Nursing Home Industry Profits doing well.
Five Star Quality Care 3rd Qtr Results here and press release here. Total revenues increased 5.9% to $297.2 million; net income $4.1 million. Five Star Quality Care, Inc. is a senior living and healthcare services company. Five Star owns or leases and operates 206 senior living communities with 21,953 living units located in 30 states. These communities include independent living, assisted living and skilled nursing communities. Five Star also operates five institutional pharmacies and two rehabilitation hospitals. Five Star is headquartered in Newton, Massachusetts.
Kindred Posts Higher-Than-Expected Profits in 3rd Qtr. See report here and press release here. Net income was $5.5 million. Revenue for the July-to-September period rose 6 percent to $1.06 billion. The Louisville long-term care company recorded revenue growth in each of its three divisions — hospitals, nursing homes and rehabilitation. But the key was a 21 percent gain in hospital operating income. Privately insured patients are generally more profitable than those covered by the government’s Medicare and Medicaid programs. The company plans to keep growing. Kindred expects to spend $45 million to $50 million to develop hospitals next year and $25 million to $30 million to grow its nursing-home business.
Ensign 3rd Qtr. Revenue Up Record 14.3%. See report here and press release here. The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of skilled nursing,
rehabilitative care services, hospice care and assisted living companies, today reported record results for the third quarter of fiscal year 2009. Total revenue was a record $132.9 million, up 14.3% compared to $116.3 million for the third quarter of 2008.
Extendicare REIT 3rd Qtr. Results--Increased Profitability. See report here. Revenue of $532.1 million in Q3 2009, an increase of 8.5% compared to $490.2 million in Q3 2008, due largely to achieving higher per diem rates in Medicare and Managed Care. EBITDA of $71.1 million in Q3 2009, an increase of 39.2% compared to $51.1 million in Q3 2008, mainly due to cost controls. EBITDA margins improved to 13.4% in Q3 2009 from 10.4% in Q3 2008 and 13.1% during Q2 2009. Cash on hand of $130.9 million with no significant debt maturities until 2011 and beyond.
