapy division made great progress in the midst of several Medicare reimbursement changes and we doubled the size of our home health and hospice business. I would characterize 2012 as solid year for Kindred as we met or exceeded most of our clinical and financial goals.”

Commenting on the Company’s strategic initiatives, Mr. Diaz noted, “In 2012, we continued to grow and enhance our integrated care market capabilities, particularly in home health and hospice services, while advancing a strategy to reposition our business mix with the goal of improving our long-term growth, profitability and financial position. Specifically, we completed three home health and hospice acquisitions that added $75 million of annualized revenues and we acquired three previously leased facilities for approximately $103 million that will benefit our balance sheet leverage over time. We also continued to move forward with the divestiture of 54 nursing centers leased from Ventas. In addition, our process to divest other non-strategic assets continues and will result in further changes to our business mix over the course of 2013 and beyond. We also continue to evaluate our active pipeline of acquisition opportunities in our integrated care markets in an effort to advance our strategy, strengthen the Company and enhance shareholder value going forward.”

Mr. Diaz added, “Our significant operating cash flows in excess of routine and development capital spending, as well as our $420 million of available credit going into 2013, provide the financial strength to further reposition the Company’s business mix and advance our Continue the Care strategy in our integrated care markets.”

Looking forward to 2013, Mr. Diaz remarked, “The volume momentum that we saw in December has carried over nicely into our first quarter. Based on our January results, we believe that the new year is off to a strong start.”

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